文章来源：钛媒体
TMTPOST -- The U.S. regulator in its announcement of recent action against securities fraud singled China out, indicating Chinese companies are part of its closely-watching potential sources of fraud.
Credit：Freepik
The U.S. Securities and Exchange Commission (SEC) said on Friday it is establishing the Cross-Border Task Force that will strengthen and enhance the Division of Enforcement』s efforts to identify and combat cross-border fraud harming local investors.
The new task force will focus initially on investigating potential U.S. federal securities law violations related to foreign-based companies, including potential market manipulation, such as 「pump-and-dump" and "ramp-and-dump" schemes. Another focus of new unit is the enforcement efforts on gatekeepers, particularly auditors and underwriters, which help these companies access the U.S. capital markets.
「In addition, it will examine potential securities law violations related to companies from foreign jurisdictions, such as China, where governmental control and other factors pose unique investor risks,」 said the SEC.
「We welcome companies from around the world seeking access to the U.S. capital markets,」 said SEC Chairman Paul S. Atkins. 「But we will not tolerate bad actors – whether companies, intermediaries, gatekeepers or exploitative traders – that attempt to use international borders to frustrate and avoid U.S. investor protections. This new task force will consolidate SEC investigative efforts and allow the SEC to use every available tool to combat transnational fraud.」
The new task force came days after a major U.S. stock exchange disclosed it is planning to tighten listing requirements for small Chinese companies. That represented a shift amid heightened scrutiny of microcap offerings and growing friction between Washington and Beijing.
In its statement released last Wednesday, he Nasdaq Stock Market said it plans to require companies that primarily operate in China to raise at least $25 million in their initial public offerings (IPOs) in order to qualify for listing. The proposed change is subject to approval by the U.S. SEC.
If adopted, the measure would mark one of the most consequential efforts by a major U.S. exchange to address the wave of tiny Chinese IPOs that have hit New York in recent years. The exchange cited investor protection concerns, warning that such offerings often present heightened risks and potential for market manipulation.
「It will be more difficult for small Chinese companies to go IPO [on the] Nasdaq under the new rule,」 said Winston Ma, adjunct professor at NYU School of Law. 「The new rule reacts to some IPO cases of 『pump and dump』 due to small float size.」