Jul. 09, 2020
There is not a lot to add that has not already been more eloquently and more elaborately stated. The Security and Exchange Commission mission is to first and foremost to protect investors. Given the lack of oversight and ability to provide oversight of companies that are listed on U.S. exchanges, while domiciled in China, the SEC, and the exchanges need to change the rules to either delist companies where oversight is not possible, or provide assurance that companies that are listed on U.S. exchanges are indeed subject to oversight and consequences to not providing accurate information and thorough audits. Company executives of listed entities need to recognize that there will be consequences for committing fraud against individual investors and our institutions. This is simply not possible given current Chinese law and therefore Chinese companies should not be given access to U.S. markets with no enforcement ability. The current inability of the SEC and U.S. exchanges to carry out their most basic obligations to protect investors is dangerous to the credibility of both. Sincerely, Samuel A. Mason CFA