SEC Approves PCAOB Rule on HFCAA

The SEC has approved PCAOB Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act. The rule establishes “a framework for the PCAOB’s determinations under the Holding Foreign Companies Accountable Act (HFCAA) that the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by an authority in that jurisdiction.”

For more information, see the press release and statement by SEC Chair Gary Gensler on the SEC’s Web site.