Subscribe
‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInTwo Chinese Intelligence Officers Charged with Obstruction of Justice in Scheme to Bribe U.S. Government Employee and Steal Documents Related to the Federal Prosecution of a PRC-Based Company | USAO-EDNY
According to court documents, Guochun He, also known as “Dong He” and “Jacky He,” and Zheng Wang, also known as “Zen Wang,” allegedly orchestrated a scheme to steal files and other information from the U.S. Attorney’s Office for the Eastern District of New York related to the ongoing federal criminal investigation and prosecution of a […]
SEC Warns Chinese Companies About Risks of Auditor Changes – WSJ
The Securities and Exchange Commission on Tuesday warned Chinese companies not to violate legal and audit requirements as they switch to auditors based in the U.S. to comply with a law that threatens to delist the businesses from American stock exchanges. More than 200 U.S.-listed Chinese companies are in danger of being booted off U.S. […]
Statement on Agreement Governing Inspections and Investigations of Audit Firms Based in China and Hong Kong
This agreement announced today brings specificity and accountability to effectuate Congress’s intent. It provides the standards against which to judge whether auditors of Chinese issuers have complied with the requirements of U.S. law, including PCAOB auditing standards. I thank Congress for their attention to these important matters. In particular, Chinese authorities have committed to four […]
U.S. securities regulator probes Didi Global’s $4.4 billion IPO | Reuters
The U.S. Securities Exchange Commission is investigating Didi Global Inc over its $4.4 billion initial public offering in the United States in June last year, the Chinese ride-hailing giant said. Didi was cooperating with the U.S. securities regulator’s investigation related to the offering, “subject to strict compliance” with Chinese law, the company said in its […]
China Creates its Own Digital Currency, a First for Major Economy – WSJ
A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power. It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat […]
China’s regulator gets tough on insider trading as it metes out record penalty on wrongdoers in the financial markets | South China Morning Post
China’s securities regulator slapped two individuals with a record fine for insider trading and confiscated their ill-gotten gains, meting out 3.6 billion yuan (US$508 million) of penalties in an unprecedented enforcement to stamp out corporate malfeasance in the country’s financial markets. Shanghai entrepreneur Wang Yaoyuan and his daughter Wang Chengcheng were fined 2.72 billion yuan […]
The SEC’s China Evasion – WSJ
In an unprecedented public statement, the chairmen of the SEC and the PCAOB, along with SEC senior staff, warned investors that disclosures by SEC-registered companies from emerging markets may be incomplete and misleading. The commission’s cross-border regulation, oversight and enforcement—especially for activity from China—can’t be relied upon, the regulators said. We don’t question the need […]
China Gives Digital Currencies a Reprieve as Beijing Warms to Blockchain – The New York Times
Blockchain is back in Beijing’s good graces. Chinese officials have quietly removed the business of making Bitcoin and other cryptocurrencies from a list of hundreds of industries that Beijing plans to outlaw. In April, the practice appeared on a list of industries that would be denied benefits and subsidies from local governments, leading to worries […]
Chinese stock regulators heighten crackdown on insider trading – Global Times
China has been stepping up efforts to crack down on insider trading and other violations as part of a broader reform drive to ensure market order and protect investors. In the first half of the year, the China Securities Regulatory Commission (CSRC) imposed 63 administrative penalties that involved 27 companies and 181 individuals, with total […]
China’s former securities regulator Liu Shiyu is probed over family members’ alleged insider trading and favouring hometown IPOs, sources say | South China Morning Post
Liu Shiyu, China’s former securities regulator, is being investigated for allegedly fast-tracking initial public offerings (IPOs) of small banks in his hometown and also of having family members who bought bonds at below-market prices, according to sources and media reports. via China’s former securities regulator Liu Shiyu is probed over family members’ alleged insider trading […]