Hong Kong's Securities and Futures Commission is reviewing its regulations and processes to reduce red tape and bureaucracy, its chairman Eddy Fong has announced.
Speaking at an Institute of Directors luncheon on Wednesday, Mr Fong argued that Hong
Kong must remain vigilant in identifying areas where it is not competitive. As
such, the commission will deregulate rules, processes or regulations which create
structural barriers to efficiency and competition.
Mr Fong added it is also necessary for the commission to tighten regulation
to close any loopholes resulting from the changing environment.
He concluded by calling on directors to instil a culture of discipline and integrity in their
organisations, in order to contribute to the continued success of Hong Kong's financial
markets.
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