The chairman of a government-appointed expert group has hit back at critics, saying its review of Hong Kong's regulatory system will not be a 'whitewash' and can offer advice on wide-ranging issues relating to the listing of public firms.
Alan Cameron, chairman of the expert group reviewing the SAR's regulatory structure, said Financial Secretary Antony Leung Kam-chung had assured the group its remit was wide enough to explore wide-ranging changes.
Controversy erupted on Wednesday when Mr Cameron said his group would not review 'fundamental concepts' of the regulatory structure but look at the 'narrow scope' of listing and corporate governance matters. However, in a letter to the South China Morning Post today he says: 'If we do identify issues that are wider in scope than the specific ambit of our group, we will not hesitate to draw them to the attention of the government.'
Last month's report into the July penny stock fiasco, endorsed by Chief Executive Tung Chee-hwa, recommended the gate-keeping role of the stock exchange's listing committee should be shifted to the Securities and Futures Commission.
In his letter Mr Cameron says: 'The group believes that the above terms of reference are wide enough for us to consider the regulatory role of the various parties involved and to recommend changes as necessary.
'The group is acutely aware of international trends towards improved corporate governance and investor rights.'