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美国证券交易委员会发布针对新兴市场的投资建议，提到中概股（全文）

本文来源：继民财经汇
美国证券交易委员会（SEC）主席杰伊?克莱顿(JayClayton)北京时间4月23日发布言论称 ， 因为信息披露的问题 ， 他提醒投资者近期在调整仓位时 ， 不要将资金投入在美国上市的中国公司股票 。 在克莱顿发表上述言论之际 ， 美国鹰派议员和部分前官员正努力说服特朗普政府让联邦雇员退休金计划停止投资中国企业股票 。 而美国SEC周二亦发布过一个提示性报告称 ， 在美国上市的中国公司应该“用通俗易懂的语言突出地提出风险 ， 并以具体的方式加以讨论” 。
美国证券交易委员会发布针对新兴市场的投资建议，提到中概股（全文）
文章图片
美国证券交易委员会发布针对新兴市场的投资建议，提到中概股（全文）
文章图片
美国证监会（SEC）4月21日发表主席JayClayton及美国公众公司会计监督委员会（PCAOB）主席WilliamDuhnke等五位官员的声明 ， 提醒美国境内投资者在投资总部位于新兴市场或在新兴市场有重大业务的公司时 ， 注意财务报告及信息披露质量的风险 。
这篇题为《新兴市场投资涉及重大信息披露、财务报告和其他风险 ， 补救措施有限》的文章称 ， SEC和PCAOB在美国境内对信息披露质量的执法标准 ， 在对来自新兴市场在美上市公司的推广和执行中受到限制；
声明称 ， “与美国国内相比 ， 包括中国在内的许多新兴市场 ， 信息披露不完全或具有误导性的风险要大得多 ， 并且在投资者受到损害时 ， 获得追索的机会要小很多 。 ”这些公司“应该以简明扼要的英文提出风险 ， 并具体阐述” 。
SEC发布的声明还指出 ， PCAOB在获取对在美上市中国公司进行审计所需的基础工作文件方面能力有限 。 PCAOB是美国公众公司会计监督委员会 ， 根据2002年的《萨班斯·奥克斯利法案》创立 ， 其任务是监督公众公司的审计报告 。
以下是声明全文
EmergingMarketInvestmentsEntailSignificantDisclosure,FinancialReportingandOtherRisks;RemediesareLimited
SECChairmanJayClayton
PCAOBChairmanWilliamD.DuhnkeIII
SECChiefAccountantSagarTeotia
SECDivisionofCorporationFinanceDirectorWilliamHinman
SECDivisionofInvestmentManagementDirectorDaliaBlass
April21,2020
ThePCAOB'sInabilitytoInspectAuditWorkPapersinChinaContinues
Introduction[1]
Overthepastseveraldecades,theportfoliosofU.S.investorshavebecomeincreasinglyexposedtocompaniesthatarebasedinemergingmarkets[2]orthatotherwisehavesignificantoperationsinemergingmarkets.[3]ThisexposureincludesinvestmentsinbothU.S.issuersandforeignprivateissuers(“FPIs”)thatarebasedinemergingmarketsorhavesignificantoperationsinemergingmarkets.Duringthistime,Chinahasgrowntobethelargestemergingmarketeconomyandtheworld’ssecondlargesteconomy.[4]
TheSEC’smissionisthreefold:protectourinvestors,preservemarketintegrityandfacilitatecapitalformation.Ensuringthatinvestorsandothermarketparticipantshaveaccesstohigh-quality,reliabledisclosure,includingfinancialreporting,isatthecoreofoureffortstopromoteeachofthoseobjectives.Thiscommitmenttohigh-qualitydisclosurestandards—includingmeaningful,principledoversightandenforcement—haslongbeenafocusoftheSECand,sinceitsinception,thePCAOB.
Ourabilitytopromoteandenforcethesestandardsinemergingmarketsislimitedandissignificantlydependentontheactionsoflocalauthorities—which,inturn,areconstrainedbynationalpolicyconsiderationsinthosecountries.Asaresult,inmanyemergingmarkets,includingChina,thereissubstantiallygreaterriskthatdisclosureswillbeincompleteormisleadingand,intheeventofinvestorharm,substantiallylessaccesstorecourse,incomparisontoU.S.domesticcompanies.[5]Thissignificantasymmetryholdstrueeventhoughdisclosures,pricequotesandotherinvestor-orientedinformationoftenarepresentedinsubstantiallythesameformasforU.S.domesticcompanies.Immediatelybelow,wesummarizesomeoftheserisksandrelatedconsiderationsspecifictoissuers,auditors,indexprovidersandfinancialprofessionals.Inthebodyofthisstatement,thesemattersarediscussedinmoredetail.
EmergingMarketRiskDisclosuresareImportant.Companiesthathaveoperationsinemergingmarkets,andinvestorsinthosecompanies,oftenfacegreaterrisksanduncertaintiesthaninmoreestablishedmarkets.IssuersreportingwiththeSECshouldclearlydisclosethesematterstoinvestors.Similarly,fundsinvestinginemergingmarketsshouldensurethattheirmaterialriskdisclosuresareadequateandincompliancewithfederalsecuritieslaws.Manyrisksanduncertaintiesareindustry-andjurisdiction-specific.Boilerplatedisclosuresgenerallyarenotusefulorsufficientinthesecircumstances.
QualityofFinancialInformation,RequirementsandStandardsVaryGreatly.Investorsandfinancialprofessionalsshouldcarefullyconsiderthenatureandqualityoffinancialinformation,includingfinancialreportingandauditrequirements,whenmakingorrecommendinginvestments.Issuersshouldensurethatrelevantfinancialreportingmattersarediscussedwiththeirindependentauditorsand,whereapplicable,auditcommittees.
ThePCAOB’sInabilitytoInspectAuditWorkPapersinChinaContinues.InvestorsandfinancialprofessionalsshouldconsiderthepotentialrisksrelatedtothePCAOB’slackofaccesstoinspectPCAOB-registeredaccountingfirmsinChina.Issuersshouldclearlydisclosetheresultingmaterialrisks.Auditorsshouldhaveappropriatequalitycontrolsinplacerelatedtoexecutingqualityaudits.
TheAbilityofU.S.AuthoritiestoBringActionsinEmergingMarketsMayBeLimited.Accountability,forissuersandgatekeepers,includingindividualaccountability,isakeyaspectofU.S.securitieslaw.TheSEC,U.S.DepartmentofJustice(“DOJ”)andotherauthoritiesoftenhavesubstantialdifficultiesinbringingandenforcingactionsagainstnon-U.S.companiesandnon-U.S.persons,includingcompanydirectorsandofficers,incertainemergingmarkets,includingChina.Issuersshouldclearlydisclosetherelatedmaterialrisks.
ShareholdersHaveLimitedRightsandFewPracticalRemediesinEmergingMarkets.ShareholderclaimsthatarecommonintheUnitedStates,includingclassactionsecuritieslawandfraudclaims,generallyaredifficultorimpossibletopursueasamatteroflaworpracticalityinmanyemergingmarkets.Issuersshouldclearlydiscloseanymateriallimitationsonshareholderrights.
PassiveInvestingStrategiesDoNotTakeAccountofTheseRisks.Investorsshouldunderstandthatanindexfundtrackingaspecificemergingmarketindexgenerallydoesnotdirectlyweightsecuritiesonthebasisofinvestorprotectionlimitationsordifferencesinthequalityoffinancialreportingandavailableoversightmechanisms.
InvestmentAdvisers,Broker-DealersandOtherMarketParticipantsShouldConsiderEmergingMarketRisks.Financialprofessionalsgenerallyshouldconsiderthelimitationsandotherrisksdescribedabove,whenrecommendinginvestmentsinemergingmarkets.
Investorsshouldrecognizethattheseconsiderations(1)oftenaresignificant,(2)varyfromjurisdictiontojurisdictionandcompanytocompany,and(3)arejustsomeofthefactorsthatmaycontributetoeffectiveinvestmentdecisionmaking,includingportfolioandindexconstruction.
Thisstatementshouldnotbeviewedasanefforttorestrictaccesstoemergingmarketinvestments.Investorchoicehaslongbeenacorecomponentofourcapitalmarketsregulatoryframework,andemergingmarketinvestments,includingasacomponentofadiversifiedportfolio,haveproventobebeneficialtomanyinvestors.Thecombinationof(1)fullandfairdisclosure,(2)meaningful,principledoversightandenforcementand(3)broadinvestorchoice,hasmadetheU.S.capitalmarketstheworld’sdeepestandmostvibrant,benefitinginvestors,issuersandeconomicwelfaredomesticallyandglobally.Thisstatementreflectsourcommitmenttopreservingandpromotingeachcomponentofthatimportantandpowerfulcombination.
DisclosureRequirementsofCompaniesReportingwiththeSEC—ImportanceofHigh-Quality,ReliableAuditedFinancialStatements—EmergingMarketDisclosuresOftenareDifferentinScopeandQualityDespiteAppearingSimilarinForm
Companiesthathavesignificantoperationsinemergingmarketsoftenfacegreaterrisksanduncertainties,includingidiosyncraticrisks,thaninmoreestablishedmarkets.IssuersreportingwiththeSECshouldclearlydisclosethesematterstoinvestors.Boilerplatedisclosuresgenerallyarenotusefulorsufficientinthesecircumstances.Forexample,issuersshouldcarefullyconsidertheenvironmentinwhichthecompanyoperatesinassessingwhetherthecompanyhassufficientcontrols,processesandpersonneltoaddressitsaccountingorfinancialreportingissues.Thesepotentiallyuniqueoperatingconsiderationsalsoshouldbeconsideredandreflectedinfinancialandoperationaldisclosuresmoregenerally,includingdisclosuresofmaterialrisks,trends,uncertainties,accountingjudgmentsandotheritemsthatarematerialtoaninvestor.
Thebedrockofourgloballyinterconnectedcapitalmarketsystemhaslongbeenhigh-quality,reliableauditedfinancialstatements.Withouthigh-quality,reliablefinancialinformation,capitalmarketsdonotfunctionwell,increasingcapitalcostsandrisksofmisconduct,includingthepotentialforinvestorstobedefrauded.
CompaniesthatfileannualreportswiththeSEC,includingFPIs(non-U.S.issuersthatqualifyasforeignprivateissuersunderourrules),mustfilefinancialstatementsthathavebeenauditedbyanindependent,PCAOB-registeredaccountingfirm.Managementisresponsibleforthepreparationofthefinancialstatements,includingresponsibilityforestablishingandmaintainingdisclosurecontrolsandprocedures(“DCP”)andinternalcontroloverfinancialreporting(“ICFR”),andformaintainingaccountabilityforthecompany’sassets,amongotherthings.[6]Theauditorisresponsibletoplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeofmaterialmisstatement,whethercausedbyerrororfraud.[7]ManagementforcompaniesthatfileannualreportswiththeSEC,includingFPIs,mustdeterminethatthefinancialstatements,andotherfinancialinformationincludedinthereportfiledwiththeSEC,fairlypresentinallmaterialrespectsthefinancialcondition,resultsofoperationsandcashflowsofthecompany.[8]
Inadditiontoannualreportswithauditedfinancialstatements,companiessubjecttotheperiodicreportingrequirementsundertheSecuritiesExchangeActof1934(“ExchangeAct”),otherthanFPIs,mustfilequarterlyreports[9]thatincludeinterimfinancialstatementsreviewedbyanauditorandotherdisclosureitems,andcertificationsbytheprincipalexecutiveandfinancialofficersofthereportingcompany.[10]Bycontrast,FPIssubjecttotheperiodicreportingrequirementsoftheExchangeActarenotrequiredtofilequarterlyreportsorquarterlycertificationsbytheprincipalexecutiveandfinancialofficersoftheFPI,butratherareonlyrequiredtofurnishcertaininteriminformationinspecifiedcircumstances.[11]
WhiletheformofdisclosuremayappearsubstantiallythesameasthatprovidedbyU.S.issuersandFPIsinmanyjurisdictions,itcanoftenbequitedifferentinscopeandquality.Furthermore,thatscopeandqualityofdisclosurecansignificantlyvaryfromcompanytocompany,industrytoindustry,andjurisdictiontojurisdiction.
FinancialReportingandOtherDisclosureRiskinEmergingMarkets
Investorsandfinancialprofessionalsshouldcarefullyconsiderthenatureandqualityoffinancialinformation,includingfinancialreportingandauditrequirements,aswellasotherdisclosurerisk,whenmakinginvestmentdecisionsregardingcompaniesthatarebasedin,orhavesignificantexposureto,emergingmarkets.Theserisksvarysignificantlydependingonavarietyoffactors.
Thefrequency,availabilityandqualityoffinancialinformationaboutpotentialinvestmentsinemergingmarketsmayvary.Forexample,whileaU.S.brokermaybeabletoprocessanorderforsharesofacompanythatonlytradesonanemergingmarketsecuritiesexchange,theseforeign-tradedcompaniesarenotlikelytofilereportswiththeSEC.Theinformationavailableaboutthesecompanies,anditsreliability,generallyissignificantlylessthantheinformationavailableaboutcompaniesthatfilereportswiththeSEC,includingbecausethesecompaniesgenerallyarenotsubjecttothesameregulatory,accounting,auditingorauditoroversightrequirementsapplicabletocompaniesthatfilereportswiththeSEC.
Inthisregard,itisimportanttounderstandthecriticalrolethatissuers,auditcommittees,auditorsandregulatorseachplayintheU.S.financialreportingsystem.Inotherwords,thereareaseriesofchecksandcontrolsthatworktogethertopromotehigh-quality,reliablefinancialinformation.Similarly,investorsandotherstakeholdersshouldclearlyunderstandhowanylimitationsonthescopeoftheseroleshaveanimpactontheinformationprovided.
Forexample,auditcommitteesofoperatingcompaniesandfundsreportingwiththeSECplayavitalrolethroughtheiroversightoffinancialreporting,includingICFRandtheexternal,independentauditprocess.[12]In2002,theSarbanes-OxleyAct[13]introducedanumberofrequirementstoincreaseandstrengthentheroleofauditcommitteesinfinancialreporting,includingtheindependentauditcommitteerequirement.WebelievethemeasuresrelatedtoauditcommitteeshaveproventobesomeofthemosteffectivefinancialreportingenhancementsincludedintheSarbanes-OxleyAct.[14]However,notalljurisdictionsmandateindependentauditcommitteesorhavesimilarrequirements.Investorsshouldconsidertheimpactofacompany’scorporategovernancestructure,includingtheroleoftheauditcommitteeorsimilaroversight,whenmakinginvestmentdecisionsinemergingmarkets.
Inaddition,whileFPIsaregenerallysubjecttotheSEC’sreportingandoversightregulationsdiscussedabove,notallthoseregulationsapply.Further,asdiscussedinmoredetailbelow,theabilityofU.S.authoritiestobringactionsforviolationsofthoseregulationsmaybelimitedinforeignjurisdictionsandparticularlylimitedinemergingmarkets,includinginChina,theworld’slargestemergingmarket.Issuersshoulddiscussthesematterswiththeirindependentauditors(andwhereapplicable,auditcommittees)andshoulddisclosetherelatedmaterialrisks.
Topromotehigh-qualityfinancialreportingandreliableauditsforissuersreportingwiththeSEC,wecontinuetomeetwiththoseinvolvedinthefinancialreportingsystem,includinginvestors,preparers,auditcommitteesandauditorstolistentostakeholderconcerns,understandemergingissuesandrisks,answerquestionsandshareviewsoncurrentfinancialreportingmatters.Investors,financialprofessionalsandindexprovidersshouldconsidercarefullythatthistypeandlevelofengagementmaynotoccurinemergingmarkets.
PCAOB’sInabilitytoInspectAuditWorkPapersinChinaContinues
InvestorsandfinancialprofessionalsshouldconsiderthepotentialrisksrelatedtothePCAOB’slackofaccesstotheworkofPCAOB-registeredaccountingfirmsinChina.Issuersshouldclearlydisclosetheresultingriskstoinvestors.
TheChairmanoftheSECandtheChairmanofthePCAOB,aswellasstafffromtheSECandthePCAOB,haveonvariousoccasionsremindedinvestorsofthesignificantrisksrelatedtoinvestmentsinChinaduetotheinabilityofthePCAOBtoinspect[15]auditworkandpracticesofPCAOB-registeredaccountingfirmsinChina(includingHongKong,totheextenttheirauditclientshaveoperationsinChina)withrespecttotheirauditworkofU.S.reportingcompanies.[16]
InvestorsshouldunderstandthepotentialimpactsofthePCAOB’slackofaccesswheninvestingincompanieswhoseauditorisbasedinChina.EvenwhentheauditorsigningtheauditreportisnotbasedinChina,ifthecompanyhasoperationsinChina,investorsshouldconsiderwhethersignificantportionsoftheauditmayhavebeenperformedbyfirmsinChina,andthepotentialimpactofthePCAOB’sinabilitytoaccesssuchauditworkpapers.InvestorscanaccessinformationaboutthePCAOB’slackofaccessonthePCAOB’swebsite.[17]
GiventheimportancetoinvestorsofunderstandingthepotentialmaterialrisksrelatedtothePCAOB’slackofaccessrelatedtoPCAOB-registeredaccountingfirmsinChina,issuerswithoperationsinChinashouldmakecleardisclosuresregardingtheserisks,includinghighlightingtheselimitationsasariskfactor.[18]
Inconnectionwithourongoingeffortstoaddressanumberofissuesrelatedtothequalityoffinancialreportingandauditinginemergingmarkets,wehavebeenmeetingwithseniorrepresentativesofthesixlargestU.S.auditfirmsandrepresentativesoftheirglobalnetworks.Tobeclear,thesediscussionswiththeauditfirmsarenotintendedtobeasubstituteforthePCAOBinspectingauditworkandpracticesofPCAOB-registeredaccountingfirmsinChinawithrespecttotheirauditworkofU.S.-listedcompanies.Thesemeetingshaveincludeddiscussionsregardingauditqualityacrosstheirglobalnetworksandtheimportanceofeffectiveandconsistentoversightofmemberfirmsglobally,includingthoseoperatinginChinaandotheremergingmarkets.[19]Ineachofthesemeetings,theauditfirmshaverecognizedtheirresponsibilitiesasauditorsandacknowledgedtheimportanceofconsistentauditmethodologiesacrosstheirglobalnetworks.Wewereclearinsharingourexpectationsthattheyfulfilltheseresponsibilities.
EnforcementActionsbytheSEC,DOJandOtherU.S.AuthoritiesMayBeLimited
Accountabilityforissuersandgatekeepers,includingindividualaccountability,isakeyaspectofU.S.securitieslaw.TheSEC,DOJandotherauthoritiesoftenhavesubstantialdifficultiesinbringingandenforcingactionsagainstnon-U.S.companiesandnon-U.S.persons,includingcompanydirectorsandofficers,incertainemergingmarkets.Issuersshouldclearlydisclosetherelatedrisks.
Investors,includingindividualinvestors,fundsandcompanies,shouldunderstandpotentiallimitationsonenforcementactionswhenmakinginvestmentdecisionsinemergingmarkets.Duetojurisdictionallimitations,mattersofcomityandvariousotherfactors,theSEC,DOJandotherU.S.authoritiesmaybelimitedintheirabilitytopursuebadactors,includingininstancesoffraud,inemergingmarkets.Forexample,inChina,therearesignificantlegalandotherobstaclestoobtaininginformationneededforinvestigationsorlitigation.[20]Similarlimitationsapplytothepursuitofactionsagainstindividuals,includingofficers,directorsandindividualgatekeepers,whomayhaveengagedinfraudorotherwrongdoing.Inaddition,localauthoritiesoftenareconstrainedintheirabilitytoassistU.S.authoritiesandoverseasinvestorsmoregenerally.Therearealsolegalorotherobstaclestoseekingaccesstofundsinaforeigncountry.Issuersshouldclearlydisclosetherelatedmaterialrisksandfinancialprofessionalsshouldconsidertheseriskswhenmakingorrecommendinginvestmentdecisions.
ShareholderRights;ShareholderRecourse
ShareholderclaimsthatarecommonintheU.S.,includingclassactionsecuritieslawandfraudclaims,generallyaredifficultorimpossibletopursueasamatteroflaworpracticalityinmanyemergingmarkets.Issuersshouldclearlydiscloseanymateriallimitationsonshareholderrights.
Investorsshouldunderstandlegalandpracticaldifferencesaffectingtheirabilitytoprotecttheirinterestswhenmakinginvestmentdecisionsinemergingmarkets.Whereinvestorspurchaseasecuritycanaffectwhethertheyhave,andwheretheycanpursue,legalremediesagainsttheforeigncompanyoranyotherforeign-basedentitiesinvolvedinatransaction.InvestorsinemergingmarketsmaynothavetheabilitytoseekcertainlegalremediesinU.S.courtsasprivateplaintiffs.Moreover,evenifinvestorssuesuccessfullyinaU.S.court,theymaynotbeabletocollectonaU.S.judgmentagainstacompany,entityorperson,includingcompanydirectorsandofficers,inanemergingmarket,particularlywhenthecompany’sassetsandthoseofitsdirectorsandofficersarelocatedinanemergingmarket.Asapracticalmatter,investorsmayhavetorelyondomesticlegalremediesthatareavailableintheemergingmarket.Theseremediesoftenarelimitedanddifficultforinternationalinvestorstopursue.
Giventheimportanceofaclearunderstandingoftheseriskstoinvestors,managementofcompaniesbasedinjurisdictionswheretheremaybesignificantlimitationsonaninvestor’sabilitytoseekredressshouldmakecleardisclosuresregardingtheserisks,includinghighlightingtheselimitationsasariskfactor.
DraftingandPresentingRiskDisclosure:DisclosureShouldbeProminentandClear;BoilerplateDisclosureisNotSufficient
Inlightofboththesignificanceandcompany-specificnatureoftherisksdiscussedinthisstatement,weexpectissuerstopresenttheserisksprominently,inplainEnglishanddiscussthemwithspecificity.[21]IssuersbasedinemergingmarketsshouldconsiderprovidingaU.S.domesticinvestor-orientedcomparativediscussionofmatterssuchas(1)howthecompanyhasmettheapplicablefinancialreportinganddisclosureobligations,includingthoserelatedtoDCPandICFRand(2)regulatoryenforcementandinvestor-orientedremedies,includingasapracticalmatter,intheeventofamaterialdisclosureviolationorfraudorotherfinancialmisconductmoregenerally.Similarly,asdiscussedfurtherbelow,registeredfunds,includingthoseinvestinginemergingmarkets,mustdisclosetheprincipalrisksofinvestinginthesecuritiestheyholdintheirprospectusesandsummaryprospectuses;thisshouldalsobepresentedinplainEnglishandwithspecificityastothefund’sinvestments.[22]
PassiveInvesting;IndexConstruction
Investorsshouldunderstandthatanindexfundtrackingaspecificemergingmarketindexgenerallydoesnotconsiderorweighinvestorprotectionconsiderationswheninvestinginaparticularsecurity.
Inadditiontoanumberofconsiderationswheninvestinginanyfund,investorsinindexfundsandotherpassively-managedfundsshouldunderstandthepotentialimpactofthefund’spassiveinvestingstrategyontheinvestor’sexposuretorisksinemergingmarkets.Forexample,anemergingmarketindexfundmayseektotrackaspecificemergingmarketindex,andthereforemayinvestinallofthesecuritiesincludedinthatindexoronlyasampleofthosesecurities.However,thecompositionoftheemergingmarketindexitselfgenerallywouldnotweighindividualsecuritiesbyinvestorprotectionconsiderations.Thatis,inindexconstruction,decisionsaremadeonajurisdiction-widebasis.Forexample,onceajurisdictionisincluded,individualsecuritiesfromthatjurisdictionareincludedintheindexbasedontheindexprovider’sspecificweightingmethodology(e.g.,basedonmarketcapitalization).Theindexmayormaynotweighthejurisdictionasawholeonthebasisofinvestorriskorotherfactorsinadditiontomarketcapitalization.
Investorsandfinancialprofessionalsshouldconsidertheseindexconstructiondecisionsandtherelatedriskswhenmakingorrecommendinginvestmentdecisionsinsuchfunds.
ConsiderationsforInvestmentAdvisersandFunds
Financialprofessionalsgenerallyshouldconsiderlimitationsonthequalityoravailabilityofinformation,aswellastheotherrisksdescribedabove,whenrecommendinginvestmentsinemergingmarkets.Fundsinvestinginemergingmarketsshouldconsiderwhethertheyhaveadequateriskdisclosureabouttheuniquerisksanduncertaintiesthatcompanieswithsignificantoperationsinemergingmarketsoftenface.Boilerplatedisclosuresgenerallyarenotusefulorsufficientinthesecircumstances.
Inadditiontothegeneralconsiderationsforinvestorsabove,investmentadvisersandfundsshouldbemindfuloftheirobligationsundertheInvestmentAdvisersActof1940(“AdvisersAct”)andInvestmentCompanyActof1940withrespecttoinvestmentsinemergingmarkets.
Investmentadvisers,includingadviserstofunds,haveafiduciarydutytotheirclientsundertheAdvisersAct,includingadutyofloyaltyandadutyofcare.[23]Thedutyofcareincludesadutytoprovideinvestmentadvicethatisinthebestinterestoftheclient.Inordertoprovidesuchadvice,anadvisermusthaveareasonablebeliefthattheadviceisintheclient’sbestinterestbasedontheclient’sobjectives.Forexample,anadvisershouldconsiderwhetherinvestmentsarerecommendedonlytothoseclientswhocanandarewillingtotoleratetherisks,andshouldconductareasonableinvestigationintotheinvestmentsufficientnottobaseitsadviceonmateriallyinaccurateorincompleteinformation.Accordingly,investmentadvisersthatarerecommendinginvestmentsinemergingmarketsmaywanttoconsider,aspartoftheirduediligence,whethertherearelimitationsonthequalityoravailabilityoffinancialinformationwithrespecttotheseinvestments,aswellaspossiblelimitationsoninvestors’legalremediesalongthelinesofthosediscussedabove.Investmentadvisersshouldalsoconsidertheeffectofmarketclosuresontheirclients’investmentsandabilitytogainaccesstotheirassets.
Inaddition,mutualfunds,exchange-tradedfundsandotherregisteredinvestmentcompaniesarerequiredtodisclosetheirprincipalrisksinthefund’sprospectusandsummaryprospectus.Theseriskswilldependonthefund’sinvestmentobjective(s),holdings,investmentstrategiesandstructure.[24]Privatefundadvisersalsomuststateallmaterialfactsnecessarytomakethestatementsmadetoanyinvestororprospectiveinvestorinthefundnotmisleading.[25]Ifafundinvestsormayconsiderinvestingasignificantportionofitsassetsinemergingmarkets,itshoulddisclosethoseprincipalrisksrelatedtothequalityoravailabilityofthefinancialinformationofsuchinvestments,impactofanypotentialmarketclosuresandotherrelatedrisks.
Closing
Itisimportantthatinvestors,funds,financialprofessionalsandindexprovidersconsidercarefullytheissues,risksanduncertaintiesassociatedwithinvestinginemergingmarkets,includingChina,theworld’slargestemergingmarketandsecondlargesteconomy.Inparticular,protectionssimilartocertainkeyelementsoftheU.S.regulatoryregimemaynotexistinthesemarketsand,asbothalegalandpracticalmatter,applicableregulationsaremorelimitedfromaninvestorprotectionperspective.Itisimperativethatcompaniesbasedinorwithsignificantoperationsintheseemergingmarkets,aswellastheirauditcommittees(ifapplicable)andauditors,eachfulfilltheirresponsibilitiesto(1)prepareandprovidehigh-quality,reliablefinancialinformationandotherdisclosures,includingthroughconsiderationsofthecircumstancesandenvironmentinwhichthesecompaniesoperateand(2)provideaccurateandcompleteriskdisclosure,includingwithregardtothelimitedrightsandremediesofU.S.authoritiesandinvestors.
Thisstatementshouldnotbeviewedasanefforttorestrictaccesstoemergingmarketinvestments.Investorchoicehaslongbeenacorecomponentofourcapitalmarketsregulatoryframework,andemergingmarketinvestments,includingasacomponentofadiversifiedportfolio,haveproventobebeneficialtomanyinvestors.Thecombinationof(1)fullandfairdisclosure,(2)meaningful,principledoversightandenforcementand(3)broadinvestorchoice,hasmadetheU.S.capitalmarketstheworld’sdeepestandmostvibrant,benefitinginvestors,issuersandeconomicwelfaredomesticallyandglobally.Thisstatementreflectsourcommitmenttopreservingandpromotingeachcomponentofthatimportantandpowerfulcombination.
[1]ThisstatementrepresentstheviewsoftheChairman,ChiefAccountantandDirectorsoftheDivisionsofCorporationFinanceandInvestmentManagementoftheU.S.SecuritiesandExchangeCommission(“SEC”or“Commission”).Itisnotarule,regulation,orstatementoftheSEC.TheCommissionhasneitherapprovednordisapproveditscontent.Thisstatementdoesnotalteroramendapplicablelawandhasnolegalforceoreffect.Thisstatementcreatesnoneworadditionalobligationsforanyperson.
ThisstatementalsoexpressestheviewsofthePublicCompanyAccountingOversightBoard(“PCAOB”)ChairmanWilliamD.DuhnkeIIIanddoesnotnecessarilyreflecttheviewsofthePCAOB,otherPCAOBBoardmembers,orPCAOBstaff.
[2]See,e.g.,U.S.DepartmentoftheTreasury,FederalReserveBankofNewYorkandBoardofGovernorsoftheFederalReserveSystem,U.S.PortfolioHoldingsofForeignSecuritiesasofDecember31,2018(October2019),availableathttps://ticdata.treasury.gov/Publish/shca2018_report.pdf;BureauofEconomicAnalysis,U.S.DepartmentofCommerce,DirectInvestmentbyCountryandIndustry,2018(July2019),availableathttps://www.bea.gov/system/files/2019-07/fdici0719.pdf;M.Szmigiera,DirectinvestmentpositionoftheUnitedStatesabroadfrom2000to2018(September2019)availableathttps://www.statista.com/statistics/188571/united-states-direct-investments-abroad-since-2000/.
[3]See,e.g.,McKinsey&Company,Globalgrowth,localroots:Theshifttowardemergingmarkets(August2017),availableathttps://www.mckinsey.com/business-functions/operations/our-insights/global-growth-local-roots-the-shift-toward-emerging-markets;McKinsey&Company,Manufacturingthefuture:Thenexteraofglobalgrowthandinnovation(November2012),availableathttps://time.com/wp-content/uploads/2015/03/manufacturing-the-future.pdf.
[4]Chinahasthesecondlargesteconomyintheworld,withareportedgrossdomesticproductof$14.3trillionin2019.See,e.g.,ElvisPicardo,WhyWallStreetIsaKeyPlayerintheWorld'sEconomy(Feb.5,2020),availableathttps://www.investopedia.com/articles/investing/100814/wall-streets-enduring-impact-economy.asp.
[5]See,e.g.,SECOfficeofInvestorEducationandAdvocacy,InvestorBulletin:InternationalInvesting,availableathttps://www.sec.gov/reportspubs/investor-publications/investorpubsininvesthtm.html.
[6]Rules13a-15(a)and15d-15(a)oftheSecuritiesExchangeActof1934(“ExchangeAct”)(17CFR240.13a-15(a)and17CFR240.15d-15(a),respectively)andSection13(b)(2)oftheExchangeAct(15USC78m(b)(2)).
[7]Paragraph.02ofASNo.1001,ResponsibilitiesandFunctionsoftheIndependentAuditor.
[8]Managementresponsibilitieswithrespecttothefinancialstatementsofaregisteredinvestmentcompanyaresimilar,reflectiveofthedifferentrequirementsforfinancialstatementpresentationandinternalaccountingcontrols.SeeSection30(g)oftheInvestmentCompanyActof1940[15USC80a-29(g)].
[9]Rule13a-13oftheExchangeAct(17CFR240.13a-13)andRule15d-13oftheExchangeAct(17CFR240.15d-13).
[10]Rule13a-14oftheExchangeAct(17CFR240.13a-14)andRule15d-14oftheExchangeAct(17CFR240.15d-14).TheserulesrequirethecertifyingofficersmakecertaincertificationsregardingdisclosurecontrolsandproceduresandICFR,andtoalsocertify,amongotherthings,thattheyhavereviewedtheForm10-Qandthatbasedontheirknowledge:(i)the10-Qdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterialfactnecessarytomakeanystatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredbythe10-Q;and(ii)thefinancialstatements,andotherfinancialinformationincludedinthe10-Q,fairlypresentinallmaterialrespectsthefinancialcondition,resultsofoperations,changesinnetassetsandcashflowsofthecompanyasof,andfor,theperiodspresentedinthe10-Q.
[11]Form6-KundertheExchangeAct(17CFR249.306).
[12]See,e.g.,SECChairmanJayClayton,StatementonSECApprovalofthePCAOB’sNewAuditor’sReportingStandard(October23,2017),availableathttps://www.sec.gov/news/public-statement/clayton-statement-pcaob-new-auditor-reporting-standard;SECChairmanJayClayton,SECChiefAccountantSagarTeotiaandSECDivisionofCorporationFinanceDirectorWilliamHinman,StatementonRoleofAuditCommitteesinFinancialReportingandKeyRemindersRegardingOversightResponsibilities(December30,2019),availableathttps://www.sec.gov/news/public-statement/statement-role-audit-committees-financial-reporting.
[13]Sarbanes-OxleyActof2002,Pub.L.No.107-204,116Stat.745(2002).
[14]See,e.g.,SECChairmanJayClayton,StatementatOpenMeetingonProposedAmendmentstoSarbanes-Oxley404(b)AcceleratedFilerDefinition(May9,2019),availableathttps://www.sec.gov/news/public-statement/statement-clayton-050919;SECChairmanJayClayton,StatementonSECApprovalofthePCAOB’sNewAuditor’sReportingStandard(October23,2017),availableathttps://www.sec.gov/news/public-statement/clayton-statement-pcaob-new-auditor-reporting-standard;SECChiefAccountantSagarTeotia,StatementinConnectionwiththe2019AICPAConferenceonCurrentSECandPCAOBDevelopments(December9,2019),availableathttps://www.sec.gov/news/speech/teotia-speech-2019-aicpa-conference.
[15]Tofurtherstrengthenourfinancialreportingsystem,thePCAOBoverseestheauditsofU.S.-listedcompanies,registeredinvestmentcompaniesandSEC-registeredbrokersanddealerswithamissionofprotectinginvestorsandfurtheringthepublicinterestinthepreparationofinformative,accurateandindependentauditreports.PCAOBinspectionsareakeycomponentofourregulatoryeffortstoenhancethequalityoffinancialreportingandpromoteauditquality.SeePCAOB,Mission,Vision,andValues,availableathttps://pcaobus.org/About/History/Pages/mission-vision-values.aspx.
[16]See,e.g.,StatementontheVitalRoleofAuditQualityandRegulatoryAccesstoAuditandOtherInformationInternationally—DiscussionofCurrentInformationAccessChallengeswithRespecttoU.S.-listedCompanieswithSignificantOperationsinChina(December7,2018),availableathttps://www.sec.gov/news/public-statement/statement-vital-role-audit-quality-and-regulatory-access-audit-and-other.
[17]SeePCAOB,InternationalOversightandCross-BorderCooperation,availableathttps://pcaobus.org/International;PCAOB,PublicCompaniesthatareAuditClientsofPCAOB-RegisteredFirmsfromNon-U.S.JurisdictionswherethePCAOBisDeniedAccesstoConductInspections,availableathttps://pcaobus.org/International/Inspections/Pages/IssuerClientsWithoutAccess.aspx;PCAOB,China-basedReferredWork,availableathttps://pcaobus.org/International/Pages/China-Referred-Work.aspx.
[18]SeeItem105ofRegulationS-K(17CFR229.105)(requiring“adiscussionofthemostsignificantfactorsthatmakeaninvestmentintheregistrantorofferingspeculativeorrisky”).
[19]SeePressRelease,SECChairmanClayton,PCAOBChairmanDuhnke,andMembersofSECStaffMeetWithAuditingFirmRepresentativestoDiscussAuditQualityinEmergingEconomiesandMarkets(November4,2019),availableathttps://www.sec.gov/news/press-release/2019-228;SECChairmanJayClayton,SECDivisionofCorporationFinanceDirectorBillHinman,SECChiefAccountantSagarTeotia,andPCAOBChairmanWilliamD.DuhnkeIII,StatementonContinuedDialoguewithAuditFirmRepresentativesonAuditQualityinChinaandOtherEmergingMarkets;Coronavirus—ReportingConsiderationsandPotentialRelief(February19,2020),availableathttps://www.sec.gov/news/public-statement/statement-audit-quality-china-2020-02-19;SECChiefAccountantSagarTeotia,StatementontheImportanceofHigh-QualityFinancialReportinginLightoftheSignificantImpactsofCOVID-19(April3,2020)availableathttps://www.sec.gov/news/public-statement/statement-teotia-financial-reporting-covid-19-2020-04-03.
[20]SeeArticle177ofthe2020RevisedChineseSecuritiesLaw,whichprovides,amongotherthings,thatwithouttheapprovalofitssecuritiesregulatorandvariouscomponentsoftheChinesegovernment,noentityorindividualinChinamayprovidedocumentsandinformationrelatingtosecuritiesbusinessactivitiestooverseasregulators.
[21]SeeItem105ofRegulationS-K(17CFR229.105).SeealsoRule408oftheSecuritiesActof1933(17CFR230.408),Rule421oftheSecuritiesActof1933(17CFR230.421)andRule12b-20oftheExchangeAct(17CFR240.12b-20).
[22]See,e.g.,FormN-1A,Gen’l.Instr.B.4.(c).,Items4(b)and9(c);Rule421undertheSecuritiesAct(17CFR230.421).
[23]CommissionInterpretationRegardingStandardofConductforInvestmentAdvisers,InvestmentAdvisersActReleaseNo.5248(June5,2019).
[24]AccountingandDisclosureInformationNo.2019-08,ImprovingPrincipalRisksDisclosure,availableathttps://www.sec.gov/investment/accounting-and-disclosure-information/principal-risks/adi-2019-08-improving-principal-risks-disclosure.
【美国证券交易委员会发布针对新兴市场的投资建议，提到中概股（全文）】[25]Rule206(4)-8(a)(1)oftheAdvisersAct(17CFR275.206(4)-8(a)(1)).


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