• Sun
  • Dec 28, 2014
  • Updated: 9:11am

SFC

The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate the city’s securities and futures markets. It works to ensure orderly securities and futures market operations, to protect investors and help promote Hong Kong as an international financial centre and a key financial market in China. It is funded by levies on transactions conducted on the Stock Exchange of Hong Kong and the Hong Kong Futures Exchange, and by licence fees..

MTR's disregard for law shames the SFC

The announcement of further delays with a HK$2.8 billion increase in costs is clearly price-sensitive information and that the MTR's directors told only one shareholder, the government, through a Legco subcommittee.

Let me tell you about the Securities and Futures (Amendment) Ordinance 2012, which the Securities and Futures Commission pushed into law two years ago.

Tuesday, 25 November, 2014, 5:27am 8 comments

Time to call SFC's bluff in this case

Ashley Alder, chief executive of the SFC. SFC only has uninformed suspicion in the case. Photo: David Wong

Let's get the facts of the case straight here before we marvel at how the SFC's ways of passing sentence can make hanging judges look like angels of mercy.

6 Nov 2014 - 6:08am 3 comments

SFC hopes through train wait, with rules settled, won't be too long

The SFC says protecting investors from possible misconduct across the border was vital. Photo: Reuters

Vital rules for compensating wrongdoing under a scheme to directly link Hong Kong and Shanghai stock markets have been agreed as part of a broad plan to solve regulatory problems created by cross-border trading.

30 Oct 2014 - 4:59am

SFC turns a blind eye to the real wrongdoers

The sad fact is that our SFC has betrayed us to the brave new world's ways of tilting that playing field.

Let me tell you where they lurk as the story here is a little different from how the SFC presents it in these George Bush-style tones of indignation.

14 Oct 2014 - 4:48am 1 comment

Hong Kong securities watchdog to tighten rules on sale of risky products

Ashley Alder said the suitability requirement is a cornerstone of investor protection.

The Securities and Futures Commission will tighten regulations on the sale of complex and risky products by financial firms to so-called professional investors from March 2016 in a bid to enhance investor protection.

26 Sep 2014 - 5:09am

SFC's legal action against Citic a reassuring sign

SFC's legal action against Citic a reassuring sign

The authorities have launched actions in some high-profile cases of insider trading and market misinformation to punish wrongdoers, compensate investors and safeguard Hong Kong's reputation for a level playing field.

25 Sep 2014 - 8:41am

SFC action hands ex-Citic Pacific directors a get-out-of-jail-free card

To begin the MMT proceeding, the SFC has to secure the consent of the Secretary for Justice.

Former Citic Pacific chairman Larry Yung and the company's then-directors are unlikely to face criminal prosecution for telling the market its finances were in good shape as it suffered a HK$15 billion trading loss in 2008.

13 Sep 2014 - 8:32am 4 comments

SFC's civil action against Citic is a good first step

Larry Yung

The decision by the Securities and Futures Commission to take action against Citic comes as a welcome surprise.

13 Sep 2014 - 4:47am

Under-fire Citic seeks legal advice on SFC's HK$1.9 billion lawsuit

The SFC is suing Citic and five former directors. Photo: Reuters

State-backed conglomerate Citic is seeking legal advice on a HK$1.9 billion lawsuit brought by the SFC against it and five former directors for their failure to disclose massive forex losses in 2008.

13 Sep 2014 - 3:00pm 1 comment

SFC launches legal action against Citic to demand compensation for investors

Former bosses Larry Yung (left) and Henry Fan. Photos: Reuters

The SFC yesterday requested a court order against state-backed conglomerate Citic and five former directors, including chairman Larry Yung, seeking a total of HK$1.9 billion in compensation for 4,500 investors.

12 Sep 2014 - 10:46am 1 comment

SFC suffers wider loss, but still a rich regulator

The SFC should consider levying a fixed fee on Hong Kong Exchanges and Clearing, which it regulates, instead of charging investors base on market turnover. Photo: Felix Wong

The Securities and Futures Commission may have seen its loss widen last quarter but it is still too rich as a regulator.

25 Aug 2014 - 11:32pm

Overpaid box tickers at SFC leave us none the wiser about price-sensitive information

Overpaid box tickers at SFC leave us none the wiser about price-sensitive information

Ask and you shall receive. The Bible says so, the Securities and Futures Commission complied and the prophecy was fulfilled beyond expectation.

20 Jul 2014 - 4:13am 2 comments

Council proposals won't do much for investor protection

Investors in Hong Kong have very little protection from the sharks of the market.

Struggle your way through the consulta-babble in which the FSDC report is written and you find that these new boards would be just another way of allowing in companies like Alibaba whose directors want a listing but don't want to put their own skin in the game.

22 Jun 2014 - 5:24pm 7 comments

Beijing could do worse than follow Hong Kong's market rules

Accounting firm Ernst & Young sought to rely on China's secrecy laws in refusing to hand over information of listing candidate Standard Water to Hong Kong's Securities and Futures Commission. But the Court of First Instance rejected the argument.

If Beijing looks to the private sector to perform more of the heavy lifting in growing China's economy, it can do without uncertainty or lack of confidence in the minds of investors.

28 May 2014 - 12:37pm

MTR's silence on delays offers test of how well the SFC protects investors

Bill Hwang, founder of Tiger Asia Management LLC.

The story is simple. An investment banker called up Tiger Asia, a New York-based investment fund, to sound out interest in a placement of China Construction Bank shares.

11 May 2014 - 3:34am 8 comments

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