British Regulator To Vet New HKEx Listings, Report Suggests

by Philip Morton, Investors Offshore.com

04 July 2002

Hong Kong Exchanges and Clearing will soon be announcing a high-profile appointment to oversee its listing division, according to a report from the South China Morning Post.

Citing unnamed HEx sources, the newspaper suggested that the new head honcho in the listings department of the exchange is likely to be Richard Williams, who is currently in charge of policy and compliance for listing matters with the UK's Financial Services Authority.

The SCMP's source revealed that the move is, at least in part, a response to recent accusations that since the exchange became a profit-making company it has become less stringent when vetting listing applications because it wants to maximise listing fees.

'The exchange wants to show the world that it is very keen on strengthening its listing division staff to ensure companies are properly regulated,' the newspaper was told on Wednesday.

Observers have suggested that streamlining the application process- currently the remit of both the 25 member listing committee and the exchange-run listing division- will greatly improve efficiency, and have applauded the appointment of a 'heavyweight' overseas regulator to head the department.

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