朴谷分享 | SEC傻到点名不要投资中概股了？吗？!

发布时间：2020-05-18 10:14

作者：admin

编者荐语：

      我们目前见到的对SEC主席发言还原最全面、解读最详细，分析最严谨的文章，特此分享。

 

      前两天各种标题党类似《美证监会点名不要投资中概股...》的文章刷屏，然后朋友圈又各种唉声叹气破口大骂愤世嫉俗等。以下这篇是我们目前见到的对SEC主席发言还原最全面、解读最详细，分析最严谨的文章，特此分享。另，前方中英文超万字雄文高能预警，enjoy：

 

       一连被几个公众号推送：《美证监会点名不要投资中概股...》、《突发！美国证交会主席怒怼中概股：不要向其投入资金！...》、《突发：美证监会把矛头指向”中国“，提醒投资者不要投资中概股！...》......

     晕，难道近期造假做空轮番上演，美帝的证券监管机构终于也忍不住想下场一起玩两手了？看这标题，明显是提供投资建议了啊。鉴于一向认为带有突发二字标题的推送文章有标题党嫌疑，我想我还是花点时间研究下，万一世界变了呢。

打开电脑，输入SEC（证券交易委员会，也就是美国的证监会）网址，真棒，能进！境外政府机构和国际组织的网站还是一直能在国内登录的，而很多境外媒体什么的都被屏蔽了，估计也是怕媒体瞎报道乱解读，误导国内人民大众，嗯，越想越有道理，所以万事有可能的话还是要自己研究研究。

仔细通读相关原始内容，原来一切缘于SEC的一则声明。见下图SEC网站Public Statements（也就是公开声明）里面2020年4月21日的第二条推送。

 

为了完整的理解，我把英文通读了一遍，并逐段翻译成中文以助于理解（原文和翻译附后），下面总结一下这个声明的内容，以及个人观点，仅供参考。

 

1. 声明主题《新兴市场投资涉及重大披露、财务报告以及其他风险；补救措施有限》，内容围绕标题展开，这个声明的作者都是美国证券监管的核心领导人物，有SEC的主席、公众公司会计监督委员会主席、SEC的首席会计师以及SEC两个核心部门的总监。

乍看这个标题，应该还是沿袭美国证券监管框架的核心，信息披露和风险提示，考虑到近期瑞幸事件以及不段出现的造假做空，这个时候这些监管者站出来说说话，应该也是意料之内。

注意到声明的附注1，抄录如下：“本声明代表证券交易委员会（“SEC”或“委员会”）主席、首席会计师和公司融资和投资管理部总监的意见。这不是证券交易委员会的规则、规定或声明。委员会既不赞成也不反对其内容。本声明不改变或修订适用法律，不具有法律效力。本声明对任何人不产生新的或额外的义务。本声明也表达了公众公司会计监督委员会（PCAOB）主席的意见，并不一定反映PCAOB、其他PCAOB董事会成员或PCAOB员工的意见。

奥......原来是个人行为，不是官方行为，姑且解读为相关监管领导对广大公众的风险提示吧，另外，这个声明针对的是新兴市场，因为中国的分量，也特地强调了包括中国，这个全球最大的新兴市场和第二大经济体。看来监管的世界还没大变，不过进化进行中。

 

2. 声明有几大块内容：

1) 公众公司会计监督委员会（PCAOB）无法核查在在PCAOB注册但是在中国经营的会计师事务所的审计工作底稿的状况仍在持续。

这是个老生常谈了十几年的问题了，涉及更深层次政府、外交、监管、法律和技术层面的问题，这里就不展开了，这个声明重申了这个问题，也就是说针对频频出事的中概股各种事件，SEC和PCAOB的领导告诉大家，他们其实也做不了啥，只能是更严肃的把这个事实提出来，苦口婆心让大家注意风险，注意严肃信息披露！

不过话说回来，任何一个监管当局好像确实应该有点权利去检查来自己市场融资的企业的情况，要不造假了咋整呢？设想后续我科创板兴旺，如果有很多美国公司来中国上市的话，证监会会不会要求有权检查美国公司的审计师底稿呢？也许到时候问题就迎刃而解了，历史阶段不同，情况复杂，另作讨论吧。

 

2）向SEC报告的公司披露要求：高质量、可靠的经审计财务报表，而新兴市场披露的范围和质量往往实质上不同，尽管在形式上看起来和美国主流公司相似。

告诉大家要实质重于形式，好好思考思考这些新兴市场公司披露的信息到底是不是反映了企业的真实情况和充分的披露的风险，虽然这些公司和美国公司一样，都是遵循几乎一样的SEC和PCAOB规则，有类似的披露模板，什么几Q几K的表格什么的，模板是画出来的，披露也可能是“做”出来的。

细细想想，那要真的注意，咋操作呢？难不成都学习浑水好榜样，去雇人蹲点儿拍片儿拿小票儿？总之领导告诉大家了，要注意！一定要注意！

 

3）新兴市场的财务报告和其他披露风险。

总之还是上面的意思，这些新兴市场的公司在信息披露方面，不管是在准备过程，披露内容，审计等等方面，都可能有各种各样的不足，在监管上目前也有各种漏洞，领导关照大家要一起努力，投资者，信息编制人、公司的审计委员会和审计师，听取利益相关者的关注，了解新出现的问题和风险，回答问题并分享对当前财务报告事项的看法。投资者、金融专业人士和指数提供商应仔细考虑这些情况。

说到这一点确实还是有点认同的，且不说有些企业老板和高管居心不良蓄意造假，单就各类良民企业来说，满足美国证券市场的证券披露要求也不是一件容易的事，因为很多美国上市的企业都是新兴企业，在各种“新”里面晃荡，把自己的问题搞清楚都不容易，何况要有一支专业的团队，按时按质按量满足广大美国监管者和投资者的要求去披露正确及时的信息。不过拿人钱财替人消灾，谁让你找人家美国投资人拿钱呢，该做到位的还是要做到位，虽然个中不容易，大家多理解多支持多努力吧。

 

4）SEC、美国司法部和其他美国当局的执法行动可能受到限制。

稍微了解点美国资本市场的人都景仰于美国证券的集体诉讼制度，造假作弊的同学一般不会有好下场，不过美国监管领导也有他们的难处，他们还是觉得做的不够，对不住投资人，所以再次声明一下，不是不想鞠躬尽瘁，而是某些时候实在无能无力。

全球化的资本市场，相对割裂的证券监管，难题何解？哎，暂时我也不清楚。

 

5）股东权利和股东追索。（戏不大）

对不起，作为新兴市场公司的股东，你的权利可能无法完美的实现，被坑了的可能是大大的，索赔也不一定如你所愿赔给你，我也没办法，所以，要注意！注意！再注意！

 

6）起草和提交风险披露：披露应突出和清晰；样板披露不够充分。

类似内容好像上面说过了，再次强调：风险披露！360°无死角，给我好好披露！

 

7）被动投资；指数构建。

这是个要提醒一下的特殊问题，别以为投资者你投了一些指数基金就万事大吉了，这些被动投资的指数基金在建仓的时候，也是会投资这些潜在存在重大风险的新兴市场公司的，所以，嗯，还是要注意。

 

8）投资顾问和基金的考虑。

最后，提醒下这些投资顾问和基金等等什么的专业机构，一定要注意风险披露问题，对这些新兴市场公司的投资建议和投资行为一定要做好尽职调查，合法合规，规规矩矩，做好自己该干的事儿，别蒙人，别被人蒙，努力学习，好好干活，天天向上。就这。

 

最后是总结，考虑到重要性，还是把原文翻译一下完整贴在这吧。以下内容敲敲小黑板：

“重要的是，投资者、基金、金融专业人士和指数提供商应仔细考虑与投资新兴市场有关的问题、风险和不确定性，包括中国，世界上最大的新兴市场和第二大经济体。特别是，这些市场可能不存在类似于美国监管制度某些关键要素的保护措施，而且，作为一个法律和实际问题，从投资者保护的角度来看，适用的监管措施更为有限。总部位于这些新兴市场或在这些新兴市场有重大业务的公司，以及它们的审计委员会（如适用）和审计师，必须各自履行其职责：（1）准备和提供高质量、可靠的财务信息和其他披露，包括考虑这些公司的经营环境和环境，以及（2）提供准确和完整的风险披露，包括美国当局和投资者的有限权利和补救措施。

 

这一声明不应被视为限制进入新兴市场投资的努力。投资者选择长期以来一直是我们资本市场监管框架的核心组成部分，而新兴市场投资，包括作为多元化投资组合的组成部分，已证明对许多投资者有利。（1）充分和公平的披露，（2）有意义的、有原则的监督和执行，（3）广泛的投资者选择，使美国资本市场成为世界上最深、最有活力的市场，有利于国内外投资者、发行人和经济福利。这一声明反映了我们对维护和促进这一重要而有力的组合的每一个组成部分的承诺。”

 

看到最后，原来人家SEC（的领导）根本没有傻到下场玩两手，而是一直在以信息披露为核心的监管框架下在做风险提示。发展了上百年的美国证券市场，自有其成熟和独到之处，不要以偏概全，理解和学习美国人的经验和专业之处，怎么来讲，都是于己有益的。

 

关于是否去美国上市，这是个更宽的话题，好多信息依据这个声明就一棒打死了美国上市，不免有些稚嫩了。有时间再写写这个。

 

另外：美国证券监管依赖于一系列法律法规和框架体系，其中主体框架包括《1933年证券法》、《1934年证券交易法》、《1940年投资公司法》等等，相关的资料都可以在政府网站查阅（https://www.sec.gov/rules/final.shtml）。好好学习，天天向上。

 

免责声明：相关翻译和自创内容是在陪娃做作业和做饭炒菜之余急促而就，不甚严谨，仅供参考，如导致理解偏差，抑或其他任何因此导致的举动或行为，与俺无关。谢谢。

 

附：声明原文完整内容和翻译（部分附注未翻译）：

Emerging Market Investments Entail Significant Disclosure, FinancialReporting and Other Risks; Remedies are Limited

新兴市场投资涉及重大披露、财务报告以及其他风险；补救措施有限

SEC Chairman JayClayton 证券交易委员会主席 Jay Clayton
PCAOB Chairman William D. Duhnke III 公众公司会计监督委员会主席William D. Duhnke III
SEC Chief Accountant Sagar Teotia 证券交易委员会首席会计师 Sagar Teotia
SEC Division of Corporation Finance Director William Hinman 证券交易委员会公司融资部总监 WilliamHinman
SEC Division of Investment Management Director Dalia Blass 证券交易委员会投资管理部总监 DaliaBlass

April 21, 2020

 

The PCAOB'sInability to Inspect Audit Work Papers in China Continues

公众公司会计监督委员会（PCAOB）无法核查在中国的审计底稿的状况仍在持续

 

Introduction[1]

引言[1]

Over the past severaldecades, the portfolios of U.S. investors have become increasingly exposed tocompanies that are based in emerging markets[2] or that otherwise have significantoperations in emerging markets.[3] This exposure includes investments in bothU.S. issuers and foreign private issuers (“FPIs”) that are based in emergingmarkets or have significant operations in emerging markets. During this time,China has grown to be the largest emerging market economy and the world’ssecond largest economy.[4]

在过去的几十年中，美国投资者的投资组合中包含了越来越多的基于新兴市场或者在新兴市场拥有重大经营业务的公司。这种情况包含投资于美国公司以及外国私营公司（FPI），这些公司位于新兴市场或者在新兴市场拥有重大经营。与此同时，中国已增长为最大的新兴市场经济体并成为世界第二大经济体。

 

The SEC’s mission isthreefold: protect our investors, preserve market integrity and facilitatecapital formation. Ensuring that investors and other market participants haveaccess to high-quality, reliable disclosure, including financial reporting, isat the core of our efforts to promote each of those objectives. This commitmentto high-quality disclosure standards—including meaningful, principled oversightand enforcement—has long been a focus of the SEC and, since its inception, thePCAOB.

证券交易委员会（以下简称SEC，即美国的证监会，译者注）拥有三重使命：保护投资者、维护市场诚信完整以及促进资本形成。确保投资者及其他市场参与者获取高质量、可信赖的信息披露，包括财务报告，是我们为此使命而努力的核心。承诺高质量信息披露标准 – 包括有意义、有原则的监控和实施 – 一直以来是SEC以及PCAOB的核心工作。

 

Our ability topromote and enforce these standards in emerging markets is limited and issignificantly dependent on the actions of local authorities—which, in turn, areconstrained by national policy considerations in those countries. As a result,in many emerging markets, including China, there is substantially greater riskthat disclosures will be incomplete or misleading and, in the event of investorharm, substantially less access to recourse, in comparison to U.S. domesticcompanies.[5] This significant asymmetry holds trueeven though disclosures, price quotes and other investor-oriented informationoften are presented in substantially the same form as for U.S. domesticcompanies. Immediately below, we summarize some of these risks and relatedconsiderations specific to issuers, auditors, index providers and financialprofessionals. In the body of this statement, these matters are discussed inmore detail.

我们在新兴市场推动和执行以上标准的能力是有限的，因其严重依赖于当地权力机构的行动 – 也就是说其受限于这些国家在国家政策方面的考虑。因此，与美国本土公司相比，在很多新兴市场，包括中国，存在重大信息披露不完整或误导风险，一旦投资者受损，追诉渠道极为有限。此种重大信息不对称即使在信息披露、公开报价以及其他投资者信息方面与美国本土公司形式上几乎一致的情况下依然存在。基于此，我们总结了一些此类风险以及关于发行公司、审计师、指数提供商以及金融专业人士的相关情况如下。本声明的主体部分将详细讨论此类事项。

 

Emerging Market Risk Disclosures are Important. Companies that have operations inemerging markets, and investors in those companies, often face greater risksand uncertainties than in more established markets. Issuers reporting with theSEC should clearly disclose these matters to investors. Similarly, fundsinvesting in emerging markets should ensure that their material riskdisclosures are adequate and in compliance with federal securities laws. Manyrisks and uncertainties are industry- and jurisdiction-specific. Boilerplatedisclosures generally are not useful or sufficient in these circumstances.

针对新兴市场的风险披露很重要。在新兴市场经营的公司及其投资者相较于成熟市场经常面对更大的风险和不确定性。向SEC报告的发行人需向投资者清晰的披露此类事项。同样的，投资于新兴市场的基金应确保其重大风险披露是充分的并严格遵循联邦证券法规。很多风险和不确定性是具有行业和所在监管地域特殊性的。在这些情景下，依据模板要求的披露往往是没有作用的或者说不够的。

 

Quality of FinancialInformation, Requirements and Standards Vary Greatly. Investors andfinancial professionals should carefully consider the nature and quality offinancial information, including financial reporting and audit requirements,when making or recommending investments. Issuers should ensure that relevantfinancial reporting matters are discussed with their independent auditors and,where applicable, audit committees.

财务信息的质量、要求以及标准具有重大差异。在做出和推荐投资时，投资者和财务专业人士应审慎考虑包括财务报告和审计要求在内的财务信息性质和质量。发行人应确保相关财务报告事项与其独立审计师并在适当时和其审计委员会进行了探讨。

 

The PCAOB’s Inabilityto Inspect Audit Work Papers in China Continues. Investors and financialprofessionals should consider the potential risks related to the PCAOB’s lackof access to inspect PCAOB-registered accounting firms in China. Issuers shouldclearly disclose the resulting material risks. Auditors should have appropriatequality controls in place related to executing quality audits.

PCAOB仍无法核查位于中国的审计工作底稿。PCAOB无法核查在PCAOB注册但位于中国的会计师事务所，投资者和金融专业人士应考虑此种相关风险。发行人应清晰的披露因此导致的相关重大风险。审计师应采取适当的质量控制措施以实施高质量审计。

 

The Ability of U.S.Authorities to Bring Actions in Emerging Markets May Be Limited. Accountability, forissuers and gatekeepers, including individual accountability, is a key aspectof U.S. securities law. The SEC, U.S. Department of Justice (“DOJ”) and otherauthorities often have substantial difficulties in bringing and enforcingactions against non-U.S. companies and non-U.S. persons, including companydirectors and officers, in certain emerging markets, including China. Issuersshould clearly disclose the related material risks.

美国权力机构针对新兴市场的监管措施受限。发行人和监督者的责任，包括个人责任是美国证券法律的核心之一。SEC、美国司法部以及其他权力机构在针对新兴市场、包括中国，非美国公司、非美国公民，包括公司董事和高管采取监管措施以及执行方面经常存在严重困难。发行人应清晰的披露与此相关的重大风险。

 

 Shareholders HaveLimited Rights and Few Practical Remedies in Emerging Markets. Shareholder claimsthat are common in the United States, including class action securities law andfraud claims, generally are difficult or impossible to pursue as a matter oflaw or practicality in many emerging markets. Issuers should clearly discloseany material limitations on shareholder rights.

股东在新兴市场的权利以及可行的补救措施有限。股东索赔在美国很常见，包括集体诉讼证券法律以及欺诈索赔，但在很多新兴市场采取法律行动是困难和不可能行的。发行人应清晰的披露关于股东权利的任何重大限制。

 

Passive InvestingStrategies Do Not Take Account of These Risks. Investors shouldunderstand that an index fund tracking a specific emerging market indexgenerally does not directly weight securities on the basis of investorprotection limitations or differences in the quality of financial reporting andavailable oversight mechanisms.

被动投资策略并未考虑此类风险。投资者应理解追踪特定新兴市场指数的指数基金并未直接基于投资者保护受限的情况或者财务报告质量以及可行的监督机制方面的差异来针对这些证券采用不同的权重。

 

Investment Advisers,Broker-Dealers and Other Market Participants Should Consider Emerging MarketRisks. Financial professionals generally should consider the limitations andother risks described above, when recommending investments in emerging markets.

投资咨询师、经纪商以及其他市场参与者应考虑新兴市场风险。当推荐新兴市场投资时，财务专业人士应普遍考虑以上描述的限制和风险。

 

Investors shouldrecognize that these considerations (1) often are significant, (2) vary fromjurisdiction to jurisdiction and company to company, and (3) are just some ofthe factors that may contribute to effective investment decision making,including portfolio and index construction.

投资者应认识到，这些考虑因素（1）通常是重要的，（2）因辖区和公司而异，（3）只是可能有助于有效投资决策的一些因素，包括投资组合和指数构建。

 

This statement shouldnot be viewed as an effort to restrict access to emerging market investments.Investor choice has long been a core component of our capital marketsregulatory framework, and emerging market investments, including as a componentof a diversified portfolio, have proven to be beneficial to many investors. Thecombination of (1) full and fair disclosure, (2) meaningful, principledoversight and enforcement and (3) broad investor choice, has made the U.S.capital markets the world’s deepest and most vibrant, benefiting investors,issuers and economic welfare domestically and globally. This statement reflectsour commitment to preserving and promoting each component of that important andpowerful combination.

这一声明不应被视为限制进入新兴市场投资的努力。投资者选择长期以来一直是我们资本市场监管框架的核心组成部分，而新兴市场投资，包括作为多元化投资组合的组成部分，已证明对许多投资者有利。（1）充分和公平的披露，（2）有意义的、有原则的监督和执行，（3）广泛的投资者选择，使美国资本市场成为世界上最深、最有活力的市场，有利于国内外投资者、发行人和经济福利。这一声明反映了我们对维护和促进这一重要而有力的组合的每一个组成部分的承诺。

 

DisclosureRequirements of Companies Reporting with the SEC—Importance of High-Quality,Reliable Audited Financial Statements—Emerging Market Disclosures Often are Differentin Scope and Quality Despite Appearing Similar in Form

向美国证券交易委员会报告的公司披露要求 - 高质量、可靠的经审计财务报表 – 新兴市场披露的范围和质量往往不同，尽管在形式上看起来相似

 

Companies that havesignificant operations in emerging markets often face greater risks anduncertainties, including idiosyncratic risks, than in more established markets.Issuers reporting with the SEC should clearly disclose these matters to investors.Boilerplate disclosures generally are not useful or sufficient in thesecircumstances. For example, issuers should carefully consider the environmentin which the company operates in assessing whether the company has sufficientcontrols, processes and personnel to address its accounting or financialreporting issues. These potentially unique operating considerations also shouldbe considered and reflected in financial and operational disclosures moregenerally, including disclosures of material risks, trends, uncertainties,accounting judgments and other items that are material to an investor.

在新兴市场有重大业务的公司往往比在更成熟的市场面临更大的风险和不确定性，包括特殊风险。向证券交易委员会报告的发行人应清晰的向投资者披露这些事项。在这种情况下，样板披露通常是无用或不够的。例如，发行人在评估公司是否有足够的控制、流程和人员来解决其会计或财务报告问题时，应仔细考虑公司的经营环境。这些潜在的独特经营考虑因素也应在财务和经营披露中得到更广泛的考虑和反映，包括对投资者重要的重大风险、趋势、不确定性、会计判断和其他项目的披露。

 

The bedrock of ourglobally interconnected capital market system has long been high-quality,reliable audited financial statements. Without high-quality, reliable financialinformation, capital markets do not function well, increasing capital costs andrisks of misconduct, including the potential for investors to be defrauded.

长期以来，我们全球相互关联的资本市场体系的基石是高质量、可靠的经审计财务报表。没有高质量、可靠的财务信息，资本市场就无法正常运转，增加了资本成本和不当行为的风险，包括投资者被欺诈的可能性。

 

Companies that fileannual reports with the SEC, including FPIs (non-U.S. issuers that qualify asforeign private issuers under our rules), must file financial statements thathave been audited by an independent, PCAOB-registered accounting firm.Management is responsible for the preparation of the financial statements,including responsibility for establishing and maintaining disclosure controlsand procedures (“DCP”) and internal control over financial reporting (“ICFR”),and for maintaining accountability for the company’s assets, among otherthings.[6] The auditor is responsible to plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement, whether caused by error or fraud.[7] Management for companies that file annualreports with the SEC, including FPIs, must determine that the financialstatements, and other financial information included in the report filed withthe SEC, fairly present in all material respects the financial condition,results of operations and cash flows of the company.[8]

向美国证券交易委员会（SEC）提交年度报告的公司，包括FPI（根据我们的规则符合外国私人发行人资格的非美国发行人），必须提交经独立PCAOB注册会计师事务所审计的财务报表。管理层负责编制财务报表，包括建立和保持披露控制和程序（“DCP”）和财务报告内部控制（“ICFR”）的责任，并保持对公司资产的责任，除其他事项外，[6]审计师有责任计划和执行审计工作，以对财务报表是否不存在由于错误或欺诈导致的重大错报获取合理保证。[7]向美国证券交易委员会（SEC）提交年度报告的公司（包括FPI）的管理层必须确定财务报表，以及向证券交易委员会提交的报告中包含的其他财务信息，在所有重大方面公允地反映了公司的财务状况、经营成果和现金流量。[8]

 

In addition to annualreports with audited financial statements, companies subject to the periodicreporting requirements under the Securities Exchange Act of 1934 (“ExchangeAct”), other than FPIs, must file quarterly reports[9] that include interim financial statementsreviewed by an auditor and other disclosure items, and certifications by theprincipal executive and financial officers of the reporting company.[10] By contrast, FPIs subject to theperiodic reporting requirements of the Exchange Act are not required to filequarterly reports or quarterly certifications by the principal executive andfinancial officers of the FPI, but rather are only required to furnish certain interiminformation in specified circumstances.[11]

除了带有已审计财务报表的年度报告外，受1934年《证券交易法》（“交易法”）定期报告要求约束的公司（FPI除外）必须提交季度报告[9]，其中包括由审计师审查的中期财务报表和其他披露项目，以及报告公司的首席执行官和财务官。[10]相比之下，受《交易法》定期报告要求约束的FPI无需提交FPI首席执行官和财务官的季度报告或季度证明，但只要求在特定情况下提供某些临时信息。[11]

 

While the form ofdisclosure may appear substantially the same as that provided by U.S. issuersand FPIs in many jurisdictions, it can often be quite different in scope andquality. Furthermore, that scope and quality of disclosure can significantlyvary from company to company, industry to industry, and jurisdiction to jurisdiction.

虽然披露的形式可能与美国发行人和FPI在许多司法管辖区提供的披露形式大致相同，但在范围和质量上往往会大不相同。此外，披露的范围和质量因公司、行业和管辖权的不同而有很大的差异。

 

Financial Reportingand Other Disclosure Risk in Emerging Markets

新兴市场的财务报告和其他披露风险

 

Investors andfinancial professionals should carefully consider the nature and quality offinancial information, including financial reporting and audit requirements, aswell as other disclosure risk, when making investment decisions regardingcompanies that are based in, or have significant exposure to, emerging markets.These risks vary significantly depending on a variety of factors.

投资者和金融专业人士在就总部位于新兴市场或在新兴市场有重大敞口的公司作出投资决策时，应仔细考虑财务信息的性质和质量，包括财务报告和审计要求，以及其他披露风险。这些风险因各种因素的不同而大不相同。

 

The frequency, availability and quality of financial information about potential investmentsin emerging markets may vary. For example, while a U.S. broker may be able toprocess an order for shares of a company that only trades on an emerging marketsecurities exchange, these foreign-traded companies are not likely to filereports with the SEC. The information available about these companies, and itsreliability, generally is significantly less than the information availableabout companies that file reports with the SEC, including because these companiesgenerally are not subject to the same regulatory, accounting, auditing orauditor oversight requirements applicable to companies that file reports withthe SEC.

有关新兴市场潜在投资的财务信息的频率、可用性和质量可能有所不同。例如，虽然美国券商可能能够处理仅在新兴市场证券交易所交易的公司的股票订单，但这些外国交易公司不太可能向美国证券交易委员会提交报告。关于这些公司的可用信息及其可靠性通常明显低于向美国证券交易委员会提交报告的公司的可用信息，包括因为这些公司通常不受适用于向证券交易委员会提交报告。

 

In this regard, it isimportant to understand the critical role that issuers, audit committees, auditorsand regulators each play in the U.S. financial reporting system. In otherwords, there are a series of checks and controls that work together to promotehigh-quality, reliable financial information. Similarly, investors and otherstakeholders should clearly understand how any limitations on the scope ofthese roles have an impact on the information provided.

在这方面，必须了解发行人、审计委员会、审计师和监管者在美国财务报告体系中各自发挥的关键作用。换句话说，有一系列的检查和控制，共同促进高质量、可靠的财务信息。同样，投资者和其他利益相关者应清楚地了解这些角色范围的任何限制如何对所提供的信息产生影响。

 

For example, auditcommittees of operating companies and funds reporting with the SEC play a vitalrole through their oversight of financial reporting, including ICFR and theexternal, independent audit process.[12] In 2002, the Sarbanes-Oxley Act[13] introduced a number of requirements toincrease and strengthen the role of audit committees in financial reporting,including the independent audit committee requirement. We believe the measuresrelated to audit committees have proven to be some of the most effectivefinancial reporting enhancements included in the Sarbanes-Oxley Act.[14] However, not all jurisdictions mandateindependent audit committees or have similar requirements. Investors shouldconsider the impact of a company’s corporate governance structure, includingthe role of the audit committee or similar oversight, when making investmentdecisions in emerging markets.

例如，运营公司的审计委员会和向证券交易委员会报告的基金，通过监督财务报告，包括国际财务报告委员会和外部独立审计程序，发挥着至关重要的作用。[12]2002年，萨班斯-奥克斯利法案[13]提出了一些要求，以增加和加强审计委员会在财务报告中的作用，包括独立审计委员会的要求。我们相信，与审计委员会相关的措施已被证明是《萨班斯-奥克斯利法案》（Sarbanes-Oxley Act）中最有效的财务报告改进措施之一。[14]然而，并非所有司法管辖区都要求独立的审计委员会或有类似的要求。投资者在进行新兴市场投资决策时，应考虑公司治理结构的影响，包括审计委员会或类似监督机构的作用。

 

In addition, while FPIs are generally subject to the SEC’s reporting and oversight regulationsdiscussed above, not all those regulations apply. Further, as discussed in moredetail below, the ability of U.S. authorities to bring actions for violationsof those regulations may be limited in foreign jurisdictions and particularlylimited in emerging markets, including in China, the world’s largest emergingmarket. Issuers should discuss these matters with their independent auditors(and where applicable, audit committees) and should disclose the relatedmaterial risks.

此外，虽然FPI通常受制于上述SEC的报告和监督条例，但并非所有这些条例都适用。此外，正如下文更详细地讨论的那样，美国当局对违反这些规定的行为提起诉讼的能力可能在外国司法管辖区受到限制，特别是在新兴市场，包括在世界最大的新兴市场中国。发行人应与其独立审计师（以及在适用情况下，审计委员会）讨论这些事项，并应披露相关的重大风险。

 

To promotehigh-quality financial reporting and reliable audits for issuers reporting withthe SEC, we continue to meet with those involved in the financial reportingsystem, including investors, preparers, audit committees and auditors to listento stakeholder concerns, understand emerging issues and risks, answer questionsand share views on current financial reporting matters. Investors, financialprofessionals and index providers should consider carefully that this type andlevel of engagement may not occur in emerging markets.

为了促进高质量的财务报告和对向证券交易委员会报告的发行人进行可靠的审计，我们继续与参与财务报告系统的人士会面，包括投资者、编制人、审计委员会和审计师，听取利益相关者的关注，了解新出现的问题和风险，回答问题并分享对当前财务报告事项的看法。投资者、金融专业人士和指数提供商应仔细考虑，这种类型和水平的参与可能不会发生在新兴市场。

 

PCAOB’s Inabilityto Inspect Audit Work Papers in China Continues

PCAOB在中国无法检查审计工作底稿的情况仍在继续

 

Investors andfinancial professionals should consider the potential risks related to thePCAOB’s lack of access to the work of PCAOB-registered accounting firms inChina. Issuers should clearly disclose the resulting risks to investors.

投资者和金融专业人士应考虑PCAOB无法进入PCAOB在中国注册会计师事务所工作的潜在风险。发行人应向投资者明确披露由此产生的风险。

 

The Chairman of the SECand the Chairman of the PCAOB, as well as staff from the SEC and the PCAOB,have on various occasions reminded investors of the significant risks related toinvestments in China due to the inability of the PCAOB to inspect[15] audit work and practices ofPCAOB-registered accounting firms in China (including Hong Kong, to the extenttheir audit clients have operations in China) with respect to their audit workof U.S. reporting companies.[16]

SEC主席和PCAOB主席以及SEC和PCAOB的工作人员在不同场合提醒投资者，由于PCAOB无法在中国（包括香港）注册PCAOB注册会计师事务所的审计工作和实践，提醒投资者在中国投资的重大风险，就其审计客户在中国开展的业务而言，指其对美国报告公司的审计工作。[16]

 

Investors shouldunderstand the potential impacts of the PCAOB’s lack of access when investingin companies whose auditor is based in China. Even when the auditor signing theaudit report is not based in China, if the company has operations in China,investors should consider whether significant portions of the audit may havebeen performed by firms in China, and the potential impact of the PCAOB’sinability to access such audit work papers. Investors can access informationabout the PCAOB’s lack of access on the PCAOB’s website.[17]

投资者在投资注册会计师在中国的公司时，应了解PCAOB缺乏准入的潜在影响。即使签署审计报告的审计师不在中国，如果公司在中国开展业务，投资者也应考虑是否有相当一部分审计可能是由中国的公司进行的，以及PCAOB无法获取此类审计工作文件的潜在影响。投资者可以在PCAOB的网站上获取PCAOB缺乏访问权限的信息。[17]

 

Given the importanceto investors of understanding the potential material risks related to thePCAOB’s lack of access related to PCAOB-registered accounting firms in China,issuers with operations in China should make clear disclosures regarding theserisks, including highlighting these limitations as a risk factor.[18]

鉴于投资者了解与PCAOB在中国注册会计师事务所相关的潜在重大风险的重要性，在中国开展业务的发行人应明确披露这些风险，包括将这些限制作为风险因素加以强调。[18]

 

In connection withour ongoing efforts to address a number of issues related to the quality offinancial reporting and auditing in emerging markets, we have been meeting withsenior representatives of the six largest U.S. audit firms and representativesof their global networks. To be clear, these discussions with the audit firmsare not intended to be a substitute for the PCAOB inspecting audit work andpractices of PCAOB-registered accounting firms in China with respect to theiraudit work of U.S.-listed companies. These meetings have included discussionsregarding audit quality across their global networks and the importance ofeffective and consistent oversight of member firms globally, including thoseoperating in China and other emerging markets.[19] In each of these meetings, the auditfirms have recognized their responsibilities as auditors and acknowledged theimportance of consistent audit methodologies across their global networks. Wewere clear in sharing our expectations that they fulfill these responsibilities.

在我们不断努力解决与新兴市场财务报告和审计质量有关的若干问题的同时，我们一直在与美国六大审计公司的高级代表及其全球网络的代表会晤。显然，这些与审计事务所的讨论并不能取代美国上市公司审计委员会（PCAOB）对PCAOB在中国注册会计师事务所的审计工作和实践进行的检查。这些会议包括有关其全球网络的审计质量以及对全球成员公司（包括在中国和其他新兴市场运营的成员公司）进行有效和一致监督的重要性的讨论，审计公司认识到它们作为审计员的责任，并认识到在其全球网络中采用一致的审计方法的重要性。我们清楚地分享了我们对他们履行这些责任的期望。

 

Enforcement Actionsby the SEC, DOJ and Other U.S. Authorities May Be Limited

美国证券交易委员会、司法部和其他美国当局的执法行动可能受到限制

Accountability forissuers and gatekeepers, including individual accountability, is a key aspectof U.S. securities law. The SEC, DOJ and other authorities often have substantialdifficulties in bringing and enforcing actions against non-U.S. companies andnon-U.S. persons, including company directors and officers, in certain emergingmarkets. Issuers should clearly disclose the related risks.

发行人和看门人的责任，包括个人责任，是美国证券法的一个关键方面。在某些新兴市场，美国证券交易委员会（SEC）、美国司法部（DOJ）和其他主管部门在对非美国公司和非美国人士（包括公司董事和高管）提起和执行诉讼时，往往遇到重大困难。发行人应明确披露相关风险。

 

Investors, includingindividual investors, funds and companies, should understand potentiallimitations on enforcement actions when making investment decisions in emergingmarkets. Due to jurisdictional limitations, matters of comity and various otherfactors, the SEC, DOJ and other U.S. authorities may be limited in theirability to pursue bad actors, including in instances of fraud, in emergingmarkets. For example, in China, there are significant legal and other obstaclesto obtaining information needed for investigations or litigation.[20] Similar limitations apply to the pursuitof actions against individuals, including officers, directors and individualgatekeepers, who may have engaged in fraud or other wrongdoing. In addition,local authorities often are constrained in their ability to assist U.S.authorities and overseas investors more generally. There are also legal orother obstacles to seeking access to funds in a foreign country. Issuers shouldclearly disclose the related material risks and financial professionals shouldconsider these risks when making or recommending investment decisions.

投资者，包括个人投资者、基金和公司，在做出新兴市场投资决策时，应了解对执法行动的潜在限制。由于管辖权限制、礼让事项和各种其他因素，美国证券交易委员会、司法部和其他美国当局在新兴市场追查不良行为者（包括欺诈行为）的能力可能受到限制。例如，在中国，在获取调查或诉讼所需信息方面存在重大的法律和其他障碍。[20]类似的限制适用于对可能参与欺诈或其他不法行为的个人（包括官员、董事和个人看门人）提起的诉讼。此外，地方当局在协助美国当局和海外投资者方面的能力往往受到更广泛的限制。在外国寻求获得资金也有法律或其他障碍。发行人应明确披露相关重大风险，金融专业人士在作出或建议投资决策时应考虑这些风险。

 

Shareholder Rights;Shareholder Recourse

股东权利；股东追索

Shareholder claimsthat are common in the U.S., including class action securities law and fraudclaims, generally are difficult or impossible to pursue as a matter of law orpracticality in many emerging markets. Issuers should clearly disclose anymaterial limitations on shareholder rights.

在美国普遍存在的股东索赔，包括集体诉讼证券法和欺诈索赔，在许多新兴市场通常很难或不可能作为一个法律问题或实践问题来追究。发行人应明确披露对股东权利的任何重大限制。

 

Investors shouldunderstand legal and practical differences affecting their ability to protecttheir interests when making investment decisions in emerging markets. Whereinvestors purchase a security can affect whether they have, and where they canpursue, legal remedies against the foreign company or any other foreign-basedentities involved in a transaction. Investors in emerging markets may not havethe ability to seek certain legal remedies in U.S. courts as privateplaintiffs. Moreover, even if investors sue successfully in a U.S. court, theymay not be able to collect on a U.S. judgment against a company, entity orperson, including company directors and officers, in an emerging market,particularly when the company’s assets and those of its directors and officersare located in an emerging market. As a practical matter, investors may have torely on domestic legal remedies that are available in the emerging market.These remedies often are limited and difficult for international investors topursue.

投资者在新兴市场进行投资决策时，应了解影响其保护自身利益能力的法律和实际差异。投资者购买证券可能会影响其是否对参与交易的外国公司或任何其他外国实体拥有法律救济，以及在何处可以寻求法律救济。新兴市场的投资者可能无法作为私人原告在美国法院寻求某些法律补救。此外，即使投资者在美国法院成功起诉，他们也可能无法就美国对新兴市场公司、实体或个人（包括公司董事和高管）的判决进行收集，特别是当公司及其董事和高管的资产位于新兴市场时。实际上，投资者可能不得不依赖新兴市场现有的国内法律补救措施。这些补救措施往往是有限的，国际投资者很难寻求。

 

Given the importanceof a clear understanding of these risks to investors, management of companiesbased in jurisdictions where there may be significant limitations on aninvestor’s ability to seek redress should make clear disclosures regardingthese risks, including highlighting these limitations as a risk factor.

鉴于清楚了解这些风险对投资者的重要性，在投资者寻求补救的能力可能受到重大限制的司法管辖区内的公司管理层应明确披露这些风险，包括将这些限制作为风险因素加以强调。

 

Drafting andPresenting Risk Disclosure: Disclosure Should be Prominent and Clear;Boilerplate Disclosure is Not Sufficient

起草和提交风险披露：披露应突出和清晰；样板披露不够充分

 

In light of both thesignificance and company-specific nature of the risks discussed in thisstatement, we expect issuers to present these risks prominently, in plainEnglish and discuss them with specificity.[21]Issuers based in emerging markets shouldconsider providing a U.S. domestic investor-oriented comparative discussion ofmatters such as (1) how the company has met the applicable financial reportingand disclosure obligations, including those related to DCP and ICFR and (2)regulatory enforcement and investor-oriented remedies, including as a practicalmatter, in the event of a material disclosure violation or fraud or otherfinancial misconduct more generally. Similarly, as discussed further below,registered funds, including those investing in emerging markets, must disclosethe principal risks of investing in the securities they hold in theirprospectuses and summary prospectuses; this should also be presented in plainEnglish and with specificity as to the fund’s investments.[22]

鉴于本声明中讨论的风险的重要性和公司的特殊性，我们希望发行人以通俗易懂的英语突出地陈述这些风险，并具体讨论。[21]新兴市场的发行人应考虑提供一个面向美国国内投资者的比较讨论，例如（1）公司如何履行适用的财务报告和披露义务，包括与DCP和ICFR相关的义务，以及（2）监管执行和投资者导向的补救措施，包括在发生重大披露违规或欺诈或其他更普遍的财务不当行为时的实际补救措施。同样，如下文进一步讨论的，注册基金，包括投资于新兴市场的基金，必须在招股说明书和摘要招股说明书中披露投资于其所持证券的主要风险；这也应以通俗易懂的英语提出，并具体说明基金的投资。[22]

 

Passive Investing;Index Construction

被动投资；指数构建

 

Investors shouldunderstand that an index fund tracking a specific emerging market indexgenerally does not consider or weigh investor protection considerations wheninvesting in a particular security.

投资者应该明白，跟踪特定新兴市场指数的指数基金在投资特定证券时通常不会考虑或权衡投资者保护的考虑因素。

 

In addition to anumber of considerations when investing in any fund, investors in index fundsand other passively-managed funds should understand the potential impact of thefund’s passive investing strategy on the investor’s exposure to risks inemerging markets. For example, an emerging market index fund may seek to tracka specific emerging market index, and therefore may invest in all of thesecurities included in that index or only a sample of those securities.However, the composition of the emerging market index itself generally wouldnot weigh individual securities by investor protection considerations. That is,in index construction, decisions are made on a jurisdiction-wide basis. Forexample, once a jurisdiction is included, individual securities from thatjurisdiction are included in the index based on the index provider’s specificweighting methodology (e.g., based on market capitalization). The index may ormay not weigh the jurisdiction as a whole on the basis of investor risk orother factors in addition to market capitalization.

在投资任何基金时，除了一些考虑因素外，指数基金和其他被动管理基金的投资者还应了解基金被动投资策略对投资者在新兴市场风险敞口的潜在影响。例如，新兴市场指数基金可能寻求跟踪特定的新兴市场指数，因此可能投资于该指数中包含的所有证券或仅投资于这些证券的样本。不过，新兴市场指数本身的构成一般不会以投资者保护的考虑来衡量个别证券。也就是说，在指数构建中，决策是在整个管辖范围内做出的。例如，一旦纳入某一司法管辖区，该司法管辖区的个别证券将根据指数提供者的具体加权方法（例如，基于市值）纳入指数。指数可以或不可以根据投资者风险或除市值以外的其他因素来衡量整个司法管辖区。

 

Investors andfinancial professionals should consider these index construction decisions andthe related risks when making or recommending investment decisions in suchfunds.

投资者和金融专业人士在对此类基金作出或推荐投资决策时，应考虑这些指数构建决策和相关风险。

 

Considerations forInvestment Advisers and Funds

投资顾问和基金的考虑

 

Financialprofessionals generally should consider limitations on the quality oravailability of information, as well as the other risks described above, whenrecommending investments in emerging markets. Funds investing in emergingmarkets should consider whether they have adequate risk disclosure about theunique risks and uncertainties that companies with significant operations inemerging markets often face. Boilerplate disclosures generally are not usefulor sufficient in these circumstances.

金融专业人士在推荐投资新兴市场时，通常应考虑信息质量或可用性的限制，以及上述其他风险。投资于新兴市场的基金应考虑是否充分披露在新兴市场开展重大业务的公司经常面临的独特风险和不确定性。在这种情况下，样板披露通常是不有用或不够的。

 

In addition to thegeneral considerations for investors above, investment advisers and fundsshould be mindful of their obligations under the Investment Advisers Act of1940 (“Advisers Act”) and Investment Company Act of 1940 with respect toinvestments in emerging markets.Investment advisers,including advisers to funds, have a fiduciary duty to their clients under theAdvisers Act, including a duty of loyalty and a duty of care.[23] The duty of care includes a duty toprovide investment advice that is in the best interest of the client. In orderto provide such advice, an adviser must have a reasonable belief that theadvice is in the client’s best interest based on the client’s objectives. Forexample, an adviser should consider whether investments are recommended only tothose clients who can and are willing to tolerate the risks, and should conducta reasonable investigation into the investment sufficient not to base itsadvice on materially inaccurate or incomplete information. Accordingly,investment advisers that are recommending investments in emerging markets maywant to consider, as part of their due diligence, whether there are limitationson the quality or availability of financial information with respect to theseinvestments, as well as possible limitations on investors’ legal remedies alongthe lines of those discussed above. Investment advisers should also considerthe effect of market closures on their clients’ investments and ability to gainaccess to their assets.

除了上述对投资者的一般考虑之外，投资顾问和基金还应注意到它们根据1940年《投资顾问法》（“顾问法”）和1940年《投资公司法》对新兴市场投资的义务。根据《顾问法》，包括基金顾问在内的投资顾问对其客户负有信托责任，包括忠诚和谨慎的责任。[23]谨慎的责任包括提供符合客户最佳利益的投资建议的责任。为了提供此类建议，顾问必须有合理的理由相信，根据客户的目标，建议符合客户的最佳利益。例如，顾问应考虑是否只向那些能够并且愿意承受风险的客户推荐投资，并应对投资进行合理的调查，不应将其建议建立在实质上不准确或不完整的信息上。因此，作为尽职调查的一部分，建议在新兴市场进行投资的投资顾问可能会考虑这些投资的财务信息的质量或可用性是否受到限制，以及这些投资可能对投资者的法律补救措施造成的限制上面讨论过。投资顾问还应考虑市场关闭对客户投资的影响以及获得资产的能力。

 

In addition, mutualfunds, exchange-traded funds and other registered investment companies are requiredto disclose their principal risks in the fund’s prospectus and summaryprospectus. These risks will depend on the fund’s investment objective(s),holdings, investment strategies and structure.[24] Private fund advisers also must stateall material facts necessary to make the statements made to any investor orprospective investor in the fund not misleading.[25] If a fund invests or may considerinvesting a significant portion of its assets in emerging markets, it shoulddisclose those principal risks related to the quality or availability of thefinancial information of such investments, impact of any potential marketclosures and other related risks.

此外，共同基金、交易所买卖基金及其他注册投资公司须在基金招股说明书及摘要招股说明书中披露其主要风险。这些风险将取决于基金的投资目标、持有量、投资策略和结构。[24]私人基金顾问还必须陈述所有必要的重要事实，以使向基金的任何投资者或潜在投资者所作的陈述不具误导性。[25]如果基金投资或可能考虑投资很大一部分在新兴市场的资产中，应披露与此类投资的财务信息质量或可用性、任何潜在市场关闭的影响和其他相关风险有关的主要风险。

 

Closing

结语

It is important thatinvestors, funds, financial professionals and index providers consider carefullythe issues, risks and uncertainties associated with investing in emergingmarkets, including China, the world’s largest emerging market and secondlargest economy. In particular, protections similar to certain key elements ofthe U.S. regulatory regime may not exist in these markets and, as both a legaland practical matter, applicable regulations are more limited from an investorprotection perspective. It is imperative that companies based in or withsignificant operations in these emerging markets, as well as their auditcommittees (if applicable) and auditors, each fulfill their responsibilities to(1) prepare and provide high-quality, reliable financial information and otherdisclosures, including through considerations of the circumstances and environmentin which these companies operate and (2) provide accurate and complete riskdisclosure, including with regard to the limited rights and remedies of U.S.authorities and investors.

重要的是，投资者、基金、金融专业人士和指数提供商应仔细考虑与投资新兴市场有关的问题、风险和不确定性，包括中国，世界上最大的新兴市场和第二大经济体。特别是，这些市场可能不存在类似于美国监管制度某些关键要素的保护措施，而且，作为一个法律和实际问题，从投资者保护的角度来看，适用的监管措施更为有限。总部位于这些新兴市场或在这些新兴市场有重大业务的公司，以及它们的审计委员会（如适用）和审计师，必须各自履行其职责：（1）准备和提供高质量、可靠的财务信息和其他披露，包括考虑这些公司的经营环境和环境，以及（2）提供准确和完整的风险披露，包括美国当局和投资者的有限权利和补救措施。

 

This statement shouldnot be viewed as an effort to restrict access to emerging market investments.Investor choice has long been a core component of our capital marketsregulatory framework, and emerging market investments, including as a componentof a diversified portfolio, have proven to be beneficial to many investors. Thecombination of (1) full and fair disclosure, (2) meaningful, principledoversight and enforcement and (3) broad investor choice, has made the U.S.capital markets the world’s deepest and most vibrant, benefiting investors,issuers and economic welfare domestically and globally. This statement reflectsour commitment to preserving and promoting each component of that important andpowerful combination.

这一声明不应被视为限制进入新兴市场投资的努力。投资者选择长期以来一直是我们资本市场监管框架的核心组成部分，而新兴市场投资，包括作为多元化投资组合的组成部分，已证明对许多投资者有利。（1）充分和公平的披露，（2）有意义的、有原则的监督和执行，（3）广泛的投资者选择，使美国资本市场成为世界上最深、最有活力的市场，有利于国内外投资者、发行人和经济福利。这一声明反映了我们对维护和促进这一重要而有力的组合的每一个组成部分的承诺。

 

---

 

[1] This statement represents the viewsof the Chairman, Chief Accountant and Directors of the Divisions of CorporationFinance and Investment Management of the U.S. Securities and ExchangeCommission (“SEC” or “Commission”). It is not a rule, regulation, or statementof the SEC. The Commission has neither approved nor disapproved its content.This statement does not alter or amend applicable law and has no legal force oreffect. This statement creates no new or additional obligations for any person.

This statement alsoexpresses the views of the Public Company Accounting Oversight Board (“PCAOB”)Chairman William D. Duhnke III and does not necessarily reflect the views ofthe PCAOB, other PCAOB Board members, or PCAOB staff.

[1] 本声明代表美国证券交易委员会（“SEC”或“委员会”）公司财务和投资管理部主席、总会计师和董事的意见。这不是证券交易委员会的规则、规定或声明。委员会既不赞成也不反对其内容。本声明不改变或修订适用法律，不具有法律效力。本声明对任何人不产生新的或额外的义务。

本声明也表达了上市公司会计监督委员会（PCAOB）主席威廉D.杜恩克三世的意见，并不一定反映PCAOB、其他PCAOB董事会成员或PCAOB员工的意见。

 

[2] See, e.g., U.S. Departmentof the Treasury, Federal Reserve Bank of New York and Board of Governors of theFederal Reserve System, U.S. Portfolio Holdings of Foreign Securities as ofDecember 31, 2018 (October 2019), available at https://ticdata.treasury.gov/Publish/shca2018_report.pdf;Bureau of Economic Analysis, U.S. Department of Commerce, Direct Investmentby Country and Industry, 2018 (July 2019), available athttps://www.bea.gov/system/files/2019-07/fdici0719.pdf;M. Szmigiera, Direct investment position of the United States abroad from2000 to 2018 (September 2019) available athttps://www.statista.com/statistics/188571/united-states-direct-investments-abroad-since-2000/.

 

[3] See, e.g., McKinsey &Company, Global growth, local roots: The shift toward emerging markets(August 2017), available at https://www.mckinsey.com/business-functions/operations/our-insights/global-growth-local-roots-the-shift-toward-emerging-markets;McKinsey & Company, Manufacturing the future: The next era of globalgrowth and innovation (November 2012), available at https://time.com/wp-content/uploads/2015/03/manufacturing-the-future.pdf.

 

[4] China has the second largesteconomy in the world, with a reported gross domestic product of $14.3 trillionin 2019. See, e.g., Elvis Picardo, Why Wall Street Is a KeyPlayer in the World's Economy (Feb. 5, 2020),available at https://www.investopedia.com/articles/investing/100814/wall-streets-enduring-impact-economy.asp.

 

[5] See, e.g., SEC Office ofInvestor Education and Advocacy, Investor Bulletin: InternationalInvesting,available at https://www.sec.gov/reportspubs/investor-publications/investorpubsininvesthtm.html.

 

[6] Rules 13a-15(a) and 15d-15(a) ofthe Securities Exchange Act of 1934 (“Exchange Act”) (17 CFR 240.13a-15(a) and17 CFR 240.15d-15(a), respectively) and Section 13(b)(2) of the Exchange Act(15 USC 78m(b)(2)).

 

[7] Paragraph .02 of AS No. 1001, Responsibilitiesand Functions of the Independent Auditor.

 

[8] Management responsibilities withrespect to the financial statements of a registered investment company aresimilar, reflective of the different requirements for financial statementpresentation and internal accounting controls. See Section 30(g) of theInvestment Company Act of 1940 [15 USC 80a-29(g)].

 

[9] Rule 13a-13 of the Exchange Act (17CFR 240.13a-13) and Rule 15d-13 of the Exchange Act (17 CFR 240.15d-13).

 

[10] Rule 13a-14 of the Exchange Act (17CFR 240.13a-14) and Rule 15d-14 of the Exchange Act (17 CFR 240.15d-14). Theserules require the certifying officers make certain certifications regardingdisclosure controls and procedures and ICFR, and to also certify, among otherthings, that they have reviewed the Form 10-Q and that based on theirknowledge: (i) the 10-Q does not contain any untrue statement of a materialfact or omit to state a material fact necessary to make any statements made, inlight of the circumstances under which such statements were made, notmisleading with respect to the period covered by the 10-Q; and (ii) thefinancial statements, and other financial information included in the 10-Q,fairly present in all material respects the financial condition, results ofoperations, changes in net assets and cash flows of the company as of, and for,the periods presented in the 10-Q.

 

[11] Form 6-K under the Exchange Act (17CFR 249.306).

 

[12] See, e.g.,SEC Chairman JayClayton,Statement on SEC Approval of the PCAOB’s New Auditor’s ReportingStandard(October 23, 2017),available at https://www.sec.gov/news/public-statement/clayton-statement-pcaob-new-auditor-reporting-standard;SEC Chairman Jay Clayton, SEC Chief Accountant Sagar Teotia and SEC Division ofCorporation Finance Director William Hinman, Statement on Role of AuditCommittees in Financial Reporting and Key Reminders Regarding OversightResponsibilities (December 30, 2019), available at https://www.sec.gov/news/public-statement/statement-role-audit-committees-financial-reporting.

 

[13] Sarbanes-Oxley Act of 2002, Pub. L.No. 107-204, 116 Stat. 745 (2002).

 

[14] See, e.g.,SEC Chairman JayClayton,Statement at Open Meeting on Proposed Amendments to Sarbanes-Oxley404(b) Accelerated Filer Definition (May 9, 2019), available athttps://www.sec.gov/news/public-statement/statement-clayton-050919;SEC Chairman Jay Clayton, Statement on SEC Approval of the PCAOB’s NewAuditor’s Reporting Standard(October 23, 2017), available athttps://www.sec.gov/news/public-statement/clayton-statement-pcaob-new-auditor-reporting-standard;SEC Chief Accountant Sagar Teotia, Statement in Connection with the 2019AICPA Conference on Current SEC and PCAOB Developments (December 9, 2019), available at https://www.sec.gov/news/speech/teotia-speech-2019-aicpa-conference.

 

[15] To further strengthen our financialreporting system, the PCAOB oversees the audits of U.S.-listed companies,registered investment companies and SEC-registered brokers and dealers with amission of protecting investors and furthering the public interest in thepreparation of informative, accurate and independent audit reports. PCAOBinspections are a key component of our regulatory efforts to enhance thequality of financial reporting and promote audit quality. See PCAOB, Mission,Vision, and Values,available at https://pcaobus.org/About/History/Pages/mission-vision-values.aspx.

 

[16] See, e.g., Statement onthe Vital Role of Audit Quality and Regulatory Access to Audit and OtherInformation Internationally—Discussion of Current Information Access Challengeswith Respect to U.S.-listed Companies with Significant Operations in China(December 7, 2018),available athttps://www.sec.gov/news/public-statement/statement-vital-role-audit-quality-and-regulatory-access-audit-and-other.

 

[17] See PCAOB, InternationalOversight and Cross-Border Cooperation, available athttps://pcaobus.org/International;PCAOB, Public Companies that are Audit Clients of PCAOB-Registered Firmsfrom Non-U.S. Jurisdictions where the PCAOB is Denied Access to ConductInspections, available athttps://pcaobus.org/International/Inspections/Pages/IssuerClientsWithoutAccess.aspx;PCAOB, China-based Referred Work, available at https://pcaobus.org/International/Pages/China-Referred-Work.aspx.

 

[18] See Item 105 of RegulationS-K (17 CFR 229.105) (requiring “a discussion of the most significant factorsthat make an investment in the registrant or offering speculative or risky”).

 

[19] SeePress Release,SECChairman Clayton, PCAOB Chairman Duhnke, and Members of SEC Staff Meet WithAuditing Firm Representatives to Discuss Audit Quality in Emerging Economiesand Markets(November 4, 2019),available at https://www.sec.gov/news/press-release/2019-228;SEC Chairman Jay Clayton, SEC Division of Corporation Finance Director BillHinman, SEC Chief Accountant Sagar Teotia, and PCAOB Chairman William D. DuhnkeIII,Statement on Continued Dialogue with Audit Firm Representatives on AuditQuality in China and Other Emerging Markets; Coronavirus—Reporting Considerationsand Potential Relief(February 19, 2020), available at https://www.sec.gov/news/public-statement/statement-audit-quality-china-2020-02-19;SEC Chief Accountant Sagar Teotia, Statement on the Importance ofHigh-Quality Financial Reporting in Light of the Significant Impacts ofCOVID-19 (April 3, 2020) available athttps://www.sec.gov/news/public-statement/statement-teotia-financial-reporting-covid-19-2020-04-03.

 

[20] See Article 177 of the 2020Revised Chinese Securities Law, which provides, among other things, thatwithout the approval of its securities regulator and various components of theChinese government, no entity or individual in China may provide documents andinformation relating to securities business activities to overseas regulators.

 

[21] See Item 105 of RegulationS-K (17 CFR 229.105). See also Rule 408 of the Securities Act of 1933(17 CFR 230.408), Rule 421 of the Securities Act of 1933 (17 CFR 230.421) andRule 12b-20 of the Exchange Act (17 CFR 240.12b-20).

 

[22] See, e.g., Form N-1A, Gen’l.Instr. B.4.(c)., Items 4(b) and 9(c); Rule 421 under the Securities Act (17 CFR230.421).

 

[23] Commission InterpretationRegarding Standard of Conduct for Investment Advisers, Investment AdvisersAct Release No. 5248 (June 5, 2019).

 

[24] Accounting and DisclosureInformation No. 2019-08, Improving Principal Risks Disclosure, availableathttps://www.sec.gov/investment/accounting-and-disclosure-information/principal-risks/adi-2019-08-improving-principal-risks-disclosure.

 

[25] Rule 206(4)-8(a)(1) of the AdvisersAct (17 CFR 275.206(4)-8(a)(1))


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