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Last week the US’s Securities & Exchange Commission finalised rules regarding the implementation of the Holding Foreign Companies Accountable Act, which was passed in December 2020.

The final rules specify that for companies with securities that publicly trade in the US, the working papers of their auditors must be made available for inspection by the US’s Public Company Accounting Oversight Board. Only two major non-US jurisdictions do not allow such inspections by the board, due to data privacy concerns: China and Hong Kong. It means companies with significant operations in China and Hong Kong will be forced to delist from US exchanges...

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