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BEIJING, August 26 (TMTPOST) — The China Securities Regulatory Commission (CSRC), the Ministry of Finance, and the U.S. Public Company Accounting Oversight Board (PCAOB) signed an audit and regulatory cooperation agreement on the evening of Friday, which will be launched in the near future.
The cooperation agreement makes a clear agreement on the relevant accounting firms of the two sides to cooperate in regulatory inspection and investigation activities, forming a cooperation framework in line with the regulations and regulatory requirements of both sides.
The principle of reciprocity should be established according to this agreement. The terms of the agreement are equally binding on both sides.
The China Securities Regulatory Commission (CSRC), the Ministry of Finance, and the U.S. Public Company Accounting Oversight Board (PCAOB) signed an audit and regulatory cooperation agreement on the evening of Friday, which will be launched in the near future.
The cooperation agreement makes a clear agreement on the relevant accounting firms of the two sides to cooperate in regulatory inspection and investigation activities, forming a cooperation framework in line with the regulations and regulatory requirements of both sides.
The principle of reciprocity should be established according to this agreement. The terms of the agreement are equally binding on both sides. Both the U.S. and China may conduct inspections and investigations of relevant offices within the jurisdiction of the other party in accordance with their statutory duties and in accordance with the cooperation agreement. The requested party shall endeavor to provide full assistance.
The scope of the cooperation agreement includes assisting with the inspections and investigations of relevant audit firms taken by the authorities. Among them, the assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese stocks and whose audit transcripts are kept in Mainland, China.
The agreement has made clear arrangements on the treatment and use of possibly sensitive information during audit oversight cooperation, including procedures for processing personal information and other certain data categories, providing a feasible way for both sides to discharge their regulatory mandates while protecting relevant information, according to Xinhua News.
Over the past two decades, a large number of Chinese companies have gone public and raised capital outside China based on their own development needs, winning opportunities through the overseas capital market and giving back to global investors.
The signing of the agreement will help clear channels for Chinese companies to be listed on US stock exchanges and further stabilize market expectations, according to sources from authorities.
The scope of the cooperation agreement includes assisting with the inspections and investigations of relevant audit firms taken by the authorities. Among them, the assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese stocks and whose audit transcripts are kept in Mainland, China.
The agreement has made clear arrangements on the treatment and use of possibly sensitive information during audit oversight cooperation, including procedures for processing personal information and other certain data categories, providing a feasible path for both sides to discharge their regulatory mandates while protecting relevant information, according to Xinhua News.
Over the past two decades, a large number of Chinese companies have gone public and raised capital outside China based on their own development needs, winning opportunities through the overseas capital market and giving back to global investors.
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