US Senate passes bill to raise scrutiny of foreign companies

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US Senate passes bill to raise scrutiny of foreign companies

May 21, 2020 16:54 IST

The US Senate has passed a legislation on Wednesday that could prevent some Chinese companies from listing their shares on US exchanges unless they follow standards for US audits and regulations, the Reuters reported. The measure also would require public companies to disclose whether they are owned or controlled by a foreign government. The bill is written to apply to all foreign companies, but it is targeted particularly at China, the report said.

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