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Jay Clayton, chairman of the SEC Chairman Jay Clayton during an open meeting of the U.S. Securities and Exchange Commission, on June 5, 2019. Photo: Diego M. Radzinschi/ALM

In late April, U.S. Securities and Exchange Commission chair Jay Clayton and William Duhnke, chair of the Public Company Accounting Oversight Board, issued a joint statement warning investors of the risks of investing in companies from emerging markets. Although the document wasn’t specific, it’s clear that the duo are really concerned about one particular emerging market: China.

The day after releasing the statement, Clayton, who before being appointed by President Donald Trump to run the SEC was a longtime Sullivan & Cromwell partner and advised on the largest-ever U.S. initial public offering from China, Alibaba’s 2014 listing, went on Fox Business to reiterate the warning, stressing in particular that the oversight board’s inability to monitor Chinese companies’ books compounds the risk.

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Anna Zhang

Anna Zhang is the Hong Kong-based Asia Bureau Chief for Law.com International. She writes about lawyers and legal issues across Asia. Her coverage includes the business of law, global and domestic law firms, in-house legal departments and regulatory issues. She can be reached at [email protected]

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