CSRC Officials Answered Reporter Question
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Reporter: Recently, the US Securities Exchange Commission (SEC) released a provisional list of five US-listed China-related companies that had been identified as being subject to the potential risk of delisting under the Holding Foreign Companies Accountable Act (HFCAA). What is the CSRC’s comment on this?
CSRC Official: We have taken note of this development. This is a step taken by the US securities regulator to implement the HFCAA and relevant rules. We have made clear our position on the implementation of the HFCAA in previous statements. We respect the actions taken by overseas regulators to enhance oversight of relevant accounting firms so as to improve the quality of financial disclosure by listed companies. However, we stand firmly against politicizing securities regulation. We have always held an open attitude and upheld the spirit of cooperation, and are willing to resolve issues related to the US regulator’s inspection and investigation of PCAOB-registered accounting firms headquartered in China through regulatory cooperation, which is in line with international common practices.
Recently, the CSRC and Ministry of Finance have been engaging with the US Public Company Accounting Oversight Board (PCAOB) and made positive progress. We believe the two sides will be able to jointly work out cooperation arrangements that comply with the legal and regulatory requirements of both countries in an expedited manner, to better protect global investors and promote the stability and robustness of the two capital markets.