SEC fails to reach agreement with Chinese regulators on document sharing
The China affiliates of the biggest accounting firms in the world have been placed in real jeopardy due to the stalled negotiations between US and Chinese regulators over document sharing. On 3 December, the US Securities and Exchange Commission brought an administrative proceeding against BDO China Dahua CPA Co Ltd, Deloitte Touche Tohmatsu Certified Public Accountants Ltd, Ernst & Young Hua Ming LLP, KPMG Huazhen (Special General Partnership), and PricewaterhouseCoopers Zhong Tian CPAs Limited based on their refusal to produce audit work papers and other documents relating to Chinese companies under investigation by the SEC. The accounting firms claim that their hands are tied because their Chinese regulators have refused to authorise the document production.
Click on the link above to download this Simpson Thacher & Bartlett briefing.
News from The Lawyer
Briefings from Simpson Thacher & Bartlett
On 6 January, the Group of Central Bank Governors and Heads of Supervision, the oversight body for the Basel Committee on Bank Supervision, endorsed a revised formulation of the new minimum liquidity standard.
On 14 December 2012, the Federal Reserve Board issued a notice of proposed rulemaking to apply enhanced prudential standards and an early remediation framework to foreign banking organizations (FBOs) with $50 billion or more in total global consolidated assets.
Analysis from The Lawyer
Hong Kong IPO activity is hotting up again, but UK legal stalwarts are looking over their shoulders as US rivals make up ground fast
Footie and telecoms dominate our regular round-up of recent M&A activity, as the threat of rising interest rates kick-started activity among organisations.