ASA Statement on SEC China Disclosure Push
WASHINGTON – The American Securities Association (ASA) today released the following statement after U.S. Securities and Exchange Commission (SEC) Chairman Gensler called for greater disclosure into Chinese companies listing on U.S. exchanges.
“While Chairman Gensler’s focus on the CCP’s fraud on our markets is welcome, talk is cheap. To protect America’s mom-and-pop investors, the integrity of our markets, and every American, the CCP’s access to the U.S. capital markets must end,” said ASA CEO Chris Iacovella. “The SEC needs to force the exchanges to delist every Chinese company and end all Wall Street-supported Chinese IPOs. American investors don’t own anything except a shell company so disclosures are absolutely worthless. When the CCP decides to take American investor money, nothing will change the fact that Xi is in control.”
“The House should immediately act on this economic and national security threat by passing the Accelerating Holding Foreign Companies Accountable Act and sending it to the President’s desk.”
For years, ASA has been at the forefront of advocacy to end China’s fraud on our markets. Last month, ASA praised unanimous Senate passage of the bipartisan Accelerating Holding Foreign Companies Accountable Act. ASA also applauded the Biden Administration for issuing an Executive Order banning American investment in companies financing Communist China. To read ASA CEO Iacovella’s recent op-ed on China and the U.S. capital markets, click here.
ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.