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Hong Kong SFC Signs Partnership Pact With Financial Reporting Council

by Mary Swire, Tax-News.com, Hong Kong

14 November 2007


Hong Kong's Securities and Futures Commission and the Financial Reporting Council have signed a memorandum of understanding to enhance co-ordination and exchange of information between the two parties.

According to a government statement, the pact outlines the working arrangements between the two bodies in areas of potential authority overlap and matters of common interest, so that they can discharge their functions effectively and enhance investor protection.

The agreement also outlines the framework for case referral, and establishes principal contact points to ensure efficient and effective communication.

The commission's Chief Executive Officer, Martin Wheatley welcomed the deal.

The council's Chief Executive Officer MT Shum added that he is confident that the two parties will work together to enhance the financial reporting integrity of listed entities in Hong Kong.

The Financial Reporting Council is a statutory organisation which launched in July. Its main functions are to investigate - with respect to listed entities - auditing and reporting irregularities, enquire into non-compliance with financial reporting requirements, and to require listed entities to address any non-compliance identified.


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