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Fri,Jan 24,2014
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China regrets U.S. ruling on "Big Four" China units

(Xinhua)    19:21, January 24, 2014
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BEIJING, Jan. 24 -- China's securities regulator said Friday that it regrets a U.S. ruling recommending a six-month suspension of Chinese units of the "Big Four" accounting firms from practicing in the United States.

At a press conference, Deng Ge, spokesman of the China Securities Regulatory Commission (CSRC), said the commission hoped the U.S. Securities and Exchange Commission would properly handle the case and make the right decision.

Deng added that CSRC would closely watch the development of the case and the U.S. Securities and Exchange Commission should bear all responsibility for possible consequences of its actions.

The "Big Four" firms include Deloitte&Touche, Ernst&Young, KPMG and PriceWaterhouseCoopers.

In an initial decision released late Wednesday, Cameron Elliot, the U.S. Securities and Exchange Commission's administrative law judge, ruled to deny the Chinese units of the four firms "the privilege of practicing or appearing before the Commission for a period of six months."

The decision would not be final or effective until it is approved by the full U.S. commission.

The four firms have said they intend to appeal against the ruling.

(Editor:KongDefang、Liang Jun)

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