The Securities and Exchange Commission said Wednesday that it was in negotiations with Chinese regulators to establish a framework for the production of documents from China-based accounting firms involved in SEC investigations.
The disclosure came in court filing in the SEC?s ongoing legal battle with Deloitte Touche Tohmatsu?s Chinese arm, in which it asked for an extension so it could continue working with Chinese regulators to avoid subpoenaing documents from the accounting firm.
The outcome of those negotiations could have?huge implications?for the future of SEC investigations involving China as well as the expansion of U.S. accounting firms into the Chinese market.
Short term, the request appeared to temporarily defuse the?Commission?s clash?with the Deloitte China affiliate that began last September, when Deloitte refused to comply with an SEC subpoena seeking documents relating to its client Longtop Financial Technologies Ltd. Deloitte cited concerns that Chinese authorities could penalize the firm or its partners under China?s state-secrecy laws. The SEC filed suit in September to enforce the subpoena, and that case remains pending in U.S. District Court in Washington.
See more on this story at Corruption Currents
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