Date
11 December 2017
Securities and Futures Commission chairman Carlson Tong says there is a concern that all drafts of accounting documents will be treated as "national secrets" under new mainland rules. Photo: HKEJ
Securities and Futures Commission chairman Carlson Tong says there is a concern that all drafts of accounting documents will be treated as "national secrets" under new mainland rules. Photo: HKEJ

SFC calls on mainland to spell out new audit rules

The city’s securities watchdog is asking the mainland authorities to clarify new auditing rules that may make it more difficult for it to investigate misconduct, the Hong Kong Economic Journal reported Tuesday, citing Carlson Tong, chairman of the Securities and Futures Commission.

A delegation of senior Ministry of Finance officials will visit Hong Kong Tuesday to meet counterparts at the commission, Hong Kong Exchanges and Clearing Ltd. (00388.HK) and the Financial Services and the Treasury Bureau.

Tong said there is a concern that all drafts of accounting documents will be treated as “national secrets” under the new rules, which were published in April.

The rules could make it much more difficult for the commission to enforce accounting fraud laws against Hong Kong-listed mainland firms, he said.

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