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https://www.wsj.com/articles/sec-revives-fight-over-inability-to-inspect-chinese-auditors-of-alibaba-baidu-1544229843

Statement issued in advance of accounting conference on Monday where SEC chairman plans to speak about the problem

American regulators resurrected a long-simmering fight over their inability to inspect audits of Chinese companies that are traded on U.S. stock exchanges, saying the situation prevents investors from getting information they need.

The U.S. Securities and Exchange Commission said Friday that, despite several years of talks with its Chinese counterparts, regulators still face obstacles to getting information needed for accounting investigations and inspections of China-based auditors.

The SEC issued the statement in advance of a major accounting conference on Monday where its chairman, Jay Clayton, plans to speak about the problem.

“China’s state security laws are invoked at times to limit U.S. regulators’ ability to oversee the financial reporting of U.S.-listed, China-based companies,” the SEC said in a joint statement with the Public Company Accounting Oversight Board. “The inability to date to achieve this level of regulatory cooperation with Chinese authorities raises a number of investor protection and general oversight issues.”



Submitted December 08, 2018 at 10:26AM by hemto https://ift.tt/2E9X1AF

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