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US rejection is 'discrimination'
Source: Xinhua |
September 26, 2010, Sunday
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Print Edition
Print Edition
CHINA'S largest rating firm yesterday reaffirmed that its bid for registration in the United States was justifiable and legal and said the US regulator's rejection of its application was discriminatory.
The US Securities and Exchange Commission declined an application by Dagong Global Credit Rating Co Ltd to become an officially recognized bond rater in the US. The SEC said it refused registration because it could not ensure the Beijing-based company would comply with US reporting rules.
"On the record before us, it appears that Dagong would not control what information would be produced to commission staff," SEC said. "We are unable to conclude that Dagong can comply with the record-keeping, production, and inspection requirements of the Exchange Act."
Dagong contended reporting rules are related to a nation's sovereignty, and should be coordinated between government regulators and not business entities.
Dagong said the reporting rules standard was "a barrier specifically set for Dagong, which is obviously discriminatory against China and the Chinese rating agency."
Dagong said that as the US's largest foreign debtor and owner of a significant amount of dollar assets, it was important that a Chinese agency had a say in the rating of US financial assets.
The US Securities and Exchange Commission declined an application by Dagong Global Credit Rating Co Ltd to become an officially recognized bond rater in the US. The SEC said it refused registration because it could not ensure the Beijing-based company would comply with US reporting rules.
"On the record before us, it appears that Dagong would not control what information would be produced to commission staff," SEC said. "We are unable to conclude that Dagong can comply with the record-keeping, production, and inspection requirements of the Exchange Act."
Dagong contended reporting rules are related to a nation's sovereignty, and should be coordinated between government regulators and not business entities.
Dagong said the reporting rules standard was "a barrier specifically set for Dagong, which is obviously discriminatory against China and the Chinese rating agency."
Dagong said that as the US's largest foreign debtor and owner of a significant amount of dollar assets, it was important that a Chinese agency had a say in the rating of US financial assets.
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