Hong Kong wants statutory backing for the disclosure of
price-sensitive information. But the exchange and SFC must work
Theres consensus between the exchange and the SFC
[Securities and Futures Commission] on the need to introduce
statutory backing, says Mark Dickens, head of listing at
Hong Kongs stock exchange. But a number of people
in the market would prefer this not to happen and are trying to
drive a wedge between the regulators.
Following calls from the exchanges listing committee
to give statutory backing to the disclosure of price-sensitive
information, Hong Kong published two consultation papers on the
topic at the end of March. One, from the governments
Financial Services and the Treasury Bureau, sets out the
legislative framework. The other, from the SFC, outlines the
regulatory regime that will enforce this legislation.
But despite the cooperation of...