Last week, the SEC asked a federal court to order a six-month stay in its dispute with Deloitte Touche Tohmatsu over the production of certain audit documents. As discussed here, in September 2011, the agency filed an action to enforce a subpoena against D&T Tohmatsu after it failed to produce documents related to its client, Longtop Financial Technologies Limited. D&T Tohmatsu argued that producing the documents might violate Chinese law and subject the firm to severe sanctions including dissolution of the firm and life prison sentences for any of its partners and employees who are involved.
