Summary: H.R.3124 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.3124. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/05/2019)

Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges of 2019 or the EQUITABLE Act of 2019

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.