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SEC, PCAOB spill frustration over China stonewall

Tammy Whitehouse | December 9, 2018

Regulators in the United States are contemplating what next steps they can take to rattle some greater cooperation out of overseas regulators, especially in China.

A rare joint statement by the heads of the Securities and Exchange Commission and the Public Company Accounting Oversight Board reflects growing frustration over long-standing barriers to regulating companies beyond U.S. borders that access U.S. capital markets. “If significant information barriers persist, remedial actions involving U.S.-listed companies may be necessary or appropriate,” they say.

SEC Chairman Jay Clayton, PCAOB Chairman William Duhnke, and SEC Chief Accountant Wes Bricker indicate they are considering their options in light of ongoing obstacles in certain countries, most notably China. They’ve...

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