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Securities regulator says talks on China audit underway

The China Securities Regulatory Commission has said that negotiations over a long-running dispute over auditing compliance by China-based companies listed on US stock exchanges are moving forward. The Chinese securities regulator said the two countries remain in close communication and are committed to reaching a cooperative arrangement in line with legal and regulatory requirements. The CSRC was responding to US Securities and Exchange Commission's international affairs chief YJ Fischer, who said that “significant issues remain” in reaching a deal with China. Fischer said the agency's accounting body, the US Public Company Accounting Oversight Board (PCAOB), would need to complete China audit inspections by November 22 to meet a US deadline that will require non-compliant Chinese companies to delist by early 2023. Fischer added that even if an agreement is signed between the PCAOB and Chinese authorities, it will only be the first step.

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