S. 1731 116th Congress Senate

EQUITABLE Act

Official title: A bill to amend the Sarbanes-Oxley Act of 2002 to require the Public Company Accounting Oversight Board to maintain a list of certain foreign issuers, and for other purposes.

Introduced: June 5, 2019 See on congress.gov

Finance and Financial Sector Accounting and auditingAdministrative law and regulatory proceduresAsiaBanking and financial institutions regulation

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Business recordsChinaFinancial services and investmentsForeign and international corporationsGovernment information and archivesPolitical parties and affiliationSecuritiesSecurities and Exchange Commission (SEC)U.S. and foreign investments

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 5, 2019

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Jun 5, 2019

Introduced in Senate

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Latest action June 5, 2019

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Plain-English summary Congressional Research Service

Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges Act or the EQUITABLE Act

This bill generally restricts the use of a foreign public accounting firm by a foreign issuer of securities.

The bill requires certain disclosures from a foreign issuer of securities that uses, for its required audit report to the Securities and Exchange Commission (SEC), a foreign public accounting firm that is not subject to inspection by the Public Company Accounting Oversight Board.

If an issuer uses such a foreign public accounting firm, the issuer is generally prohibited from listing its securities on a national securities exchange. Specifically, an issuer that is not currently listed on an exchange and uses such a firm may not be listed. A currently-listed issuer will be delisted beginning in 2025 if the issuer uses such a firm for three consecutive years.

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