To amend the Sarbanes-Oxley Act of 2002 to require certain issuers to disclose to the Securities and Exchange Commission information regarding foreign jurisdictions that prevent the Public Company Accounting Oversight Board from performing inspections under that Act, and for other purposes.
USA115th CongressHR-7234| House
| Updated: 12/10/2018
K. Michael Conaway
Republican Representative
Texas
Financial Services Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Holding Foreign Companies Accountable Act This bill requires certain issuers of securities to disclose specified information to the Securities and Exchange Commission (SEC) if the issuer has used, for its required audit report to the SEC, a foreign public accounting firm that is not subject to inspection by Public Company Accounting Oversight Board. If an issuer retains such a firm for three consecutive years, the SEC shall prohibit the issuer from trading on a national securities exchange.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Accounting and auditingAdministrative law and regulatory proceduresForeign and international corporationsGovernment information and archivesSecuritiesSecurities and Exchange Commission (SEC)
To amend the Sarbanes-Oxley Act of 2002 to require certain issuers to disclose to the Securities and Exchange Commission information regarding foreign jurisdictions that prevent the Public Company Accounting Oversight Board from performing inspections under that Act, and for other purposes.
USA115th CongressHR-7234| House
| Updated: 12/10/2018
Holding Foreign Companies Accountable Act This bill requires certain issuers of securities to disclose specified information to the Securities and Exchange Commission (SEC) if the issuer has used, for its required audit report to the SEC, a foreign public accounting firm that is not subject to inspection by Public Company Accounting Oversight Board. If an issuer retains such a firm for three consecutive years, the SEC shall prohibit the issuer from trading on a national securities exchange.
View Full TextSuggested Questions
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
K. Michael Conaway
Republican Representative
Texas
Financial Services Committee
Finance and Financial Sector
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Accounting and auditingAdministrative law and regulatory proceduresForeign and international corporationsGovernment information and archivesSecuritiesSecurities and Exchange Commission (SEC)