The Securities and Futures Commission (SFC) is stepping up efforts to protect investors from growing illegal activities on the Internet relating to securities and futures markets.
The local watchdog, a member of the International Organisation of Securities Commissions (Iosco), says the severity of illegal on-line activities in the securities and futures markets prompted the world securities watchdog body to step up its measures to protect hapless investors.
The SFC recently took part in an international Internet Surf Day arranged by Iosco. Iosco members worldwide simultaneously surfed the Internet in an attempt to identify possible illegal activities relating to the securities and futures markets.
About 220 representatives, with their own surveillance programmes, visited more than 10,000 sites during nearly 1,000 hours of global participation.
The SFC along with 20 securities and futures regulators from 17 countries identified more than 1,000 Internet sites for follow-up review. They included 250 sites which involved cross-border activity.
SFC officials, including chairman Andrew Sheng, have warned of investment frauds, which, they say, are flourishing on bulletin board services, informal Web sites and chat rooms.