Chinese and US Regulators Work Toward Audit Solution

A state-owned China Securities Journal reported that Chinese and US regulators are said to be “moving toward each other” and trying to find solutions that would keep hundreds of Chinese companies from being kicked off American stock exchanges, after the US audit watchdog said a deal is “premature.”

The China Securities Regulatory Commission warned in a meeting with some US-listed Chinese firms that there is a lot of speculation about the cooperation between Chinese and US regulators, hoping market participants will only refer to the information publicly disclosed by the regulatory authorities of both sides.

This came after the US public company accounting regulator said that it continued to engage with Chinese regulators about getting access to their auditors’ records, but it remained unclear if the Chinese government would grant the access required by a new US listing law.

The Public Company Accounting Oversight Board said last week that recent media speculation about an imminent deal that would stop hundreds of Chinese companies from being kicked off American stock exchanges was “premature.”

The regulator added that any agreement would only be a “first step” and that the PCAOB would then investigate to ensure that the deal is being followed.

Meanwhile, The Federal Communications Commission added the US arm of China Telecom, China Mobile, and Russia’s AO Kaspersky Lab to its list of communications equipment and service providers deemed threats to US national security.

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