Hong Kong's Monetary Authority has written to all authorized institutions asking them to study its report on the Lehman Brothers minibonds incident and to implement some of the recommendations within a specified timeframe, it has been revealed.
Registered institutions have been asked to note in particular the report's 19 recommendations, which will strengthen the existing regulatory regime and investor protection framework.
The institutions are expected to implement seven recommendations in accordance with a timetable determined by the authority, and to formulate plans on how to implement a further two recommendations for discussion with the authority by the end of March.
The authority said this course of action is in line with the steps outlined by the Financial Secretary earlier in the month, adding it will work closely with the government and the Securities and Futures Commission in the review of the regulatory structure.
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