HKSAR Expert Group to Review the Securities and Futures Market Regulatory Structure 香港特別行政區檢討證券及期貨市場規管架構運作專家小組
ICAC, SFC investigate alleged corruption of listing applications at HKEX (0388)
| ICAC announcement
SFC, 26-Jun-2019
Webb-site first heard the allegations on 30-May and they were reported in media since then, so evidence may have been lost before the SFC and ICAC launched raids on 2 sponsors, 2 listed companies and a printing firm from 23-Jun onwards. A former Joint Head of the IPO Vetting Team and 2 of his associates have been arrested by the ICAC. You may wonder why a for-profit listed company is in the "business" of regulation. That's because the HK Government rejected the advice of its Expert Group to remove the conflict in 2003. The HK listing process also involves a high degree of subjectivity on "suitability". Any such process invites corruption.
SFC, 26-Jun-2019
Webb-site first heard the allegations on 30-May and they were reported in media since then, so evidence may have been lost before the SFC and ICAC launched raids on 2 sponsors, 2 listed companies and a printing firm from 23-Jun onwards. A former Joint Head of the IPO Vetting Team and 2 of his associates have been arrested by the ICAC. You may wonder why a for-profit listed company is in the "business" of regulation. That's because the HK Government rejected the advice of its Expert Group to remove the conflict in 2003. The HK listing process also involves a high degree of subjectivity on "suitability". Any such process invites corruption.
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-2003)
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-2003)
Financial Secretary's response to Expert Group recommendations
| Transcript
HK Government, 21-Mar-2003
"We will work with relevant parties, particularly SFC and HKEx, to draw up a programme 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."
HK Government, 21-Mar-2003
"We will work with relevant parties, particularly SFC and HKEx, to draw up a programme 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."
Report by the Expert Group on securities and futures market regulatory structure
| Media release
HK Government, 21-Mar-2003
HK Government, 21-Mar-2003
Expert Group on naming Expert Groups appointed
In a widely-expected move, the Government has announced the formation of an Expert Group On the System of Naming of Expert Groups in Hong Kong, (26-Nov-2002)
In a widely-expected move, the Government has announced the formation of an Expert Group On the System of Naming of Expert Groups in Hong Kong, (26-Nov-2002)
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-2002)
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-2002)
Sign up for our free newsletter
Recommend Webb-site to a friend
Copyright & disclaimer, Privacy policy