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Exclusive: Pompeo to urge stock exchanges globally to tighten rules for Chinese companies
Jun 04, 2020 59 secs
Secretary of State Mike Pompeo is set warn American investors on Thursday against ‘fraudulent’ accounting practices of China-based companies and will suggest the Nasdaq’s recent decision to tighten listing rules for such players should be a model for all other exchanges around the world.

His remarks on the issue, expected to be delivered later on Thursday and reviewed by Reuters, illustrate the Trump administration’s desire to make it harder for some Chinese companies to trade on exchanges outside of China.

Many U.S.-listed Chinese firms will likely list on the Hong Kong exchange this year in part because of U.S.

“No country should be allowed to lie to the American investors to create an unfair advantage, especially when operating in American markets,” Krach said, adding that there was a push within the administration to make U.S.

Securities and Exchange Commission (SEC) has been locked in a decade-long struggle with the Chinese government to inspect audits of U.S.-listed Chinese companies.

The regulator’s accounting oversight arm, the Public Company Accounting Oversight Board (PCAOB), is still unable to access those critical records, it has said.

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