Subject: File No. emerging-markets
From: Di Yang

July 2, 2020

Hi,

I wonder how and what would the SEC do to protect the investors when auditors fail to discover the failure and the weakness in the Emergin market compaines listed in the US?

Also, what measures would you conduct to regulate them as they are not opearting in the US and might hide from the regulators.

In the cases of Wirecard, LK Coffee, how could investors be protected? Additionally, how would you address the ongoing fraud allegations on GSX?

Best,
Di