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.
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Briefings from Simpson Thacher & Bartlett
Basel oversight committee endorses revised liquidity standards
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.
New regulatory framework for foreign banks with US operations
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.
