The Hong Kong Securities and Futures Commission's Process Review Panel has found that the SFC adhered to internal procedures in its decisions and actions in all cases under review.
However, the panel chairman Anthony Chow said last week that the sixth annual report, covering the SFC's work in 2006, identified areas with "room for improvement".
"In 2006, the panel reviewed 40 completed cases and the procedures of the Securities and Futures Commission covering various areas of its work. The panel has found that in general, the commission had been adhering to its established internal procedures in their decisions and actions. The panel has also identified certain areas where there could be room for improvement." Chow explained.
The review examined six of the SFC's key functions, including: licensing of intermediaries; inspection of intermediaries; authorisation of collective investment schemes; handling of complaints; investigation and disciplinary action; and processing of listing applications under the Dual Filing regime.
The panel also considered the industry's views on the Commission's procedures to identify areas for improvement, and referred the industry's comments to the SFC for consideration.
The report was welcomed by Hong Kong Financial Secretary John Tsang. He commented:
"The sixth annual report of the panel contains a comprehensive review of the adequacy of selected internal procedures of the Securities and Futures Commission (SFC)."
"The panel has made a number of constructive recommendations to improve the transparency, efficiency and consistency of, and checks and balances on, the SFC's procedures. The panel, with the full co-operation of the SFC, has made invaluable contributions to further enhancing the quality of the regulation of Hong Kong's securities and futures market."
"I am thankful to the chairman, Anthony Chow, and members of the panel for their dedication to enhancing the quality of market regulation in the past year," Tsang concluded.
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