The SEC published in the Federal Register an interim final rule amending Forms 20-F, 40-F, 10-K and N-CSR for registrants required to comply with disclosure and submission requirements under the Holding Foreign Companies Accountable Act (or the "HFCA Act"). (See previous coverage.)
The interim final rule will go into effect on May 5, 2021; this is also the date by which comments on the rule must be submitted.
The SEC stated that compliance with the amendments will not be required until a registrant "has been identified by the [SEC] as having a non-inspection year pursuant to a process to be subsequently established by the [SEC] with appropriate notice." The SEC added that, once identified, the registrant must comply in its annual report for each fiscal year "in which [the registrant] is so identified."
The SEC adopted interim final amendments to certain annual reporting forms. The amendments apply to registrants that have to comply with disclosure and submission requirements under the Holding Foreign Companies Accountable Act.
Congress passed the Holding Foreign Companies Accountable Act, which would require a "foreign issuer" to disclose if its registered public accounting firm is located in a foreign jurisdiction that prevents the Public Company Accounting Oversight Board from conducting audit inspections.
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