Secretary for Financial Services & the Treasury Christopher Hui today expressed regret about the US Securities & Exchange Commission (SEC)’s statement.

The US SEC said in its statement that Hong Kong historically has not worked with the US Public Company Accounting Oversight Board to allow its required inspections.

Noting that Hong Kong’s legal and regulatory system on auditors has no restrictions preventing overseas regulators from inspecting auditors’ working papers located in Hong Kong, as evidenced by past examples of the accounting oversight board’s own inspections on Hong Kong auditors, Mr Hui stressed that the SEC’s allegation was unfair and ungrounded.

“We urge the US SEC to correct its misleading statement,” said Mr Hui.