Chinese securities regulator appoints new key department head

By Selena Li and Xie Yu

HONG KONG, Nov 17 (Reuters) – China’s securities regulator has appointed a new head of its department to oversee talks to resolve a long-running U.S.-China dispute over company audits and is also overseeing stock market listings. Chinese companies overseas, two people told Reuters.

Huo Ruirong has been appointed director general of the international affairs department of the China Securities Regulatory Commission (CSRC), said the two people, who have direct knowledge of the matter.

The department, the main regulator of overseas listings of domestic companies, is leading negotiations for a China-U.S. agreement to end an audit dispute that has plagued Chinese companies listed in New York for more than a decade.

U.S. regulators have been granted “good access” in their review of audit work carried out on New York-listed Chinese companies during a seven-week inspection, Reuters reported on Wednesday – a key step towards resolving the dispute.

Huo previously worked as managing director of China Financial Future Exchange and is expected to start in the new position on Monday, one of the sources said.

He replaces former head of the international department Shen Bing, who completed his four-year term in mid-October and has now been appointed director general of the CSRC’s funds and intermediaries supervision department, according to the two sources. and two other people with knowledge. of the material.

The sources declined to be identified as they were not authorized to speak to the media.

In the new role, Shen will oversee the CSRC issue. 2 function after the public offering supervision department, and will be in charge of licensing, including fund management and brokerage business of domestic and foreign enterprises.

The CSRC did not respond to Reuters’ request for comment. Huo and Shen could not immediately be reached for comment.

A series of global financial institutions are seeking to enter or strengthen their footprint in China after the country eased foreign ownership rules in 2019, in a bid to tap into its financial markets with trillions of dollars in assets.

Currently, Credit Suisse, Fidelity and BNP Paribas are part of a group applying for their respective licenses to operate in China. (Editing by Alison Williams)

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