SEC Office of International Affairs Director YJ Fischer underscored that continued trading of Chinese securities on U.S. exchanges will require the resolution of audit access issues.
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The SEC requested comment on a Public Company Accounting Oversight Board proposed rule that would require disclosure as to whether an issuer's registered public accounting firm is located in a foreign jurisdiction that prevents the PCAOB from conducting audit inspections.
The President's Working Group on Financial Markets made several recommendations to the SEC addressing the Public Company Accounting Oversight Board's lack of access to auditors of Chinese companies listed in the United States.
President Donald J. Trump directed the President's Working Group on Financial Markets to provide recommendations that address Chinese companies' audit failures.