In the last several years, the Division of Corporation Finance has been issuing guidance regarding the disclosure obligations of companies based in or with a majority of their operations in the People’s Republic of China (China-based Companies). The guidance addresses an array of disclosure issues, including those related to the variable interest entity structure, the reliability of financial reporting, the regulatory environment in China, and corporate governance matters. Recently, the Division noted, in the context of the Commission’s rules under the Holding Foreign Companies Accountable Act (HFCAA), that it is monitoring disclosures by certain China-based Companies and may provide additional guidance. As part of its filing review process, the Division also issues comments to China-based Companies to enhance their compliance with disclosure obligations under the federal securities laws. The Division continues to believe that companies should provide more prominent, specific, and tailored disclosures about China-specific matters so that investors have the material information they need to make informed investment and voting decisions.

在过去几年中，美国SEC的公司融资监管部一直在发布关于总部设在中华人民共和国或其大部分业务在中华人民共和国内的公司（总部设在中国的公）的披露义务的指导意见。该指南涉及一系列披露问题，包括与可变利益实体结构、财务报告的可靠性、中国的监管环境和公司治理事项有关的问题。最近，公司融资监管部注意到，根据委员会《外国公司问责法》（HFCAA）制定的规则，它正在监测某些中国公司的披露，并可能提供额外的指导。作为上市审查程序的一部分，公司融资监管部还向总部位于中国的公司提出询问，以加强其遵守联邦证券法规定的披露义务。公司融资监管部认为，公司应就中国特定事项提供更突出、具体和量身定制的披露，以便投资者获得做出知情投资和投票决定所需的重大信息。

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中国证监会于5月16日发布了《监管规则适用指引——境外发行上市类第6号：境内上市公司境外发行全球存托凭证指引》，主要包括以下内容：一是备案材料包括申请材料、决策程序文件、募集文件，以及发行情况报告等。二是境内上市公司境外首次发行全球存托凭证，应当在境外提交发行上市申请后3个工作日内向中国证监会备案，并在发行上市后15个工作日内，披露发行情况报告。三是境内上市公司在境外提交发行上市申请前，应当按照相关规定，由保荐人向境内证券交易所提交新增基础股份发行的注册申请，境内证券交易所参照上市公司向特定对象发行股票的程序出具审核意见，并报中国证监会注册。四是境内上市公司境外发行全球存托凭证，应当确定全球存托凭证对应基础股份的发行比例。在计算境外投资者持股比例时，应当将全球存托凭证对应基础股份的发行比例与合格境外投资者、沪深股通的持股比例合并计算。

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Today, the PCAOB is releasing the inspection reports for both firms inspected in 2022: KPMG Huazhen LLP in mainland China and PricewaterhouseCoopers in Hong Kong.

Both reports show unacceptable rates of Part I.A deficiencies, which are deficiencies of

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2月24日，国家互联网信息办公室公布《个人信息出境标准合同办法》（以下简称《办法》），自2023年6月1日起施行。国家互联网信息办公室有关负责人表示，出台《办法》旨在落实《个人信息保护法》的规定，保护个人信息权益，规范个人信息出境活动。

近年来，随着数字经济的蓬勃发展，个人信息出境需求快速增长。为满足日益增长的个人信息出境需要，保护个人信息权益，《办法》规定了个人信息出境标准合同（以下简称标准合同）的适用范围、订立条件和备案要求，明确了标准合同范本，为向境外提供个人信息提供了具体指引。

《办法》规定，个人信息处理者通过与境外接收方订立标准合同的方式向中华人民共和国境外提供个人信息适用本办法。明确通过订立标准合同的方式开展个人信息出境活动，应当坚持自主缔约与备案管理相结合、保护权益与防范风险相结合，保障个人信息跨境安全、自由流动。个人信息处理者通过订立标准合同的方式向境外提供个人信息应当同时符合下列情形：非关键信息基础设施运营者、处理个人信息不满100万人的、自上年1月1日起累计向境外提供个人信息不满10万人的、自上年1月1日起累计向境外提供敏感个人信息不满1万人的。法律、行政法规或者国家网信部门另有规定的，从其规定。要求个人信息处理者不得采取数量拆分等手段，将依法应当通过出境安全评估的个人信息通过订立标准合同的方式向境外提供。

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为保障国家经济安全， 保护社会公共利益，规范中华人民共和国境内企业直接或者间接到境外发行证券或者将其证券在境外上市交易（ 以下简称境外发行上市）相关保密和档案管理工作，支持企业依法合规开展境外发行上市活动， 根据《 中华人民共和国证券法》《中华人民共和国保守国家秘密法》《 中华人民共和国档案法》《中华人民共和国会计法》《 中华人民共和国注册会计师法》《中华人民共和国国家安全》和《 境内企业境外发行证券和上市管理试行办法》及相关法律法规， 制定《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定》。

境内企业境外发行上市活动中，境内企业以及提供相应服务的证券公司、证券服务机构应当严格遵守中华人民共和国相关法律法规以及本规定的要求，增强保守国家秘密和加强档案管理的法律意识，建立健全保密和档案工作制

度，采取必要措施落实保密和档案管理责任，不得泄露国家秘密和国家机关工作秘密，不得损害国家和公共利益。

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2023年2月17日，经国务院批准，证监会发布《境内企业境外发行证券和上市管理试行办法》（《管理试行办法》）和5项配套指引，同时废止《关于执行<到境外上市公司章程必备条款>的通知》《国务院关于股份有限公司境外募集股份及上市的特别规定》《国务院关于股份有限公司境外募集股份及上市的特别规定》

《管理试行办法》主要规定一下内容：一是完善监管制度。对境内企业直接和间接境外上市活动统一实施备案管理，明确境内企业直接和间接境外发行上市证券的适用情形。二是明确备案要求。明确备案主体、备案时点、备案程序等要求。三是加强监管协同。建立境内企业境外发行上市监管协调机制，完善跨境证券监管合作安排，建立备案信息通报等机制。四是明确法律责任。明确未履行备案程序、备案材料造假等违法违规行为的法律责任，提高违法违规成本。五是增强制度包容性。结合资本市场扩大对外开放实际和市场需要，放宽直接境外发行上市在特定情形下的发行对象限制；进一步便利“全流通”；放宽境外募集资金、派发股利币种的限制，满足企业在境外募集人民币的需求。配套指引内容涵盖监管规则适用、备案材料内容和格式、报告内容、备案沟通、境外证券公司备案等方面，进一步明确和细化备案要求。

国家扩大资本市场对外开放的方向不会改变，境外上市备案管理制度规则的发布实施，将更好支持企业依法合规到境外上市，利用两个市场、两种资源实现规范健康发展。

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The Securities and Exchange Commission’s Division of Examinations today announced its 2023 examination priorities. The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets.

“In a time of growing markets, evolving technologies, and new forms of risk, our Division of Examinations continues to protect investors,” said SEC Chair Gary Gensler. “In executing against the 2023 priorities, the Division will help ensure compliance with the federal securities laws and rules.”

"Our priorities reflect the changing landscape and associated risks in the securities market and are the product of a risk-based approach to examination selection that balances our resources across a diverse registrant base. We will emphasize compliance with new SEC rules applicable to investment advisers and investment companies as well as continue our focus on emerging issues and rules aimed at protecting retail investors,” said Division of Examinations’ Director Richard R. Best. "Our examination program continues moving forward and remains committed to furthering investor protection through high-quality examinations and staying abreast of the latest industry trends and emerging risks to investors and the markets."

美国证券交易委员会考试司今天宣布了2023年的检查重点。该部门每年公布其审查重点，以深入了解其基于风险的方法，包括其认为对投资者构成潜在风险的领域以及美国资本市场的完整性。

美国证券交易委员会主席Gary Gensler表示：“在市场不断增长、技术不断发展和新形式风险的时代，我们的检查部门继续保护投资者。”。“在执行2023年的检查重点时，该司将帮助确保遵守联邦证券法律和规则。”

“我们的优先事项反映了证券市场不断变化的形势和相关风险，是基于风险的检查选择方法的产物，该方法平衡了我们在不同注册人基础上的资源。我们将强调遵守适用于投资顾问和投资公司的美国证券交易委员会新规则，并继续关注新出现的问题和规则，旨在保护散户投资者。“我们的检查计划继续向前推进，并继续致力于通过高质量的检查进一步保护投资者，及时了解最新的行业趋势以及投资者和市场面临的新风险。”

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中国证监会一贯主张通过监管合作机制解决跨境上市审计监管问题，实践证明只要双方秉持相互尊重、专业务实的合作精神，一定能够找到一条符合各自法律和监管要求的可行合作路径。

中国证监会、财政部与美国PCAOB于2022年8月26日签署的中美审计监管合作协议，将双方对相关会计师事务所的检查和调查活动纳入双边监管合作框架下开展。合作协议签署以来，双方监管机构严格执行各自法律法规和协议的有关约定，合作开展了一系列卓有成效的检查和调查活动，各项工作进展顺利。合作过程中，双方就检查和调查活动计划作了充分沟通协调，美方通过中方监管部门获取审计底稿等文件，在中方参与和协助下对会计师事务所相关人员开展访谈和问询。中方遵守法律法规并参照国际惯例，按照合作协议的约定对检查和调查所涉底稿文件中含有的个人信息等特定数据进行了专门处理，在双方依法履行监管职责的同时，满足了相关法律法规对信息安全保护的要求。

我们欢迎美国监管机构基于监管专业考虑重新作出的认定，期待与美国监管机构一道，在总结前期合作经验的基础上继续推进今后年度审计监管合作，相互尊重，增进互信，形成常态化、可持续的合作机制，共同营造更加稳定、可预期的国际监管环境，依法维护全球投资者合法权益。

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PCAOB Secures Complete Access to Inspect, Investigate Chinese Firms for First Time in History. This historic and unprecedented access was only possible because of the leverage Congress created by passing the Holding Foreign Companies Accountable Act. Congress sent a clear message with that legislation that access to U.S. capital markets is a privilege and not a right, and China received that message loud and clear.

To be cleared: this is the beginning of PCAOB's work to inspect and investigate firms in China, not the end. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward. PCAOB's teams are already making plans to resume regular inspections in early 2023 and beyond, as well as continuing to pursue investigations.

Because of PCAOB's teams hard work and commitment to holding China accountable, the PCAOB secured each of the three criteria required to achieve complete access:

One: The PCAOB exercised sole discretion to select the firms, audit engagements, and potential violations it inspected and investigated – without consultation with, nor input from, PRC authorities.

Two: PCAOB inspectors and investigators were able to view complete audit work papers with no redactions, and the PCAOB was able to retain information needed to complete our work.

And three: The PCAOB had direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspected or investigated.

The inspection reports are not yet finalized, but PCAOB is committed to releasing them as soon as possible in the new year. Preliminarily, PCAOB staff have identified numerous potential deficiencies. Any deficiencies are troubling. At the same time, it is not unexpected to find numerous deficiencies in jurisdictions that are being inspected for the first time. And the potential deficiencies identified by PCAOB staff at the firms in mainland China and Hong Kong are consistent with the types and number of findings the PCAOB has encountered in other first-time inspections around the world. Again, this is the beginning of the PCAOB’s work to inspect and investigate firms in mainland China and Hong Kong, not the end. PCAOB is continuing to demand complete access, and PCAOB will act immediately to reconsider today’s determinations should China obstruct, or otherwise fail to facilitate our access, at any time.

PCAOB有史以来首次获得对中国企业的全面检查和调查，这一历史性的、前所未有的准入之所以实现，是因为国会通过了《外国控股公司责任法案》（Holding Foreign Companies Accountable Act）。国会通过这项立法发出了一个明确的信息，即进入美国资本市场是一种特权，而不是一项权利，而中国也清楚地收到了这一信息。

需要明确一点：这是PCAOB检查和调查中国公司工作的开始，而不是结束。PCAOB继续要求中国大陆和香港全面开放。PCAOB的团队已经计划在2023年初及以后恢复定期检查，并继续进行调查。

PCAOB确保了实现完全准入所需的三项标准中的每一项：

1.PCAOB在没有与中国当局协商或输入的情况下，自行选择其检查和调查的公司、审计业务和潜在违规行为。

2.PCAOB检查员和调查人员能够查看完整的审计工作文件，无需修改，PCAOB能够保留完成工作所需的信息。

3.PCAOB可以直接访问与PCAOB检查或调查的审计相关的所有人员，并获取他们的证词。

PCAOB的检查报告尚未定稿，但致力于在新的一年尽快发布。初步而言，PCAOB员工已经发现了许多潜在的缺陷。任何缺陷都令人担忧。同时，在第一次接受检查的司法管辖区内发现许多不足之处也不足为奇。PCAOB工作人员在中国大陆和香港两家公司发现的潜在缺陷与PCAOB在全球其他首次检查中发现的缺陷类型和数量一致。再次强调，这是PCAOB检查和调查中国大陆和香港公司工作的开始，而不是结束。PCAOB继续要求完全进入，否则PCAOB将立即采取行动重新考虑今天的决定。

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上市公司会计监督委员会（PCAOB）对中国和香港注册的PCAOB会计师事务所进行了成功的检查和调查，这是一个积极的发展，但例行遵守我们的法律不应具有新闻价值。令人担忧的是，国会花了15年多的时间和一项法案才确保完全遵守《萨班斯-奥克斯利法案》中最基本的问责要求。

寻求进入美国资本市场的中国和香港上市公司必须遵守与所有其他发行人相同的责任标准。

《2020年控股外国公司责任法》（HFCAA）仍然有效，遵守其一年的要求并不能保证未来的成功。

根据法律要求，如果不能在未来任何一年为PCAOB检查员提供持续和完整的访问权限，只会重新启动强制除名的三年时间。

正如国会目前正在考虑的那样，将这一期限缩短至两年，将促进未来的合规性，并加强委员会履行其维护公平、有序和高效市场使命的能力。

The Public Company Accounting Oversight Board’s (PCAOB) successful inspection and investigation of PCAOB-registered public accounting firms in China and Hong Kong is a positive development, but routine compliance with our laws shouldn’t be newsworthy. It is concerning that it took more than 15 years and an act of Congress to secure full compliance with the most fundamental accountability requirements of the Sarbanes-Oxley Act.

Public companies based in China and Hong Kong that seek access to U.S. capital markets must abide by the same accountability standards as all other issuers.

The Holding Foreign Companies Accountable Act of 2020 (HFCAA) remains in place, and compliance with its requirements for one year is no guarantee of future success.

As required by law, a failure to provide PCAOB inspectors with continued and complete access in any future year will simply restart the three-year clock to mandatory delisting.

Shortening this period to two-years, as Congress is currently considering, would foster future compliance and strengthen the Commission’s ability to fulfill its mission of maintaining fair, orderly and efficient markets.

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For the first time in history, the PCAOB has secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. And this morning the Board voted to vacate the previous determinations to the contrary.

This historic and unprecedented access was only possible because of the leverage Congress created by passing the Holding Foreign Companies Accountable Act. Congress sent a clear message with that legislation that access to U.S. capital markets is a privilege and not a right, and China received that message loud and clear.

Investors are more protected today because of Congress’ leadership, and I want to thank Members of the House and the Senate for their ongoing work to hold China accountable.

I want to be clear: this is the beginning of our work to inspect and investigate firms in China, not the end. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward. Our teams are already making plans to resume regular inspections in early 2023 and beyond, as well as continuing to pursue investigations.

The Board does not have to wait another year to reassess its determinations. Should PRC authorities obstruct or otherwise fail to facilitate the PCAOB’s access – in any way and at any point in the future – the Board will act immediately to consider the need to issue a new determination.

PCAOB有史以来第一次获得了对总部位于中国大陆和香港的注册会计师事务所进行检查和调查的完全权限。今天上午，董事会投票决定撤销之前的相反决定。

这一历史性的、前所未有的准入之所以可能，是因为国会通过了《追究外国公司责任法》。国会通过这项立法发出了一个明确的信息，即进入美国资本市场是一种特权，而不是一种权利，中国收到了这个响亮而明确的信息。

由于国会的领导，投资者今天得到了更多的保护，我要感谢参众两院议员为追究中国的责任所做的持续工作。

我想明确一点：这是我们检查和调查中国企业工作的开始，而不是结束。PCAOB继续要求中国大陆和香港全面开放。我们的团队已经在制定计划，在2023年初及以后恢复定期检查，并继续进行调查。

董事会不必再等一年来重新评估其决定。如果中国当局在未来任何时候以任何方式阻碍或未能为PCAOB的访问提供便利，董事会将立即采取行动，考虑是否需要发布新的决定。

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SEC charged Deloitte-China, with failing to comply with fundamental U.S. auditing requirements in its component audits of U.S. issuers and its audits of foreign companies listed on U.S. exchanges. Deloitte-China agreed to settle the charges by paying a $20 million penalty and agreeing to extensive remedial measures.

The SEC order finds that, in the course of numerous audits over multiple years, Deloitte-China personnel asked clients to select their own samples for testing and to prepare audit documentation purporting to show that Deloitte-China had obtained and assessed the supporting evidence for certain clients’ accounting entries. This created the appearance that Deloitte-China had conducted the required testing of clients’ financial statements and internal controls when there was no evidence in the audit file that it had in fact done so.

"While the SEC’s action today does not implicate a violation of the Holding Foreign Companies Accountable Act, the action does underscore the need for the PCAOB to be able to inspect Chinese audit firms,” Chair Gensler added. “A fundamental goal of the PCAOB’s inspection regime is to identify weaknesses in the firms’ quality control processes — the very weaknesses at issue in this case.”

In addition to the financial penalty, the order censures Deloitte-China and requires the firm to complete a review and assessment of its policies and procedures by an independent consultant retained by Deloitte Touche Tohmatsu Limited (“Deloitte-Global”). The order further requires Deloitte-China to implement a plan to address deficiencies identified by the independent consultant that is approved and overseen by Deloitte-Global, and to subsequently undergo several additional annual reviews. The order also requires Deloitte-China to require additional training over three years for all of its audit professionals who serve U.S. public company audit clients.

美国证券交易委员会指控德勤中国未能在其对美国发行人及其子公司的组成部分审计中遵守美国的基本审计要求。德勤中国同意支付2000万美元的罚款并同意采取补救措施来解决这些指控。

SEC称，在过去数年的审计过程中，德勤中国人员要求客户选择自己的样本进行测试并准备审计文件，旨在表明德勤中国已经获得并评估了某些支持证据。这形成了假象似乎德勤中国对客户的财务报表和内部控制进行了必要的测试，但其实实际的审计文件并没有获取这些证据。

“虽然 SEC 今天的行动并非起因《外国公司责任法案》，但该行动确实强调了PCAOB能够检查中国会计事务所的必要性，”Gensler 主席补充，“PCAOB检查制度的一个基本目标是找出审计师质量控制过程中的弱点——在这个案例中，正是这些弱点存在问题。”

除罚款外，SEC还要求德勤中国由德勤全球聘请的独立顾问完成对其政策和程序的审查和评估。SEC进一步要求德勤中国实施一项计划，以解决由德勤全球批准和监督的独立顾问发现的缺陷，并随后进行多次额外的年度审查。SEC还要求德勤中国要求其所有为美国上市公司审计客户服务的审计专业人员在三年内接受额外培训。

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Recently, we have observed instances of foreign issuers—especially foreign issuers located in the People’s Republic of China (“China”) or in Hong Kong—changing their lead auditor from a local registered public accounting firm to a registered public accounting firm located either in the U.S. or elsewhere, generally within the same network. Such arrangements pose special challenges that raise questions about whether the newly engaged registered public accounting firms—whether located in the U.S. or elsewhere—will be able to satisfy their responsibilities to serve as the lead auditor.

With the uncertainty about potential trading prohibitions and resulting illiquidity，some issuers in China and Hong Kong have begun seeking ways to comply with applicable law while engaging home jurisdiction auditors and preserving the benefits of their access to the U.S. capital markets. Two such examples are described.

SEC代理总会计师Paul Munter 称，最近SEC注意到针对目前部分上市公司为应对外国公司问责法，选择了虽属同一网络联盟的，但与上市公司主要经营所在地不在同一地域的其他会计师事务所主体（如美国或其他），担任其新审计师。这样的安排带来了新的挑战，令人质疑新聘用的会计师事务所是否能担任主审计师的要求，以及主审计师能否履行其职责，包括监督和底稿审核。

声明列举有跨国业务的上市公司为应对外国公司问责法，保留本土审计师，更换同一网络联盟不同主体作为新审计师的两种案例，特别重申主审计师的资格与角色。

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PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission (CSRC) and the Ministry of Finance of the People’s Republic of China governing inspections and investigations of audit firms based in China and Hong Kong. This framework is merely a step in the process. This agreement will be meaningful only if the PCAOB actually can inspect and investigate completely audit firms in China.

In particular, Chinese authorities have committed to four critical items:

1. In accordance with the Sarbanes-Oxley Act, the PCAOB has independent discretion to select any issuer audits for inspection or investigation;

2. The PCAOB gets direct access to interview or take testimony from all personnel of the audit firms whose issuer engagements are being inspected or investigated;

3. The PCAOB has the unfettered ability to transfer information to the SEC, in accordance with the Sarbanes-Oxley Act; and

4, PCAOB inspectors can see complete audit work papers without any redactions. On this last item, the PCAOB was able to establish view only procedures — as it has done in the past with certain other jurisdictions — for targeted pieces of information (for example, personally identifiable information).

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中国证券监督管理委员会、中华人民共和国财政部于2022年8月26日与美国公众公司会计监督委员会（PCAOB）签署审计监管合作协议，将于近期启动相关合作。合作协议依据两国法律法规，尊重国际通行做法，按照对等互利原则，就双方对相关会计师事务所合作开展监管检查和调查活动作出了明确约定，形成了符合双方法规和监管要求的合作框架。合作协议的签署，是中美双方监管机构在解决审计监管合作这一共同关切问题上迈出的重要一步，为下一阶段双方积极、专业、务实推进合作奠定了基础。依法推进跨境审计监管合作，将有利于进一步提高会计师事务所执业质量，保护投资者合法权益，也有利于为企业依法合规开展跨境上市活动营造良好的国际监管环境。

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美国证监会（SEC）国际事务办公室主任，YJ Fischer, 在国际证券协会理事会（ICSA）年度股东大会关于加速外国公司问责法相关发言，强调四个要点：

1，PCAOB检查流程主要包括审查会计师事务所的质量控制体系和与选定的发行人审计业务相关的工作文件，且PCAOB仅要求审计师提供支持其对财务报表或发行人内部控制或会计师事务所质量控制的意见的材料。

2，尽管美国和中国当局就审计检查进行了持续和富有成效的讨论，但时间不多了。假设关于加速实施问责法案下交易禁止措施的法案通过，即只要发行人连续两年被列入“被识别清单”，就会面临其证券被SEC禁止交易的风险。换言之，相关中概股最早将于2023年初（即报送下一期年报时）面临禁止交易及退市的风险。

3，假设加速问责法案通过，为避免在2023年初相关中概股就被禁止交易，PCAOB需在2022年底改变其认定，算上PCAOB内部出具报告及审批的时间，PCAOB须在2022年11月前就完成相关的检查和调查。

4，如发行人或中国有关当局愿意，可实现他们认为“过于敏感而无法遵守PCAOB要求”的中国发行人的自愿退市，但允许其他公司和审计公司完全遵守PCAOB的检查和调查程序，从而允许其余的中国发行人避免在美国的潜在交易禁令。

YJ Fischer, the Director of the SEC’s Office of International Affairs, underscore four main points in the remarks at the ICSA Annual General Meeting.

First, PCAOB-registered public accounting firms must provide the PCAOB with access to their audit work papers. Importantly, the PCAOB only requests materials from the audit firm that support the auditor’s opinion on the financial statements or the internal controls of the issuer, or the quality controls of the accounting firm.;

Second, After the SEC adopted amendments to finalize rules implementing the HFCAA in December 2021, both houses of Congress passed legislation accelerating the HFCAA trading prohibition from three consecutive years to two consecutive years. Under this accelerated timeline, almost 200 China-based companies could face a trading prohibition beginning in 2023 when such issuers file their next annual report.

Third, the PCAOB would need to determine that it could complete inspections and investigations before it modifies its determinations. All of this needs to happen before the end of the year when the PCAOB must reassess its 2021 determination on non-compliant jurisdictions.Working backwards from the date of PCAOB’s 2021 determination and allocating a few weeks for PCAOB staff to draft the determination and for its Board to vote to approve it, that means the PCAOB would need to be able to complete inspections and investigations by early November 2022

Finally, should the issuers or the relevant Chinese authorities wish, they can effectuate the voluntary delisting of China-based issuers that they deem “too sensitive to comply” with PCAOB requirements, but allow other companies and audit firms to comply fully with the PCAOB inspection and investigative processes, thereby allowing the remainder of China-based issuers to avoid potential trading prohibitions in the US.

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自2022年3月8日起，美国证监会（SEC）基于《外国公司问责法》(HFCAA)，不断更新PCAOB由于该司法管辖区某一当局采取的立场而无法进行全面检查或调查的登记人，分批公布“被识别公司”名单。

5月，新增“被识别名单”包括华能电力(HNP)、中国铝业(ACH)、哔哩哔哩(BILI)、拼多多(PDD)、36氪(KRKR)、腾讯音乐(TME)、携程(TCOM)、小鹏汽车(XPEV)、京东(JD)、中国移动(CHL)等知名公司。这93家公司可向SEC提供证据，证明自己可不被列为“被识别名单“。

The Commission staff will promptly add issuers it identifies under the HFCAA to the lists below, as described in more detail in Holding Foreign Companies Accountable Act Disclosure, Release No. 34-93701. Registrants are strongly encouraged to consult the release for information on how the HFCAA will be implemented.

Issuers who wish to submit evidence to dispute being provisionally identified as a Commission-Identified Issuer under the HFCAA, may contact the staff at hfcaa@sec.gov.

Provisional list of issuers identified under the HFCAA：HNP、ACH、BILI、PDD、KRKR、TME、TCOM、XPEV、JD、CHL，etc

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为支持企业依法依规赴境外上市，提高境外发行证券与上市过程中相关保密和档案管理工作的规范化水平，推动深化跨境监管合作，证监会会同财政部、国家保密局、国家档案局对《关于加强在境外发行证券与上市相关保密和档案管理工作的规定》(证监会公告〔2009〕29号)进行修订，形成了《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定(征求意见稿)》，现向社会公开征求意见。

本次修订拟对原规定作出调整，包含：

一是完善法律依据，增加《中华人民共和国会计法》《中华人民共和国注册会计师法》等有关法律法规作为上位法。

二是调整适用范围，与《国务院关于境内企业境外发行证券和上市的管理规定(草案征求意见稿)》相衔接，明确适用于企业境外直接和间接上市

三是明确企业信息安全责任，为境内企业境外发行证券和上市活动中境内企业、有关证券公司、证券服务机构在保密和档案管理方面提供更清晰明确的指引。

四是完善跨境监管合作安排，为安全高效开展跨境监管合作提供制度保障。

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财新网文章指出：“证监会有关人士在答记者问中表示，依法依规做好涉密敏感信息的管理，落实信息安全主体责任，是企业合规经营的重要内容。从实践情况看，企业向有关证券公司、证券服务机构提供包含涉密或敏感信息的文件、资料应属极少数情况。如因审计工作需要确有必要提供的，《规定》重申企业须按照相关法律法规履行必要的审批或备案程序，并要求企业保留履行程序和提供信息的相关记录并向中介机构提供书面说明，不会给企业带来过高的合规成本。

《规定》的落实，将提升企业维护信息安全和防范法律风险的能力，促进企业依法合规开展境外发行上市活动。”

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证监会表示：注意到近日美国SEC主席接受媒体电视采访时就双方审计监管合作的表态。正如根斯勒先生所言，双方监管部门进行了深思熟虑、相互尊重和富有成效的对话。自去年8月以来，中国证监会主席易会满和根斯勒主席已三次召开视频会议，商讨解决中美审计监管合作中的遗留问题。中方与美国公众公司会计监督委员会(PCAOB)更是进行了多轮坦诚、专业和高效的会谈，总体进展顺利，双方的沟通还将继续。双方都有意愿解决分歧和问题，最终结果如何，要看双方的智慧和初心。

此外，对于一些企业被SEC列入有退市风险的清单，经向美国SEC了解，这是美国监管部门执行《外国公司问责法》的一个正常程序，列入清单的公司是否在未来两年真正退市，最终取决于中美审计监管合作的进展与结果。

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3月30日，SEC基于《外国公司问责法》(HFCAA)，敲定PCAOB由于该司法管辖区某一当局采取的立场而无法进行全面检查或调查的登记人，新增“被识别名单”包括微博(WB)、富途控股(FUTU)、NOCERA INC(PINK:NCRA)、爱奇艺(IQ)、百度(BIDU)、CASI制药（CASI）。这六家公司可向SEC提供证据，证明自己可不被列为“被识别名单“。

The Commission staff will promptly add issuers it identifies under the HFCAA to the lists below, as described in more detail in Holding Foreign Companies Accountable Act Disclosure, Release No. 34-93701. Registrants are strongly encouraged to consult the release for information on how the HFCAA will be implemented.

Issuers who wish to submit evidence to dispute being provisionally identified as a Commission-Identified Issuer under the HFCAA, may contact the staff at hfcaa@sec.gov.

Provisional list of issuers identified under the HFCAA:

WB、FUTU、NCRA.、IQ、BIDU.、CASI.

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《财新周刊》社论：“回归专业，首先要消除不实信息。当前‘美国监管机构要查中国公司的账本’等似是而非的说法颇为流行，极易激发大众情绪，干扰双方顺利谈判。美国PCAOB的审查对象是会计师事务所的审计工作底稿，重在会计师事务所的合规性，而非上市公司的账本。由于审计工作底稿是审计工作过程中形成的全部审计工作记录和获取的资料，所以，也可能涉及商业秘密甚至国家秘密，中方相关关切是合理的。不过，对于可能涉密的事项，完全可以提前规制，比如境外上市企业剥离相关业务板块，或者清晰界定国家秘密和国家安全，禁止相关企业境外上市。中国政府从来不缺乏灵活务实的应对之策。”

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国务院金融稳定发展委员会召开专题会议，研究当前经济形势和资本市场问题。

会议研究了相关问题。关于中概股，目前中美双方监管机构保持了良好沟通，已取得积极进展，正在致力于形成具体合作方案。中国政府继续支持各类企业到境外上市。

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3月16日国务院金融委专题会议召开后，证监会党委迅速召开扩大会议传达学习会议精神，就抓好贯彻落实进行研究部署。证监会深刻认识到，在当前复杂形势下，国务院金融委召开专题会议，研究当前经济形势和资本市场问题，十分及时、十分重要，体现了对资本市场工作的高度重视，充分回应了市场关切，作出的部署具有很强的指导性和针对性。

继续加强与美方监管机构的沟通，争取尽快就中美审计监管合作达成协议。抓紧推动企业境外上市监管新规落地，支持各类符合条件的企业到境外上市，保持境外上市渠道畅通。

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证监会对此评论：

这是美国监管部门执行《外国公司问责法》及相关实施细则的一个正常步骤。我们此前已多次就《外国公司问责法》的实施表明过态度。我们尊重境外监管机构为提高上市公司财务信息质量加强对相关会计师事务所的监管，但坚决反对一些势力将证券监管政治化的错误做法。我们始终坚持开放合作精神，愿意通过监管合作解决美方监管部门对相关事务所开展检查和调查问题，这也符合国际通行的做法。

近一段时间，中国证监会和财政部持续与美国公众公司会计监督委员会(PCAOB)开展沟通对话，并取得积极进展。我们相信，双方通过共同努力一定能够尽快作出符合两国法律规定和监管要求的合作安排，共同保护全球投资者合法权益，促进两国市场健康稳定发展。

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2022年3月9日，美国证券交易委员会（SEC）提出修改现有规则，规范和强化上市公司对网络安全风险管理、战略、治理和事件报告的披露流程。

本次提议的修订文件要求不仅要报告当前的重大网络安全事件，还要定期报告此前报告网络安全事件的最新情况。

此外，该提案还要求定期报告上市公司识别和管理网络安全风险的政策和程序；上市公司董事会对网络安全风险的监督；以及管理层在评估和管理网络安全风险以及实施网络安全政策和程序方面的作用和专业知识。

最后，该提案还要求对董事会的网络安全专业知识（如有）进行年度报告或某些代理披露。

The Securities and Exchange Commission today proposed amendments to its rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies.

The proposed amendments would require, among other things, current reporting about material cybersecurity incidents and periodic reporting to provide updates about previously reported cybersecurity incidents. The proposal also would require periodic reporting about a registrant’s policies and procedures to identify and manage cybersecurity risks; the registrant’s board of directors' oversight of cybersecurity risk; and management’s role and expertise in assessing and managing cybersecurity risk and implementing cybersecurity policies and procedures. The proposal further would require annual reporting or certain proxy disclosure about the board of directors’ cybersecurity expertise, if any.

The proposed amendments are intended to better inform investors about a registrant's risk management, strategy, and governance and to provide timely notification to investors of material cybersecurity incidents.

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3月8日，SEC基于《外国公司问责法案》(HFCAA)，敲定PCAOB由于该司法管辖区某一当局采取的立场而无法进行全面检查或调查的登记人，“被识别名单”包括百济神州(BGNE)、百胜中国(YUMC)、再鼎医药(ZLAB)、ACM Research(盛美半导体,ACMR)、和黄医药(HCM)。这五家公司可向SEC提供证据，证明自己可不被列为“被识别名单”。

The Commission staff will promptly add issuers it identifies under the HFCAA to the lists below, as described in more detail in Holding Foreign Companies Accountable Act Disclosure, Release No. 34-93701. Registrants are strongly encouraged to consult the release for information on how the HFCAA will be implemented.

Issuers who wish to submit evidence to dispute being provisionally identified as a Commission-Identified Issuer under the HFCAA, may contact the staff at hfcaa@sec.gov.

Provisional list of issuers identified under the HFCAA:

BGNE、YUMC、ZLAB、ACMR、HCM

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《网络安全审查办法》自2022年2月15日起施行。

修订的《网络安全审查办法》有以下几方面需要重点解读：

1.将网络平台运营者开展数据处理活动影响或者可能影响国家安全等情形纳入网络安全审查范围，并明确要求掌握超过100万用户个人信息的网络平台运营者赴国外上市必须申报网络安全审查，主要目的是为了进一步保障网络安全和数据安全，维护国家安全。

2.申报网络安全审查可能有以下三种情况：一是无需审查；二是启动审查后，经研判不影响国家安全的，可继续赴国外上市程序；三是启动审查后，经研判影响国家安全的，不允许赴国外上市。

3.根据《数据安全法》，数据处理活动包括数据的收集、存储、使用、加工、传输、提供、公开等活动。《办法》重点聚焦的是网络平台运营者开展上述数据处理活动，影响或者可能影响国家安全的情形。

4.网络平台运营者应当在向国外证券监管机构提出上市申请之前，申报网络安全审查。

5.网络安全审查办公室设在国家互联网信息办公室，具体工作委托中国网络安全审查技术与认证中心承担。中国网络安全审查技术与认证中心在网络安全审查办公室的指导下，承担接收申报材料、对申报材料进行形式审查等任务。中国网络安全审查技术与认证中心设立网络安全审查咨询窗口。

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《外商投资准入特别管理措施（负面清单）（2021年版）》自2022年1月1日起施行。2021年版全国和自贸试验区外资准入负面清单进一步缩减至31条、27条，压减比例分别为6.1%、10%。进一步缩减外资准入负面清单，是中国扩大高水平开放，推动经济高质量发展的重要举措。

主要变化：

1. 进一步深化制造业开放。汽车制造领域， 取消乘用车制造外资股比限制以及同一家外商可在国内建立两家及两家以下生产同类整车产品的合资企业的限制。广播电视设备制造领域， 取消外商投资卫星电视广播地面接收设施及关键件生产的限制，按照内外资一致原则管理。本次修订，实现了自贸试验区负面清单制造业条目清零。

2.自贸试验区探索放宽服务业准入。市场调查领域，除广播电视收听、收视调查须由中方控股外，取消外资准入限制。社会调查领域，允许外商投资社会调查，但要求中方股比不低于67%，法人代表应当具有中国国籍。

3. 提高外资准入负面清单精准度。在负面清单说明部分 增加“从事外资准入负面清单禁止投资领域业务的境内企业到境外发行股份并上市交易的，应当经国家有关主管部门审核同意，境外投资者不得参与企业经营管理，其持股比例参照境外投资者境内证券投资管理有关规定执行”，由证监会和有关主管部门按规定对从事负面清单禁止领域业务的境内企业到境外上市融资实行精准化管理。需要说明的是，“应当经国家有关主管部门审核同意”系指审核同意境内企业赴境外上市不适用负面清单禁止性规定，而不是指审核境内企业赴境外上市的活动本身。

4.优化外资准入负面清单管理。根据《外商投资法实施条例》，在负面清单说明部分增加“外商投资企业在中国境内投资，应符合外商投资准入负面清单的有关规定”。做好外资准入负面清单与市场准入负面清单衔接，在负面清单说明部分增加“境内外投资者统一适用《市场准入负面清单》的有关规定”

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2021年12月24日，证监会就境外上市相关制度规则公开征求意见。具体规则有《国务院关于境内企业境外发行证券和上市的管理规定(草案征求意见稿)》（简称《管理规定》），《境内企业境外发行证券和上市备案管理办法(征求意见稿)》（简称《备案办法》），一并向社会公开征求意见。 关键内容有：

1、对境内企业直接和间接境外上市活动统一实施备案管理，境内企业境外发行上市应当履行备案程序。

2、建立境内企业境外上市监管协调机制，强化监管协同；境外上市备案管理与安全审查等机制做好衔接。

3、完善跨境证券监管合作安排，建立备案信息通报等机制。

4、对于法律法规明确禁止上市融资、危害国家安全、存在重大权属纠纷、存在违法犯罪行为等四类情形，明确不得赴境外上市。不额外设置门槛和条件，支持依法合规的境内企业利用境外资本市场融资发展。

5、明确未履行备案程序、备案材料造假等违法违规行为的法律责任，提高违法违规成本。

6、结合资本市场扩大开放实践和支持企业发展需要，明确在股权激励等情形下，境外直接发行上市可向境内特定主体发行。

7、对境外直接上市“全流通”业务一体适用备案管理，进一步便利“全流通”。

8、放宽境外募集资金、派发股利的币种限制，满足企业在境外募集人民币的需求。

此外，证监会在介绍完善企业境外上市监管制度的背景后还针对如下问题发表了观点：

1. 完善企业境外上市监管制度的必要性

2. 境外上市备案管理平稳有序实施和过渡期的有关安排

3. 境外上市备案管理主要流程

4. 备案管理制度下加强境内监管协同

5. 完善跨境证券监管合作安排

在遵守境内法律法规的前提下，满足合规要求的VIE架构企业备案后可以赴境外上市。

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2021年12月20日，美国证券交易委员会(SEC)的企业融资部门正在向中国公司发表意见，寻求更具体、更显著地披露与中国公司相关的法律和运营风险。该部门的意见集中于需要对公司结构进行明确和显著的披露，包括进行发行的实体与进行经营活动的实体之间的关系、与公司使用可变利益实体（VIE)结构相关的风险，以及如果此类结构被否决或合同被确定为不可执行，对公司运营和投资者利益的潜在影响。该部门的意见还侧重于可能适用于中国公司投资的其他法律、监管和执法风险，例如《外国公司责任法》和相关规则的潜在影响，以及中国公司经营业务或向外国投资者提供证券可能需要的任何必要的中国许可。样本信函中包含了该部门可能根据特定事实和情况向中国公司发布的评论样本。企业准备披露招股文件时应考虑这些样本意见。

The Division of Corporation Finance is issuing comments to China-based companies seeking more specific and prominent disclosure about the legal and operational risks associated with China-based companies. The Division’s comments focus on the need for clear and prominent disclosure regarding the structure of the company, including the relationship between the entity conducting the offering and the entities conducting the operating activities, risks associated with a company’s use of the VIE structure, and the potential impact on the company’s operations and investors’ interests if such structure were disallowed or the contracts were determined to be unenforceable. The Division’s comments also focus on additional legal, regulatory, and enforcement risks that may apply to investments in China-based companies, such as the potential impact of the Holding Foreign Companies Accountable Act and related rules and any necessary PRC permissions a China-based company may need to operate its business or offer securities to foreign investors.

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近日，美国公众公司会计监督委员会(PCAOB)发布《〈外国公司问责法〉认定报告》，认定60余家在美注册中国会计师事务所“无法完成检查或调查”。2021年12月2日，美国证券交易委员会（SEC）宣布通过法规修正案，最终敲定了《外国公司问责法案（HFCAA）》 相关的信息提交与披露实施细则。修正案发布同时，美国证券交易委员会（SEC）主席表态称，“如果你想在美国发行公共证券，审计你账簿的公司必须接受PCAOB的检查。”2021年12月17日中国证监会对此问题作出如下评论：一直以来，中国监管部门在对外交往中坚持开放合作的态度。我们尊重PCAOB履行其监管审计师执业质量的职责。通过国际合作解决PCAOB对在美注册中国会计师事务所开展检查与调查问题是国际通行做法。过去几年，中国证监会和财政部多次主动向美方提出联合检查合作方案和执法合作现存问题的解决建议。我们认为，PCAOB“认定报告”中关于中美审计监管合作历程和现状的描述，未能全面、客观反映中方所持立场和所作努力，我们会就相关情况与美方沟通。目前，中美双方相关监管机构正在就开展审计监管合作事宜进行磋商，并已取得一些积极进展。我们对SEC和PCAOB继续与中方保持沟通、积极解决问题的态度表示欢迎，中方随时准备与美方进一步沟通。相信基于尊重国际惯例和双方法律的原则，秉持相互尊重、增进互信的精神，双方一定能够找到满足彼此监管需求的合作路径，共同保护全球投资者合法权益，促进两国资本市场健康发展。

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2021年12月16日，美国公众公司会计监督委员会（PCAOB）今天发布了一份报告（PDF），公布PCAOB因中国当局在司法管辖区采取的立场而无法全面检查或调查的，总部设在中国大陆和香港（中华人民共和国特别行政区）的注册会计师事务所。以上是根据PCAOB就履行《外国公司责任法》（HFCAA）规定的职责提供框架的规则6100规则而发布。

The Public Company Accounting Oversight Board (PCAOB) today issued a report(PDF) on its determinations that the Board is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, a Special Administrative Region of the People’s Republic of China (PRC), because of positions taken by PRC authorities in those jurisdictions. The Board made these determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the Holding Foreign Companies Accountable Act (HFCAA).

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2021年12月2日，美国证券交易委员会（SEC）通过修正案，以最终确定最终规则，修订表格20-F、40-F、10-K 和 N-CSR，以执行《外国公司问责法》(“ HFCA Act”)的披露和提交要求。最后修正案适用于SEC认定已提交年度报告并附有设在外国司法管辖区的注册公共会计师事务所发布的审计报告的登记人，以及上市公司会计监督委员会(“PCAOB”)由于该司法管辖区某一当局采取的立场而无法进行全面检查或调查的登记人。根据 HFCA Act，修正案要求向委员会提交文件，证明此类登记人不是该外国管辖区的政府实体所拥有或控制的，还要求在外国发行人的年度报告中披露此类登记人的审计安排和政府对其的影响。修订于 2022 年 1 月 10 日生效. 据以作出认定的“被识别公司”名单年报对应年份不会早于2021年。

SEC are adopting amendments to finalize interim final rules that revised Forms 20-F, 40-F, 10-K, and N-CSR to implement the disclosure and submission requirements of the Holding Foreign Companies Accountable Act (“HFCA Act”). The final amendments apply to registrants that the Securities and Exchange Commission (“Commission”) identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (“PCAOB”) is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction. Consistent with the HFCA Act, the amendments require the submission of documentation to the Commission establishing that such a registrant is not owned or controlled by a governmental entity in that foreign jurisdiction and also require disclosure in a foreign issuer’s annual report regarding the audit arrangements of, and governmental influence on, such registrants. The amendments are effective on January 10, 2022. The earliest that the Commission could identify a Commission-Identified Issuer would be after registrants file their annual reports for 2021.

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2021年11月5日，美国证券交易委员会SEC正式批准美国公众公司会计监督委员会(“PCAOB”）此前拟定的第6100号规则草案。第6100号规则即日生效。第6100号规则是PCAOB响应《外国公司问责法》要求制定的实施规则。其主题（即PCAOB对审计机构的检查权）也正是中美两国长期悬而未决的跨境审计监管问题的焦点。《外国公司问责法》要求 PCAOB应对其是否由于“外国政府的立场”而无法对某些审计事务所进行充分检查或调查进行判定。第6100号规则旨在为判定对象范围、时间、依据、参考因素及具体形式提供具体的实施细则。

The Securities and Exchange Commission today announced that it has approved the Public Company Accounting Oversight Board’s (PCAOB) Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 will establish a framework for the PCAOB’s determinations under the Holding Foreign Companies Accountable Act (HFCAA) that the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by an authority in that jurisdiction.

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2021年9月23日，美国公众公司会计监督委员会（PCAOB）通过了一项新规则（PCAOB 规则 6100,），该规则与PCAOB在《外国公司责任法案》（HFCAA）下的责任有关。 2021年5月提出的规则为PCAOB提供了一个框架，如在HFCAA下考虑，董事会是否因该管辖机构中的一个或多个当局采取立场而无法检查或调查完全注册的外国会计师事务所。该规则规定：1.董事会决定的方式；2.董事会将评估的因素以及在评估是否有必要时将考虑的文件和信息；3.此类决定的形式、公开性、生效日期和期限；4.董事会重申、修改或撤销其决定的过程。

The Public Company Accounting Oversight Board (PCAOB) adopted a new rule, PCAOB Rule 6100, related to the PCAOB’s responsibilities under the Holding Foreign Companies Accountable Act (HFCAA). Proposed in May 2021, the rule provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the Board is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. The rule establishes:The manner of the Board’s determinations;The factors the Board will evaluate and the documents and information it will consider when assessing whether a determination is warranted;The form, public availability, effective date, and duration of such determinations; and The process by which the Board will reaffirm, modify, or vacate its determinations.

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2021年8月6日，美国证券交易委员会（“SEC”）批准了纳斯达克股票市场关于修改其上市规则借以促进董事会多元化的建议（以下简称“纳斯达克董事会多元化新规”）。除有限的豁免及适用的过渡期间外，纳斯达克上市公司将被要求：（一）至少拥有两名具有多元背景的董事，或取而代之披露其无法满足该多元化目标的原因；（二）按年度以纳斯达克上市规则下所提供的标准模板披露董事会多元化的情况。

Today, the Commission voted to approve Nasdaq’s proposed rule changes requiring issuers to disclose certain information about the diversity of the company’s board and to offer certain companies access to a complimentary board recruiting service. These rules will allow investors to gain a better understanding of Nasdaq-listed companies’ approach to board diversity, while ensuring that those companies have the flexibility to make decisions that best serve their shareholders.

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2021年4月12日，美国证券交易委员会（“SEC”）发布本声明是为了强调SPAC交易中认股权证中常见的某些条款的潜在会计影响，并讨论如果注册人及其审计师确定之前提交的任何财务报表中存在错误时适用的财务报告注意事项。美国公认会计准则（“GAAP”）包括实体必须考虑的准则，即确定是否将可在其自有股票中结算的合同，如认股权证，作为实体的权益或资产或负债。评估本指南需要评估合同的具体条款以及实体的具体事实和情况。

SEC is issuing this statement to highlight the potential accounting implications of certain terms that may be common in warrants included in SPAC transactions and to discuss the financial reporting considerations that apply if a registrant and its auditors determine there is an error in any previously-filed financial statements. U.S. Generally Accepted Accounting Principles (“GAAP”) includes guidance that entities must consider in determining whether to classify contracts that may be settled in its own stock, such as warrants, as equity of the entity or as an asset or liability. Evaluation of this guidance requires an evaluation of the specific terms of the contract and also of an entity’s specific facts and circumstances.

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SPAC与目标公司的合并通常会引发复杂的财务报告和治理问题。与私营公司通过与SPAC合并进入公共市场的独特风险和挑战相关的一些关键考虑因素包括： 市场和时机考虑；财务报告方面的考虑；内部控制考虑；公司治理和审计委员会的考虑；审计师注意事项

The merger of a SPAC and target company often raises complex financial reporting and governance issues. Some of the key considerations related to the unique risks and challenges of a private company entering the public markets through a merger with a SPAC include:Market and timing considerations;Financial reporting considerations;Internal control considerations;Corporate governance and audit committee considerations; and Auditor considerations.

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SEC工作人员认识到，公平、有序和高效的市场功能和竞争是我们证券市场的标志。昨日，在纽约证券交易所（NYSE）有机会公开发表意见后，证监会批准了一项拟议的规则变更，允许参与首次公开发行的发行人在纽约证券交易所直接上市(Direct listing)。纳斯达克股票市场（Nasdaq Stock Market，简称Nasdaq）也在委员会审议一项拟议的规则修改，允许在纳斯达克自身独特的市场模式下进行首次公开发行直接上市。此外，昨天晚上，纳斯达克就这一问题提交了一份单独的拟议规则变更，纳斯达克寻求在没有事先公开评论的情况下立即生效。工作人员打算尽快完成对这些提案的审查，并与所有自律组织提出的规则变更一样，评估这些提案是否符合《交易法》和委员会规则的要求。

The staff recognizes that fair, orderly, and efficient market function and competition is the hallmark of our securities markets.

Yesterday, the Commission approved a proposed rule change, following the opportunity for public comment, by the New York Stock Exchange (NYSE) to allow a direct listing of securities on the NYSE floor by an issuer engaged in a primary offering. The Nasdaq Stock Market (Nasdaq) also has pending before the Commission a proposed rule change to allow primary offering direct listings in the context of Nasdaq’s own distinct market model. Additionally, yesterday evening, Nasdaq submitted a separate proposed rule change on this issue for which Nasdaq seeks immediate effectiveness without a prior public comment period.

Staff intends to work to expeditiously complete, as promptly as possible accommodating public comment, a review of these proposals, and as with all self-regulatory organizations’ proposed rule changes, will evaluate, among other things, whether they are consistent with the requirements of the Exchange Act and Commission rules.

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2020年12月3日，美国证券交易委员会（“SEC”）正在根据1940年《投资公司法》（以下简称“投资公司法”）通过一项新规则这将涉及注册投资公司或业务发展公司（“基金”）投资公允价值的估值实践和董事会的作用。该规则将为该法案的目的提供善意确定公允价值的要求。该确定将涉及评估和管理与公允价值确定相关的重大风险；选择、应用和测试公允价值方法；以及监督和评估所使用的任何定价服务。该规则将允许基金董事会指定特定方执行公允价值确定，然后由该方为基金的部分或全部投资履行这些职能。该指定将受董事会监督和某些报告及其他要求的约束，旨在促进董事会有效监督该方公允价值确定的能力。该规则将包括一项与确定单位投资信托所持投资的公允价值有关的具体规定，该信托不设董事会。该规则还将定义根据该法案何时可以随时获得市场报价。委员会还通过了一项单独的规则2，规定了与公允价值确定相关的记录保存要求，并撤销了先前发布的关于董事会在确定公允价值以及基金投资会计和审计方面的作用的指导意见

The Securities and Exchange Commission (“Commission”) is adopting a new rule under the Investment Company Act of 1940 (“Investment Company Act” or the “Act”) that will address valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company or business development company (“fund”). The rule will provide requirements for determining fair value in good faith for purposes of the Act. This determination will involve assessing and managing material risks associated with fair value determinations; selecting, applying, and testing fair value methodologies; and overseeing and evaluating any pricing services used. The rule will permit a fund’s board of directors to designate certain parties to perform the fair value determinations, who will then carry out these functions for some or all of the fund’s investments. This designation will be subject to board oversight and certain reporting and other requirements designed to facilitate the board’s ability effectively to oversee this party’s fair value determinations. The rule will include a specific provision related to the determination of the fair value of investments held by unit investment trusts, which do not have boards of directors. The rule will also define when market quotations are readily available under the Act. The Commission is also adopting a separate rule 2 providing the recordkeeping requirements that will be associated with fair value determinations and is rescinding previously issued guidance on the role of the board of directors in determining fair value and the accounting and auditing of fund investments

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2020年11月19日，美国证监会正在通过修正案，以更新、简化和增强S-K条例中的某些财务披露要求。具体而言，我们取消了对选定财务数据的要求，简化了披露补充财务信息的要求，以及修改管理层对财务状况和经营成果的讨论和分析（“MD&A”）。这些修订旨在消除重复披露，并使MD&A披露现代化和增强，以利于投资者，同时简化注册人的合规工作。

We are adopting amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. Specifically, we are eliminating the requirement for Selected Financial Data, streamlining the requirement to disclose Supplementary Financial Information, and amending Management’s Discussion & Analysis of Financial Condition and Results of Operations (“MD&A”). These amendments are intended to eliminate duplicative disclosures and modernize and enhance MD&A disclosures for the benefit of investors, while simplifying compliance efforts for registrants.

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2020年8月6日，针对特朗普总统6月4日关于保护美国投资者免受中国公司重大风险的备忘录，总统金融市场工作组（PWG）今天发布了一份报告，提出了五项建议。这些建议旨在解决中国政府未能允许在美国公众公司会计监督委员会（PCAOB）注册的审计事务所遵守美国证券法和投资者保护要求给美国金融市场投资者带来的风险。

In response to President Trump’s June 4 Memorandum on Protecting United States Investors from Significant Risks from Chinese Companies, the President's Working Group on Financial Markets (PWG) today released a report making five recommendations. These recommendations are designed to address risks to investors in U.S. financial markets posed by the Chinese government’s failure to allow audit firms that are registered with the Public Company Accounting Oversight Board (PCAOB) to comply with U.S. securities laws and investor protection requirements.

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2020年7月9日，近年来，美国投资者和我们的资本市场增加了在包括中国在内的新兴市场拥有重要业务的公司的风险敞口。今天的圆桌会议是强调和讨论投资者面临的各种风险的一系列努力中的最新一次，包括检查是否遵守和执行美国法律，以及与披露和财务报告相关的其他风险，这些风险伴随着风险敞口的增加。

这次圆桌会议是关于这一重要问题的一系列努力中的最新一次。我和SEC工作人员以及美国公众公司会计监督委员会（PCAOB）主席比尔·杜恩克（Bill Duhnke）发表了几份联合声明，强调了包括中国在内的新兴市场投资者面临的风险。此外，我和SEC工作人员与其他监管机构和国会领导人进行了接触，以强调和解决阻碍PCAOB注册审计公司审计工作和实践的信息障碍。我们还继续与美国审计公司进行接触，讨论审计质量以及在新兴市场（包括中国）审计上市公司业务所面临的某些挑战。在这些讨论中，我们强调了对成员公司进行有效和一致的全球监督的必要性，包括在监管监督更加有限时补充内部审计质量控制程序的必要性。最近，总统向总统金融市场工作组发布了一份备忘录，以提出建议，解决因美国监管机构无法检查某些中国发行人是否遵守和执行美国法律而引起的投资者保护问题。

In recent years, U.S. investors and our capital markets have increased exposure to companies with significant operations in emerging markets, including China. Today’s Roundtable is the latest in a series of efforts to highlight and discuss the various risks to investors—including inspection for compliance with, and enforcement of, U.S. laws and other risks relating to disclosure and financial reporting—that have accompanied this increased exposure.

This Roundtable is the latest in a series of efforts on this important issue. The SEC staff and I, along with the Chairman of the Public Company Accounting Oversight Board (PCAOB) Bill Duhnke, have issued several joint statements highlighting risks for investors in emerging markets, including China. In addition, the SEC staff and I have engaged with our fellow regulators and congressional leaders to highlight and address barriers to information that impede access to audit work and practices of PCAOB-registered auditing firms. We also have continued to engage with U.S. auditing firms to discuss audit quality and certain of the challenges faced in auditing public company operations in emerging markets, including China. In those discussion we have emphasized the need for effective and consistent global oversight of member firms, including the need to supplement internal audit quality control procedures when regulatory oversight is more limited. More recently, the President issued a memorandum to the President’s Working Group on Financial Markets to make recommendations to address the investor protection concerns arising from the inability of U.S. regulators to inspect for compliance with and enforce U.S. laws with respect to certain Chinese issuers.

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2020年5月18日，纳斯达克向美国证券交易委员会SEC提交了三份提案:

1. 纳斯达克新规对处在“受限市场”的发行人的审计师资质也有额外要求。纳斯达克考虑因素包括：审计师是否接受过美国公众公司会计监督委员会的检查，在检查中是否存在审计机制的缺陷，以及审计师是否对缺陷作出及时回应。

2. 纳斯达克新规规定发行人应当有不少于2500万美元的融资额，或者有不少于融资额25%的流通市值。

3. 纳斯达克新规规定发行人董事或高管人员组成中必须拥有一名高级管理人员或董事具有在美国上市公司中相关过往工作经验的，或者具有同等纳斯达克以及美国联邦法律监管及披露合规经验、培训或背景.

On May 18, 2020, Nasdaq submitted three proposals to the SEC adopt additional criteria applicable to companies that primarily operate in countries where there are secrecy laws, blocking statutes, national security laws or other laws or regulations restricting access to information by regulators of U.S. listed companies (“Restrictive Markets”).

The first proposal would codify Nasdaq’s discretionary authority to apply additional listing criteria if a company is primarily operating in a Restrictive Market as well as in situations where a company’s auditor does not demonstrate sufficient PCAOB inspection history, quality controls, resources, geographic reach and experience to adequately perform the company’s audit.

The second proposal would require companies listing via an IPO on Nasdaq to have a minimum offering size or public float percentage if they are primarily operating in a Restrictive Market. Nasdaq would also impose higher requirements on direct listings and business combinations of companies primarily operating in Restrictive Markets.

Lastly, Nasdaq proposes to require Restrictive Market companies listing on Nasdaq to have one member of senior management or a director that has past experience at a U.S. listed public company or familiarity with the U.S. public company regulatory framework or, alternatively, a third party advisor to provide the company with guidance on an ongoing basis.

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2020年4月21日, “在过去几十年中，美国投资者的投资组合越来越多地暴露于以新兴市场为基础的公司或在新兴市场有重大业务的公司。这种暴露包括对美国发行人和外国私人发行人（“FPI”）的投资总部位于新兴市场或在新兴市场有重要业务的公司。在此期间，中国已成长为最大的新兴市场经济体和世界第二大经济体。

SEC的使命有三：保护我们的投资者、维护市场完整性和促进资本形成。确保投资者和其他市场参与者能够获得高质量、可靠的信息披露，包括财务报告，是我们努力促进上述各项目标的核心。这一高质量的承诺信息披露标准，包括有意义的、有原则的监督和执行，长期以来一直是SEC和PCAOB的关注焦点。”

Over the past several decades, the portfolios of U.S. investors have become increasingly exposed to companies that are based in emerging markets or that otherwise have significant operations in emerging markets.This exposure includes investments in both U.S. issuers and foreign private issuers (“FPIs”) that are based in emerging markets or have significant operations in emerging markets. During this time, China has grown to be the largest emerging market economy and the world’s second largest economy.

The SEC’s mission is threefold: protect our investors, preserve market integrity and facilitate capital formation. Ensuring that investors and other market participants have access to high-quality, reliable disclosure, including financial reporting, is at the core of our efforts to promote each of those objectives. This commitment to high-quality disclosure standards—including meaningful, principled oversight and enforcement—has long been a focus of the SEC and, since its inception, the PCAOB.

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2020年3月12日, 美国证券交易委员会（以下简称“SEC”）正在对加速申报人和大型加速申报人的定义进行修订，以更适当地调整加速申报人和大型加速申报人类别中的发行人类型，并促进资本形成、保持资本，并在保持投资者保护的同时，减少某些较小发行人不必要的负担。修正案从加速和大型加速申报人定义中排除了有资格成为较小报告公司且在最近一个可获得经审计财务报表的财年中年收入低于1亿美元的发行人。修正案还包括一项具体规定，在类似情况下，将业务开发公司排除在加速申报公司和大型加速申报公司定义之外。此外，修正案将加速和大型加速申报人成为非加速申报人的过渡门槛从5000万美元提高到6000万美元，将退出大型加速申报人状态的过渡门槛从5亿美元提高到5.6亿美元。此外，修正案在退出加速和大型加速文件归档程序状态的过渡阈值中添加了收入测试。最后，修正案在表格10-K、20-F和40-F的封面上添加了一个复选框，以表明是否在备案中包含财务报告内部控制（“ICFR”）审计师认证。修订后，除其他事项外，某些低收入发行人仍有义务建立和维护ICFR，并让管理层评估ICFR的有效性，但不要求其管理层对ICFR有效性的评估由独立审计师进行验证和报告。

The Securities and Exchange Commission (“Commission”) is adopting amendments to the accelerated filer and large accelerated filer definitions to more appropriately tailor the types of issuers that are included in the categories of accelerated and large accelerated filers and promote capital formation, preserve capital, and reduce unnecessary burdens for certain smaller issuers while maintaining investor protections. The amendments exclude from the accelerated and large accelerated filer definitions an issuer that is eligible to be a smaller reporting company and that had annual revenues of less than $100 million in the most recent fiscal year for which audited financial statements are available. The amendments also include a specific provision excluding business development companies from the accelerated and large accelerated filer definitions in analogous circumstances. In addition, the amendments increase the transition thresholds for accelerated and large accelerated filers becoming non-accelerated filers from $50 million to $60 million, and for exiting large accelerated filer status from $500 million to $560 million. Further, the amendments add a revenue test to the transition thresholds for exiting from both accelerated and large accelerated filer status. Finally, the amendments add a check box to the cover pages of Forms 10-K, 20-F, and 40-F to indicate whether an internal control over financial reporting (“ICFR”) auditor attestation is included in the filing. As a result of the amendments, certain low-revenue issuers will remain obligated, among other things, to establish and maintain ICFR and have management assess the effectiveness of ICFR, but they will not be required to have their management’s assessment of the effectiveness of ICFR attested to, and reported on, by an independent auditor.

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2020年2月19日，SEC会见了美国四大审计事务所的高级代表，包括其某些网络代表，讨论了其全球网络的审计质量以及审计在包括中国在内的新兴市场运营的上市公司所面临的某些挑战在同期的联合新闻稿中讨论了这一问题，是我们正在努力解决2018年12月关于审计质量和监管对审计及其他国际信息访问的重要作用的声明中强调的问题的一部分。值得注意的是，其中一个问题是，美国公众公司会计监督委员会（PCAOB）继续被阻止在与其他非美国司法管辖区可比的基础上检查在中国注册的PCAOB审计事务所的审计工作和实践。PCAOB检查是我们提高财务报告质量和确保审计质量的监管工作的关键组成部分。

在过去十年中，美国投资者以及更广泛的美国资本市场，越来越多地接触到在新兴市场有重要业务的公司，包括最大的新兴市场经济体中国。四家最大的审计事务所通过其全球网络共同审计了约140家中国和中国上市的美国上市公司的财务报表，和这四家审计公司的中国和香港网络公司参与了大约5%个或更多的审计时间，其中约120个案例涉及非中国，美国上市公司在中国经营。美国投资者和我们的资本市场还接触到其他在中国运营的外国上市公司，以及直接和间接投资于在中国或在中国有重要业务的非美国上市公司。"

In November 2019, SEC met with senior representatives of the four largest U.S. audit firms, including certain of their network representatives, to discuss audit quality across their global networks and certain of the challenges faced in auditing public companies with operations in emerging markets, including China. Those November 2019 meetings, which were discussed in a contemporaneous joint press release,were part of our ongoing efforts to address the issues highlighted in our December 2018 Statement on the vital role of audit quality and regulatory access to audit and other information internationally.Significantly, among those issues is that the Public Company Accounting Oversight Board (PCAOB) continues to be prevented from inspecting the audit work and practices of PCAOB-registered audit firms in China on a comparable basis to other non-U.S. jurisdictions. PCAOB inspections are a key component of our regulatory efforts to enhance the quality of financial reporting and ensure audit quality.

Over the past decade, U.S. investors, and the U.S. capital markets more generally, have become more exposed to companies with significant operations in emerging markets, including China, the largest emerging market economy.Collectively, the four largest audit firms through their global networks audit the financial statements of approximately 140 China and China-based, U.S. exchange-listed, public companies,[5] and the China and Hong Kong network firms for these four audit firms participated in 5% or more of the total audit hours in approximately 120 instances[6] related to non-China, U.S. listed companies with operations in China.United States investors and our capital markets also have exposure to other foreign-based, U.S. listed companies that have operations in China, as well as through investments, directly and indirectly, in non-U.S. listed companies that are based in China or have significant operations in China.

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2019年11月4日, 美国证券交易委员会今天宣布，SEC主席杰伊·克莱顿、美国公众公司会计监督委员会(PCAOB）主席威廉·杜恩克，SEC工作人员上周会见了四家最大的全球网络审计公司的高级代表，讨论了审计质量以及新兴市场（包括中国这个最大的新兴市场经济体）上市公司运营审计面临的某些挑战。讨论强调需要对成员公司，包括在新兴市场运营的成员公司进行有效和一致的全球公司监督。讨论还侧重于设计和实施审计程序，以反映风险的变化。

该对话正在进行，涉及SEC和PCAOB的工作人员，也是解决Clayton主席先前强调的问题的努力的一部分，Duhnke主席和SEC首席会计师在其关于审计质量和国际审计及其他信息监管渠道的重要作用的声明中。

The Securities and Exchange Commission today announced that SEC Chairman Jay Clayton, Public Company Accounting Oversight Board (PCAOB) Chairman William Duhnke, and members of the SEC staff met last week with senior representatives of the four largest global network auditing firms to discuss the audit quality and certain of the challenges faced in auditing public company operations in emerging markets, including China, the largest emerging market economy.The discussions emphasized the need for effective and consistent global firm oversight of member firms, including those operating in emerging markets. The discussions also focused on the design and implementation of audit procedures that are tailored to reflect changes in risk.

This dialogue, which is ongoing and involves the staffs of the SEC and the PCAOB, is also a component of the efforts to address the issues highlighted previously by Chairman Clayton, Chairman Duhnke and the SEC Chief Accountant in their Statement on the Vital Role of Audit Quality and Regulatory Access to Audit and Other Information Internationally

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To assist investors and other stakeholders, the PCAOB makes available this database of PCAOB-registered firms located where non-U.S. authorities impede the PCAOB’s ability to conduct oversight activities required by the Sarbanes-Oxley Act. The database provides information reported by the firms on Form APs about the audit reports those firms have issued for U.S. public companies (including companies that may no longer trade on U.S. markets).

2018年9月，美国公众公司会计监督委员会（PCAOB）网站上公布存在审计师检查障碍的公司清单，涉及了224家公司，其中213家公司位于中国大陆或香港。请留意，该公司清单会随着最新审计报告提交的AP Form而不断更新。

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