Financial Regulation in Hong Kong: Time for a Change

Arner, Douglas W.; Hsu, Berry Fong-Chung; Roza, Antonio M. Da

doi:10.1017/s2194607800000314

Cited by 7 publications

(5 citation statements)

References 4 publications

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“…With the enactment of the Securities and Futures Commission Ordinance in May 1989, the Securities Commission and the Office of the Commissioner for Securities were merged-to form the Securities and Futures Commission (SFC). Under the ordinance, the SFC is an independent statutory body that regulates the securities and futures markets in Hong Kong (Arner et al 2010;HKEx 2011). Another reform was the restructuring of the Council of the Hong Kong Stock Exchange in 1991.…”

Section: Structural Developmentsmentioning

confidence: 99%

“…Under the reforms, the Securities Commission and the Office of the Commissioner for Securities were merged in May 1989-forming the Securities and Futures Commission (SFC)-with the enactment of the Securities and Futures Commission Ordinance. Under the ordinance, the SFC is an independent statutory body whose task is to regulate the securities and futures markets in Hong Kong (Arner et al 2010).…”

Section: Regulatory Reformsmentioning

confidence: 99%

“…In addition to the committee, various agencies and these self-regulatory organisations have entered into a series of Memoranda of Understanding (MoUs) to define the operational framework for cooperation, communication, and coordination. However, the presence of the various MoUs has revealed regulatory gaps, overlapping in the roles of the regulators, and questions as to whether their roles are inadequately delineated in the context of financial market regulations (Arner et al 2010).…”

Section: Challenges Facing Stock Market Development In Hong Kongmentioning

confidence: 99%

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Stock market performance in Hong Kong: an exploratory review

Odhiambo

2015

Asian-Pac Economic Lit

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This paper reviews the origin and development of the stock market in Hong Kong. The first formal stock exchange, the Association of Stockbrokers in Hong Kong, was formed in 1891. However, the activities of the stock exchange are generally regarded as insignificant until the 1970s. Since the 1980s, there have been a number of major reforms and some significant developments. These include the unification of four stock exchanges; the establishment of the Securities and Futures Commission; the closer economic relations with Mainland China; the merger of the Hong Kong Stock Exchange and the Hong Kong Futures Exchange to form the Hong Kong Exchanges and Clearing Limited (HKEx); the launch of the second board (Growth Enterprise Market); and the demutualisation of the HKEx. The Exchange generally responded positively to these reforms and developments. As a result, the Hong Kong stock market experienced significant growth in terms of its market capitalisation ratio, turnover ratio, and the total value traded ratio. Despite the impressive growth in various stock market indicators, however, the Hong Kong stock market still faces some challenges, including regulatory challenges, as well as some concern over its future viability as a global equity hub.

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Section: Structural Developmentsmentioning

confidence: 99%

Section: Regulatory Reformsmentioning

confidence: 99%

Section: Challenges Facing Stock Market Development In Hong Kongmentioning

confidence: 99%

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Stock market performance in Hong Kong: an exploratory review

Odhiambo

2015

Asian-Pac Economic Lit

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“…Meanwhile, the Securities and Futures Commission and the Office of the Commissioner of Insurance are separately regulating the securities and the insurance industry. 42 Apart from the integrated regulation model and the sectoral regulation model, a brand new concept of the functional regulation has recently emerged in several countries in Europe, such as France and the Netherlands. The core idea of the functional regulation model can be summarized as 'Twin Peaks' structure which is put forth by M. Taylor.…”

Section: B Financial Regulatory Structuresmentioning

confidence: 99%

Law, Financial Stability and Economic Development: With Special References to the Financial Regulatory Structures in Hong Kong, Mainland China, the UK and the US

Zhang¹

2015

CWR

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After the catastrophic financial crisis in of 2008, a significant portion of the legal academia in the globe has started to concentrate on the interrelationship between law, financial stability and economic development. Through reviewing the voluminous literature in this field, it is figured out that the scope of law has been largely confined to strengthening regulation of the pre-crisis unbundled derivative transactions and enhancing cooperation among sovereign States by making formal sources of international law. Few discussions have been made to scrutinize the existing regulatory structures for the domestic financial markets of sovereign countries and demonstrate the potential possessed by informal international law in reinforcing the efficacy of these regulatory structures. By comparing the financial regulatory structures in Hong Kong, Mainland China, the UK and the US and the core principles of the BIS, the IOSCO and the IAIS, this article attempts to fill in the above research gap to some extent.

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“…71 See US Department of the Treasury (2008). 72 See Arner, Hsu, and Da Roza (2010). being undertaken.…”

mentioning

confidence: 99%

Responding to the Global Financial and Economic Crisis: Meeting the Challenges in Asia

Arner

Schou-Zibell

2010

SSRN Journal

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Financial Regulation in Hong Kong: Time for a Change

Cited by 7 publications

References 4 publications

Stock market performance in Hong Kong: an exploratory review

Stock market performance in Hong Kong: an exploratory review

Law, Financial Stability and Economic Development: With Special References to the Financial Regulatory Structures in Hong Kong, Mainland China, the UK and the US

Responding to the Global Financial and Economic Crisis: Meeting the Challenges in Asia

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