CSRC Official of Department of International Affairs Answered Reporter Question



Reporter: What are the CSRC’s comments on the recent statement of Chair of the US Securities Exchange Commission (SEC) on China-U.S. audit oversight cooperation?

Official: We’ve noticed the remarks made by the SEC Chair during a recent media interview. As Chair Gensler said, there have been thoughtful, respectful, and productive conversations between regulators from both sides. Chairman Yi Huiman of the CSRC and Chair Gensler have had three video conferences since last August over the remaining issues concerning audit oversight cooperation. The Chinese side has engaged with the Public Company Accounting Oversight Board (PCAOB) for many rounds of candid, professional and effective consultations which have on the whole yielded positive progress, and such engagement will continue. Both sides have the intention to resolve differences and issues. The wisdom and willingness of both sides to resolve this matter are crucial.

Regarding the recent addition of some companies to the list of issuers identified under the Holding Foreign Companies Accountable Act (HFCAA), we have been informed by the SEC that this is a procedural step taken by the US securities regulator to implement the HFCAA and relevant rules. It ultimately depends on the progress and outcomes of China-U.S. audit oversight cooperation whether these identified companies will be delisted in the upcoming two years.

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