A Presidential memorandum was issued on June 4, 2020 calling for “firm, orderly action to end the Chinese practice of flouting American transparency requirements without negatively affecting American investors and financial markets.” The memorandum calls for the President’s Working Group on Financial Markets, which includes the Chairman of the Securities and Exchange Commission, to be convened to discuss the associated risks “to American investors and financial markets posed by the Chinese government’s failure to uphold its international commitments to transparency and accountability and its refusal to permit companies to comply with United States law.” The Group is called on to deliver to the President a report within 60 days recommending actions for the executive branch, the SEC, and the PCAOB to take to address the investor protection issues.
Access the memorandum here.