Amendments mark an unusual reversal by Beijing that could end decades-long dispute after US, but SEC chair doubts they go far enough
China modified a decade-long rule that restricted offshore-listed firms’ financial data sharing practice, potentially removing a key hurdle for US regulators to gain full access to auditing reports of the majority of the 200-plus Chinese companies listed in New York.
Meanwhile, all companies listed directly or indirectly overseas will be responsible for properly managing confidential and sensitive information, and protecting national information security, according to the statement. The revisions, pending public feedback until April 17, show “China has always been open to cross-border audit co-operation”, the CSRC said in a statement, adding that the moves will provide support for “safe and efficient” cross-border co-operation including joint inspections.
Chinese authorities are trying to bolster investor confidence following a series of crackdowns that have rattled markets. Promising greater policy stability, China’s top financial regulator last month said it supports overseas listings, prospects for which have been clouded by a raft of new rules and a stand-off with the US over access to company audits.
Still, Securities and Exchange Commission chair Gary Gensler last week tamped down speculation that a solution was imminent, signalling that only total compliance with audit inspections will allow the companies to keep trading on US markets.
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