Alder: SFC head reveals his 2012 agenda

Author: | Published: 12 Jan 2012

Alder: SFC head reveals his 2012 agenda

The legal liability of sponsors will form part of Hong Kong’s Securities and Futures Commission’s (SFC) agenda in the first half of this year, the regulator’s new chief executive officer, Ashley Alder has revealed.

Speaking last night at the inaugural meeting of the Hong Kong Corporate Counsel Association’s (HKCCA) Financial Institutions Group, Alder said it was the SFC’s aim to deal with the practical problems in the industry whilst insuring the solutions "up everybody’s game".

Legal liability

Market consultations are targeted to begin in Q1, or early Q2. These will deal with legal liability and other aspects of sponsor performance, including principle supervisors and senior management responsiblities.

Market participants had raised concerns in the course of previous SFC inspections with regards to overtrading. And the involvement of principal supervisors on too many deals - a trend which...