Facilitating Hong Kong’s evolution as an international financial centre and a key financial market in China will be one of the top priorities of the Securities and Futures Commission (SFC) in this financial year, the regulator has announced.
Unveiling the SFC’s 2007-08 Annual Report at a recent press conference, Eddy Fong, chairman of the SFC stated that Hong Kong will continue to strengthen ties with Mainland counterparts and develop its unique position as a platform for capital movements in and out of China.
“Hong Kong will always be the first and best stop for Mainland enterprises before they go to the international market: here they can develop new skills and acquire familiarity with global players, from relatively close to home,” Fong explained.
Reviewing last year’s operation, Martin Wheatley, Chief Executive Officer of the SFC, reported significant achievements on the enforcement front during a challenging year of high volatility and unprecedented turnover in the stock market.
A number of enforcement firsts were achieved, including the first criminal insider dealing prosecution and the first jailing for market misconduct under the Securities and Futures Ordinance. At the same time efficiency was doubled, with over 70% of investigations now completed within seven months.
“The SFC will hone its monitoring tools for regulated entities while allowing ample flexibility for market development. Our enforcement effort will focus on delivering clear messages to the market on unacceptable behaviour,” Wheatley revealed.
The regulator intends to allocate additional resources to investor education, as more complex and sophisticated products are being offered on the market.
The SFC will also continue to upgrade its own business capability and effectiveness, including the further streamlining of licensing and product authorisation processes.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment