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Policy and regulation
The U.S. House of Representatives unanimously passed legislation that would force foreign companies with shares trading on U.S. exchanges to either agree to have U.S. regulators review their annual audits or delist from the U.S. equity markets.
The legislation may affect Alibaba Group Holding Ltd. and other Chinese firms listed on the New York Stock Exchange or Nasdaq. The bill would also require companies to disclose whether they are owned or controlled by a foreign government.
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The Reserve Bank of New Zealand launched a consultation that seeks to determine which entities are required to obtain a license to operate in the country under the Insurance Prudential Supervision Act 2010, as well as rules about the treatment of overseas insurers.
The regulator also launched a consultation that intends to review the application of insurer solvency standards and how insurers could accommodate the new accounting standard for insurance contracts, IFRS 17.
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The Executive Yuan of Taiwan passed an amended insurance law that abolishes the limit on the board representation of insurance companies in investee firms engaged in infrastructure development and community welfare business, Asia Insurance Review reported.
Financial Supervisory Commission Chairman Huang Tien-mu said in August that the regulator was planning to introduce measures that promoted investments in domestic infrastructure projects,...