Executive Summary

What is new: The SEC has announced the formation of a cross-border task force to strengthen enforcement efforts against fraud involving foreign-based companies accessing U.S. capital markets, with a focus on China and jurisdictions perceived as high risk.

Why it matters: The task force will increase scrutiny of foreign private issuers and gatekeepers such as auditors and underwriters, particularly those facilitating access to U.S. markets from certain jurisdictions.

What to do next: Foreign private issuers and gatekeepers may want to review and bolster their accounting and disclosure controls and due diligence protocols, and prepare for potential new disclosure guidance and rulemaking from the SEC.

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On September 5, 2025, the Securities and Exchange Commi

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