The U.S. House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets considered oversight and disclosure legislation concerning China-based corporate issuers.
In testimony before the U.S. Senate Banking Committee, SEC Chair Gary Gensler weighed in on market structure, predictive data analytics, issuers and issuer disclosure, and funds and investment management.
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.
Members of the House Subcommittee on Capital Markets and Government-Sponsored Enterprises heard testimony on (i) a FINRA registration proposal, (ii) the money market fund rule, (iii) bond market transparency and liquidity, (iv) the Treasury trade reporting proposal, (v) the "materiality" standard, and (vi) the Public Company Accounting Oversight Board.
The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises reviewed the "Investment Advisers Modernization Act," which would require the SEC to modernize certain rules relating to investment advisers.
Senator Pat Roberts (R-KS) claimed that an audit report of CFTC financial statements released by the CFTC Office of Inspector General showed "multiple transgressions" and raised "serious questions about CFTC leasing and accounting practices."