Stock exchange ponders ICAC call to go public
The stock exchange is seeking more information from the Independent Commission Against Corruption (ICAC) before responding to its call for the exchange to become a public body, chairman Edgar Cheng Wai-kin says.
'We have sought legal advice and some things have not been clear enough,' Mr Cheng said.
'Therefore, before we pass on the matter to the exchange council, we need more information from the ICAC.
'Then, we can understand more clearly the situation and then we can form a stance.' He said the exchange intended to send a letter to the ICAC yesterday but declined to reveal the contents.
'This is not a simple matter, therefore we hope we can understand it better,' he said.
'It would have been much better it this matter had not leaked out while the study on the issue is undergoing.' An ICAC spokeswoman said the commission had yet to receive the letter.
'Our initial response is that whatever the stock exchange proposes, we will consider,' she said.
Plans to turn the exchange into a public body have received the support of the Securities and Futures Commission (SFC) but have drawn complaints from the exchange.
SFC chairman Anthony Neoh had stated the regulatory body's support for the proposal to end the exchange's status as a private entity.
The proposal was instigated by the ICAC as a measure to help its investigations.
