US, Chinese regulators make peace over Longtop

The resolution of a dispute over a mainland Chinese group accused of fraud is a welcome step in the push for greater trust but doesn't mark an end to the spat.

Precedent, sop or isolated case whichever way you look at it, the resolution of a dispute between the SEC and Deloitte’s Chinese unit over its refusal to hand over documents relating to Longtop Financial Technologies, a mainland company under investigation for fraud, is a big moment.

The US regulator had issued a subpoena to force the local affiliate of the Big Four accounting firm to produce audit work papers and other documents relating to a possible fraud at the Chinese company.

However, on Monday the SEC and Deloitte Touche Tohmatsu CPA DTTC filed a joint motion to have the lawsuit, more than two years old, dismissed by...

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