SEC Office of International Affairs Director YJ Fischer underscored that continued trading of Chinese securities on U.S. exchanges will require the resolution of audit access issues.
Hong Kong and China were designated as jurisdictions where the Public Company Accounting Oversight Board is incapable of full inspections or investigations.
The U.S. Departments of State, Treasury, Commerce and Homeland Security advised U.S. companies on the increasing risks associated with operations in the Hong Kong Special Administrative Region of the People's Republic of China.
Treasury reported that it "has not identified any foreign financial institution that has knowingly conducted a significant transaction" with previously identified sanctioned foreign persons pursuant to the Hong Kong Autonomy Act.
SEC and Public Company Accounting Oversight Board officials decried the continuing limitations on the PCAOB's ability to inspect the audit work and practices of PCAOB-registered audit firms in China.
OFAC extended its authorization for certain "wind down and divestment" transactions and activities related to blocked subsidiaries of the Xinjiang Production and Construction Corps.
President Trump issued two separate Executive Orders to "address the threat" created by the U.S. operations of two social media applications, TikTok and WeChat. In addition, OFAC designated Hong Kong Chief Executive Carrie Lam, among other officials, to its Specially Designated Nationals and Blocked Persons List.
President Trump authorized sanctions on persons involved in the implementation of China's national security law affecting Hong Kong and in related human rights abuses.
