People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-IOSCO Objectives and Principles of Securities Regulation-Detailed Assessment of Observance

July 16, 2014

Preview Citation

Format: Chicago

People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-IOSCO Objectives and Principles of Securities Regulation-Detailed Assessment of Observance, (USA: International Monetary Fund, 2014) accessed November 21, 2024

Summary

This Financial Sector Assessment Program report on People’s Republic of China–Hong Kong Special Administrative Region highlights that it has developed a sound framework for the regulation of securities markets, which exhibits a high level of implementation of the International Organization of Securities Commissions Principles. Both the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) are sophisticated regulators and have been able to leverage from domestic and international expertise to develop sound supervisory practices. Further, while traumatic, the Lehman minibond experience has led to material improvements in conduct supervision that have permeated both the SFC and the HKMA. Continuing efforts by the SFC to build up its capacity to identify and monitor emerging risks should increase the SFC’s ability to react in a timely manner to an evolving landscape, marked by an increased interconnection with the Mainland China, an active presence by international players and increased regional competition as an international finance center. It is important to consider translating the operational independence that the regulators have enjoyed into de-jure independence, through modifications in the current legal governance arrangements for both SFC and HKMA.

Subject: Accounting standards, Auditing, Financial institutions, Financial statements, Futures, Public financial management (PFM), Securities

Keywords: Accounting standards, Auditing, Beneficial owner, Business plan, Chief executive, CR, Disciplinary action, Financial statements, Futures, Futures exchange, Global, Holding company, Insider dealing, Investment strategy, ISCR, Listing rule, Odd lot, Securities, Senior management, Short position, Stock market

Publication Details

Pages:

223
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/205
Stock No:

1HKGEA2014004
ISBN:

9781498391436
ISSN:

1934-7685

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