Last Friday, the United States and China appear to have taken a major step towards resolving their longstanding dispute over inspections and investigations by the U.S. Public Company Accounting Oversight Board (“PCAOB”) of audit firms based in China and Hong Kong that threatens to cause the delisting of approximately $1.5 trillion in U.S.-listed securities by issuers based in China and Hong Kong. However, it remains uncertain if the deal will prove to be a durable solution.