Experts' Suggestions on Financial Market Appropriate: Financial Secretary

Home>>China

Last updated at: (Beijing Time) Saturday, March 22, 2003

Experts' Suggestions on Financial Market Appropriate: Financial Secretary

DISCUSSION

CHINESE

SEND TO FRIEND

Hong Kong's Financial Secretary Antony Leung described in Hong Kong Friday the recommendations from an expert group on the securities and futures market regulatory structure as "appropriate" and said they "will enhance the quality of our market."

"We will work with relevant parties, particularly Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing Limited (HKEx), to draw up a program for implementing the Expert Group's recommendations for the transfer of listing functions. We will put forward a proposal to the Executive Council as soon as possible," he said.

Leung said he looked forward to the implementation of the recommendations in respect of listing matters in 18 months.

Leung elaborated that Hong Kong's regulatory regime must evolve in tandem with new market developments if Hong Kong is to strengthen its competitiveness as an international financial center and the premier fund raising center for the country.

He noted that they will, in conjunction with other parties, endeavor to ensure that the changes will be bottom-line neutral to HKEx as a listed company at the time of transfer.

"We are also sensitive to the needs of the market and will take every possible step to ensure that the transition is smooth, that the new listing regime has an appropriate balance of market savvy and regulatory expertise, and that the new listing arrangements will be both user-friendly and conducive to healthy market development," he said.

The three-member expert group, which delivered its report to the financial secretary Friday, has set out its views on the direction for the future development of the regulatory regime, in particular with regard to the roles of the SFC and the HKEx on listing matters.

Chairman of the group Alan Cameron said: "After widespread consultation during the past six months, we have found overwhelming support for significant reform of the current regulatory structure."

"Our work has confirmed that Hong Kong's legal, business and technological infrastructure is widely respected by market participants both in Hong Kong and in the international community," he said.

However, a number of trends have emerged which, if not addressed, could undermine the market's reputation and long-term development, and came up with its recommendations to the government, Alan said.

Questions?Comments? Click here

The US Must Not Put Pressure On the UN ( 3 Messages)

Saddam Vows to Globalize War if Attacked ( 5 Messages)

China's Z11 Helicopters Get Green Light for Civilian Use ( 5 Messages)

New Premier Comes from Grass Roots ( 2 Messages)

China Hopes War can be Avoided: FM ( 3 Messages)