US SB1731 | 2019-2020 | 116th Congress
Status
Spectrum: Slight Partisan Bill (Republican 4-2)
Status: Introduced on June 5 2019 - 25% progression, died in committee
Action: 2019-06-05 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on June 5 2019 - 25% progression, died in committee
Action: 2019-06-05 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Generally restricts the use of a foreign public accounting firm by a foreign issuer of securities. The bill requires certain disclosures from a foreign issuer of securities that uses, for its required audit report to the Securities and Exchange Commission (SEC), a foreign public accounting firm that is not subject to inspection by the Public Company Accounting Oversight Board. If an issuer uses such a foreign public accounting firm, the issuer is generally prohibited from listing its securities on a national securities exchange. Specifically, an issuer that is not currently listed on an exchange and uses such a firm may not be listed. A currently-listed issuer will be delisted beginning in 2025 if the issuer uses such a firm for three consecutive years.
Title
EQUITABLE Act Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges Act
Sponsors
Sen. Marco Rubio [R-FL] | Sen. Robert Menendez [D-NJ] | Sen. Tom Cotton [R-AR] | Sen. Kirsten Gillibrand [D-NY] |
Sen. Pat Roberts [R-KS] | Sen. Rick Scott [R-FL] |
History
Date | Chamber | Action |
---|---|---|
2019-06-05 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Same As/Similar To
HB3124 (Related) 2019-06-05 - Referred to the House Committee on Financial Services.
HB7007 (Related) 2020-05-22 - Referred to the Committee on Foreign Affairs, and in addition to the Committees on Oversight and Reform, the Judiciary, Financial Services, Energy and Commerce, Armed Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
HB7181 (Related) 2020-06-11 - Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
HB7007 (Related) 2020-05-22 - Referred to the Committee on Foreign Affairs, and in addition to the Committees on Oversight and Reform, the Judiciary, Financial Services, Energy and Commerce, Armed Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
HB7181 (Related) 2020-06-11 - Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Accounting and auditing
Administrative law and regulatory procedures
Asia
Banking and financial institutions regulation
Business records
China
Finance and financial sector
Financial services and investments
Foreign and international corporations
Government information and archives
Political parties and affiliation
Securities
Securities and Exchange Commission (SEC)
U.S. and foreign investments
Administrative law and regulatory procedures
Asia
Banking and financial institutions regulation
Business records
China
Finance and financial sector
Financial services and investments
Foreign and international corporations
Government information and archives
Political parties and affiliation
Securities
Securities and Exchange Commission (SEC)
U.S. and foreign investments
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1731/all-info |
Text | https://www.congress.gov/116/bills/s1731/BILLS-116s1731is.pdf |