Globalization and the expansion of international trade have created an economy unlike any before. The United States (“U.S.”) has particularly benefitted from foreign trade, with many businesses dependent on it for their success. However, recent events and growing concerns surrounding the sustainability of the global business model have led to executive actions and legislative movements which may foreclose significant portions of the world for U.S. businesses and may have dramatic implications…
Read MoreThe Securities and Exchange Commission (“SEC”) released a vindicatory letter to China-based issuers demanding increased disclosures and financial reporting requirements. (U.S. Securities and Exchange Commission). The SEC’s letter took considerable jabs at the Chinese infrastructure that has stalled the Public Company Accounting Oversight Board (“PCAOB”) from auditing the Chinese issuers’ public accounting firms. (U.S. Securities and Exchange Commission). The letter demands that disclosures from China-based issuers include disparaging warnings indicating the lack of enforcement mechanisms and risks associated with a “less developed legal system.” (U.S. Securities and Exchange Commission). . .
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