BRIEF-China Securities Regulator Says Cooperation With U.S. audit regulator To Begin Soon

CHINA SECURITIES REGULATORY COMMISSION: * ITS RELATED COOPERATION WITH PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB) WILL COMMENCE SOON

* SIGNING AUDIT AGREEMENT WITH U.S. IS AN IMPORTANT STEP TOWARD ADDRESSING THE AUDIT ISSUE * KEEPING CHINESE COMPANIES LISTED IN THE U.S. BENEFITS INVESTORS, COMPANIES, AND BOTH COUNTRIES

* AUDIT WORKING PAPER TYPICALLY DOESN'T INVOLVE NATIONAL SECRETES, INDIVIDUAL PRIVACY OR OTHER SENSITIVE INFORMATION * THE NEXT STEP IS FOR BOTH SIDES TO CONDUCT INSPECTIONS AND INVESTIGATIONS OF RELEVANT ACCOUNTING FIRMS, AND MAKE OBJECTIVE ASSESSMENT

* IF COOPERATION CAN MEET RESPECTIVE REGULATORY NEEDS, DELISTING OF US-LISTED CHINESE COMPANIES CAN BE AVOIDED * CHINA WILL ASSIST AND COORDINATE WORKING PAPER DEMANDED BY U.S.

* SPECIAL PROCEDURES INTRODUCED IN PROTOCOL TO PROCESS DATA SUCH AS PERSONAL INFORMATION * U.S. HAS TO GET CHINA'S PARTICIPATION AND COORDINATION TO OBTAIN AUDIT WORKING PAPER AND INTERVIEW ACCOUNTING OFFICIALS