The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

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    SEC Updates Regulatory Disclosures for Chinese Issuers Amid Crackdown

    SEC

    Chinese businesses, as per a ruling by the SEC, are directed to present additional disclosures regarding the recent regulatory crackdown by Beijing. 

    The Securities and Exchange Commission (SEC) of the US raised concerns over Chinese companies raising money in the States after Beijing started a nationwide regulatory crackdown. The financial authority prohibited Chinese issuers from carrying out business proceedings unless they provide proper disclosure and explain the legal structure. 

    Head of the securities regulator, Gary Gensler, in a statement mentioned that the staff should carry out additional checks for companies dealing with China-based operations and target any additional reviews of filings for such businesses. Gensler stated that,

    I believe these changes will enhance the overall quality of disclosure in registration statements of offshore issuers that have affiliations with China-based operating companies.

    As a rule of thumb, public companies are directed to disclose potential risks and other financial loopholes to investors, which after the recent enforcement by China seems bleak to US policymakers. The changes aimed at increasing scrutiny on service providers offering technology-based services so that data security protocols are streamlined. These regulatory changes are intended to keep up with global Anti Money Laundering and data protection obligations. 

     Listings of Chinese companies in the US topped $12.8 billion in 2021, with an influx of  businesses capitalising on the US stock market. But the ban by Chinese regulators on the ride-hailing company, Didi Global Inc., has substantially slowed down deal flows this month, right after the IPO listing modification. 

    Allison Lee, the Commissioner at SEC, in an interview shared that Chinese businesses listed on stock exchanges in the US need to present adequate reasons for the Chinese government, impeding in their operations if they wish to continue operating in the States.  

    Following the statement, the commission stopped processing and issuing registrations for Chinese companies failing to meet the SEC guidelines on risk disclosure in China. Gensler backed this message stating that he asked Chinese companies to seek additional disclosures to make effective registrations. 

    Suggested Read: SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market 

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