Hong Kong Exchanges and Clearing will issue a consultation paper in the first quarter next year aimed at tightening regulation of professionals in the listing process. Following a series of scandals this year, Mr Kwong said the paper would include a set of requirements for listing professionals, including sponsors, accountants, lawyers and surveyors. 'The professionals have an important role in ensuring the quality of new listings. The HKEx paper will list the standards we expect them to meet,' he said, adding that the paper would ask whether professionals should carry out more due diligence on mainland enterprises. He said the government's Financial Services and Treasury Bureau should take the lead in co-ordinating regulators to improve the quality of listed companies. Mr Kwong said HKEx, the Securities and Futures Commission and the Commercial Crime Bureau all had different regulatory roles. 'It will not achieve anything if the HKEx is trying to improve the quality of listed companies alone,' he said. 'In the US, it was the government which took the lead to improve corporate governance and introduce other market reforms after the outbreak of the US corporate scandals.'