Outgoing Securities and Futures Commission (SFC) chairman Anthony Neoh has urged the Government to reveal its stakes in locally listed companies as soon as possible, saying failure to do so was not 'good for market transparency'. In his first comments on the Government's market intervention last month, Mr Neoh said: 'The market is unable to know the Government's shareholding in blue-chip companies. 'It is not good for market transparency. 'The Government has said it would announce the figures when speculative activity dies down. I hope the Government does it as soon as possible.' Mr Neoh - speaking on his penultimate day in office - also offered some conciliatory comments to the stock exchange after strong criticism earlier this year. In May, Mr Neoh attacked the stock exchange for its failure to adequately supervise its broker members, saying the negligence had caused the collapse of some brokerage firms. He described the exchange at the time as a 'a private club for brokers' which 'serves the interests of brokers perhaps a bit more than investors'. Mr Neoh said yesterday the exchange had instigated a 'dramatic improvement in its enforcement role' in the past six months. He pointed out the exchange had added more resources to supervise its members and had joined forces with the SFC to monitor margin-financing companies. The exchange had also tried to strengthen the enforcement of the listing rules by proposing changes to the law to allow the exchange to seek court orders to combat non-compliance. Despite Mr Neoh's conciliatory tone, he again urged the stock exchange to proceed with plans to become a private company as soon as possible. 'It is a structural problem. The stock exchange is a shareholding company privately owned by its broker members,' he said. 'I think the exchange has to consider whether it should follow overseas examples to reform its structure. 'In Australia, the exchange has changed itself into a publicly listed company. The stock exchanges in Sweden and UK have also made similar moves allowing them to clearly divide the roles of management and ownership. 'The exchanges in Korea and Thailand have also reformed very quickly. The Stock Exchange of Hong Kong should consider the same move in a bid to compete with exchanges in the region.' He said the commission was studying changes to the law to allow the SFC to take civil action against those accused of market misconduct. Existing laws allow the SFC to take disciplinary action against brokers registered with the SFC or criminal action for alleged market manipulation or illegal short-selling. He said criminal action required evidence beyond reasonable doubt, making it difficult to proceed. Civil action, on the other hand, required less evidence and would allow the court to fine those who had breached the rules, he said. After completing his four-year SFC chairmanship today, Mr Neoh will travel to Beijing in mid-October as a visiting professor in the Faculty of Law and Business at Beijing University. He will also teach a short-term course in February on 'Financial and Law Regulation'. Mr Neoh plans to come back to Hong Kong in July next year to be Senior Counsel of the Hong Kong Bar again - his profession prior to joining the SFC in February 1995.