Articles: HKEx/SFC: Structure

Listing Committee Reviewed
The latest proposed rehash of the Listing Committee offers little for investors. Although they own the entire free float and over half the market cap, investors would be in an 8:20 minority on the issuer-dominated committee which makes the Listing Rules of the front-line regulator. The consultation itself represents a leap backwards in transparency, and we take the unprecedented step of urging investors to boycott the process. (20-Feb-05)

PERLs online

So far, 21 respondents to the PERL consultation have published their submissions online or provided them to us for publication. You can read them at these links:

ACCA Hong Kong (8-Jan-04)
Anglo Chinese Corporate Finance Ltd (11-Dec-03)
Bar Association (30-Mar-04, after government conclusions were published)
British Chamber of Commerce (29-Dec-03)
Chartered Institute of Management Accountants (15-Jan-04)
Consumer Council (26-Jan-04)
Hong Kong Association of Online Brokers (31-Dec-03)
Hong Kong Exchanges and Clearing Ltd (14-Jan-04)
Hong Kong Institute of Directors (31-Dec-03)
Hong Kong Institute of Company Secretaries (Dec-03)
Hong Kong Society of Accountants (14-Jan-04)
Hong Kong Society of Financial Analysts (30-Dec-03)
Hong Kong Stockbrokers Association (30-Dec-03)
HSBC (6-Jan-04)
HSBC Broking Securities (Asia) Limited (12-Dec-03)
Institute of Securities Dealers (24-Dec-03)
Low Chee Keong (24-Jan-04)
Securities and Futures Commission (30-Jan-04)
So Wai Man, Raymond (various dates)
State Street Global Advisors (31-Dec-03)
Strickland, John (25-Nov-03)
Webb, David (1-Feb-04)

We call on the Government to publish all the submissions, but in the meantime, if you or your organisation made a submission which has not been published, and you believe in transparency, then please just let us know and we will publish it for you on our server and add it to the list above.

D-graded PERL of the Orient
The Government has announced its decision on Proposals to Enhance the Regulation of Listing. This represents only glacial progress. While they leave the door open for more meaningful reform in future phases, that is about as likely and imminent as universal suffrage, and not unrelated to that problem. We also look at the way investors have been relegated to a footnote in the report. (28-Mar-04)

PERL: Strickland's Submission
It transpires that Webb-site.com editor David Webb was not the only director of HKEx to make a personal submission to the Government on the Listing Consultation. We have obtained a copy of John Strickland's submission, and in the interests of transparency, we publish it here. (28-Mar-04)

Our PERL Submission
Webb-site.com editor David Webb, an investor-elected director of HKEx, has submitted his response to the Government's consultation on Proposals to Enhance the Regulation of Listing. You can read it here, and make your own submission using our form. (1-Feb-04)

The Reason for Resistance
We take a detailed look at the ongoing battle over the regulation of listed companies in Hong Kong, now in its third round of consultations after the PIPSI report and the Expert Group report, and take a look at the HKEx Chief Executive's recent statements on the subject, which has yet to be discussed by the board to which he reports, including Webb-site.com editor David Webb. (30-Oct-03)

Hong Kong takes stock of market regulation
Asia Times Online, 11-Apr-03

Disserving the Public Interest
HKEx, having announced a commitment to co-operate with Government's adoption of the Expert Group's plan to shift its regulatory role to the SFC, is now fighting it. We sat down last Monday with Charles Lee, who said that HKEx was obliged to put the public interest first and co-operate with the Government's proposal. Now he has done a U-turn. Did HKEx make a false and misleading announcement? And what about dictum meum pactum? (31-Mar-03)

Expert Group Submission
In the interests of transparency and debate, Webb-site.com is publishing its submission to the Expert Group to Review the Operation of the Securities and Futures Market Regulatory Structure. The three-man group has the opportunity to recommend far-reaching reforms. (25-Nov-02)