Agreement between US SEC and China CSRC

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04 May 2006

The United States Securities and Exchange Commission (SEC) and the China Securities Regulatory Commission (CSRC) announced today a new relationship to increase their co-operation and collaboration through an enhanced bilateral dialogue.

Meeting at SEC headquarters in Washington, D.C., SEC Chairman Christopher Cox and CSRC Chairman Shang Fulin presented terms of reference that establish the structure of this enhanced dialogue and discussion subjects for the agenda during 2006. Several aspects of the dialogue relate to financial reporting. The new dialogue has three primary objectives:
  • to identify and discuss securities markets regulatory developments of common interest, particularly those relevant to reporting requirements for public companies listed in one another's markets;
  • to improve cooperation and the exchange of information in cross-border securities enforcement matters; and
  • to continue and expand upon the existing program of training and technical assistance provided by the SEC to the CSRC.
In setting out the areas of dialogue for the agenda in 2006, the following regulatory issues for discussion were identified:
  • corporate governance reforms, including requirements for audit committees, auditor independence and internal controls over financial reporting;
  • convergence of national accounting standards with International Financial Reporting Standards; and
  • the use of information technology, including interactive data tagging systems, to enhance the usefulness of reported of financial information.
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