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Hong Kong SFC Continues Securities Regulatory Reform
The Securities and Futures Commission (SFC) of Hong Kong will continue to strengthen the regulatory framework and facilitate market development for the local securities market, said Andrew Sheng, chairman of SFC, Tuesday.
Delivering its first quarterly report for the 2001/2002 fiscal year, Sheng said the SFC completed seven consultations on codes or regulatory changes for the period from April 1 to June 30, 2001.
It also implemented four new codes and guidelines to affirm and enhance the professional standard of intermediaries, he added.
Moreover, the SFC worked with the Bill Committee on a clause-by- clause review of the Securities and Futures Bill, established a shareholders group to provide advice to the Commission on issues relating to shareholders' rights, and worked with the Stock Exchange on the launch of Exchange Traded Fund, Sheng said.
On the unaudited financial results, Sheng said the SFC had achieved a surplus of 2.2 million HK dollars (282,000 U.S. dollars) for the quarter, and the SFC's reserves as of June 30, 2001 reached 680 million HK dollars (87 million U.S. dollars).
Sheng said the SFC's work would increase with the challenges posed by global structural changes, as intermediaries, exchanges and clearing houses merged or formed alliances.
However, he promised the SFC would continue to control expenditure tightly to make this year's financial position within budget.
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