Home Business The spokesperson of the China Securities Regulatory Commission expressed that it will strive to resolve the remaining problems in the Sino-US audit and supervision cooperation as soon as possible.

The spokesperson of the China Securities Regulatory Commission expressed that it will strive to resolve the remaining problems in the Sino-US audit and supervision cooperation as soon as possible.

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Recently, the US Securities Regulatory Commission announced the detailed rules for the implementation of the “Foreign Company Accountability Act,” and individual companies announced their delisting from the United States, which aroused widespread concern in the market. A spokesperson for the China Securities Regulatory Commission said that in recent years, some political forces in the United States have politicized the supervision of the capital market, unwarrantedly suppressing Chinese companies listed in the United States and forcing Chinese companies to delist. . The China Securities Regulatory Commission will also continue to maintain candid communication with US regulatory counterparts, and strive to resolve the remaining issues in the audit and regulatory cooperation as soon as possible.

For more than 20 years, more than 200 Chinese concept stock companies have been listed in the United States. A spokesperson for the China Securities Regulatory Commission said that he is concerned about the market’s concerns about the China-US audit and supervision cooperation and the prospects of domestic companies going public in the United States in the next step. The China Securities Regulatory Commission and relevant regulatory authorities have always maintained an open attitude towards companies choosing overseas listing locations, and fully respected companies’ independent choice of listing locations in compliance with laws and regulations. Recently, individual media reports that Chinese regulatory authorities will prohibit agreement-controlled (VIE)-structured companies from listing overseas and promote the delisting of Chinese companies listed in the United States. This is a complete misunderstanding and misunderstanding. It is understood that some domestic companies are actively communicating with domestic and foreign regulatory agencies to promote listing in the United States.

Regarding China-US audit supervision cooperation, the spokesperson of the China Securities Regulatory Commission introduced that the China Securities Regulatory Commission, the US Securities Regulatory Commission, and the US Public Company Accounting Oversight Board (PCAOB) and other regulatory agencies have been frank and constructive in resolving the problems in the cooperation. Communication, and positive progress has been made in promoting cooperation on some key issues. As long as the regulatory agencies of both sides continue to carry out dialogue and consultations based on the principles of mutual respect, rationality, pragmatism, and professional mutual trust, they will surely be able to find a cooperation path that is acceptable to both parties. In fact, China and the United States have been cooperating in the field of audit and supervision of China‘s concept stocks, and they have also explored effective cooperation methods through pilot inspections, laying a good foundation for cooperation between the two parties. However, in recent years, some political forces in the United States have politicized capital market supervision, suppressed Chinese companies listed in the United States for no reason, and forced Chinese companies to delist. This not only violates the basic principles of market economy and the concept of the rule of law, but also harms the interests of global investors. And the international status of the U.S. capital market is a kind of “lose more” approach, which is not good for anyone. In today’s highly globalized capital market, it is even more necessary for regulators to deal with audit and supervision cooperation issues in a pragmatic, rational, and professional manner. Forcing Chinese companies listed in the United States to delist from the market should not be a responsible policy option.

The reporter learned from the relevant person in the regulatory department that the US regulatory agency is temporarily unable to inspect the Chinese accounting firms that provide audit services for Chinese concept stock companies listed in the United States. This is an issue in the field of cross-border supervision cooperation, and it does not mean that the Chinese concept stock company is not complying. The relevant laws and regulations of the United States are required.

The Chinese concept stock company is listed in the United States and must be prepared as requiredFinancial StatementsAnd fulfill the obligation of information disclosure, otherwise it will not be able to register with the U.S. regulatory agency.China always believes that in today’s highly globalized capital market, strengthening the supervision of information disclosure of listed companies and improving the professional ethics and practice quality of auditors are important means to protect the legitimate rights and interests of investors.SecuritiesThe joint responsibility of regulatory agencies must be implemented by strengthening cross-border regulatory cooperation. China believes that as long as we start with the goal of problem-solving and uphold an open and professional cooperative attitude and spirit, the regulatory authorities of the two countries will be able to find an appropriate cooperation path acceptable to both parties and jointly create a good international regulatory environment for cross-border listing activities.

A spokesperson for the China Securities Regulatory Commission stated that for a period of time, relevant Chinese regulatory authorities have introduced a series of policies and measures to promote the standardized development of the platform economy. The financial supervision vacuum prevents the disorderly expansion of capital. In response to these new problems and new tests, regulatory agencies in various countries are also trying to adopt different regulatory measures to promote a healthier and more sustainable development of the platform economy. Therefore, the relevant policies issued by the Chinese government are not a suppression of specific industries or private enterprises, nor are they necessarily related to overseas listing activities of enterprises.

A spokesperson for the China Securities Regulatory Commission stated that in the process of implementing relevant regulatory measures, the relevant Chinese regulatory authorities will unswervingly promote reform and opening up, adhere to the “two unwavering”, and coordinate the handling of investors, enterprises, and regulators. Relationship, and further improve the transparency and predictability of policy measures. The China Securities Regulatory Commission will also continue to maintain candid communication with US regulatory counterparts, and strive to resolve the remaining issues in the audit and regulatory cooperation as soon as possible.

(Article Source:SecuritiesTimes)

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