[20200918]IN11507_《资本市场和外国公司责任追究法》S.945和H.R.7000.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Capital Markets and the Holding Foreign Companies Accountable ActS. 945 and H.R. 7000 September 18, 2020 In May 2020, the Senate passed S. 945, the Holding Foreign Companies Accountable Act (HFCAA), and the House introduced H.R. 7000, a companion bill. These bills would require that foreign companies listed in U.S. stock exchanges be subject to the same accounting and audit oversight as listed domestic companies. This Insight explains the importance of reliable financial statements and disclosures for efficient capital markets and discusses the role of the Public Company Accounting Oversight Board (PCAOB) in ensuring reliable audits of financial statements. It also discusses the specific requirements of the HFCAA and other related legislation. Capital Markets Capital markets are global, and they generally function most efficiently when investors and creditors have a high degree of trust in the quality of information firms communicate. Capital investments have increasingly flowed internationally to and from the United States. Both U.S.-based and many foreign companies rely on U.S. financial markets to rais