(Bloomberg) -- The Securities and Exchange Commission is demanding additional disclosures from Chinese firms before signing off on their bids to go public.
SEC Chairman Gary Gensler said on Friday that the agency's staff will have to ensure that Chinese firms seeking to list in the U.S. have received permission from China's government to do so if necessary, and that U.S. regulators would be able to inspect their audit records within three years, as required by law.
“I believe such disclosures are crucial to informed investment decision-making and are at the heart of the SEC's mandate to protect investors in U.S. capital markets,” Gensler said in a statement.
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