Hong Kong, faced with competition from other stock markets, should stop requiring companies to seek both Hong Kong Exchanges and Clearing and Securities and Futures Commission approval before they can be listed on the exchange, HKEx chairman Ronald Arculli said. Other markets can approve new listings within 36 hours compared with weeks in Hong Kong, Mr Arculli said without identifying the faster processors. 'Any regulation should be reviewed and change with the times,' he said. 'We have to study what other markets are doing and should remove any parts of our system that are too bureaucratic or too troublesome. 'This is important to make sure our listing procedures are user-friendly to compete with other markets.' Some market participants had complained about overlapping in the dual filing process, introduced in 2003, as they need to answer the same questions to the stock exchange and the SFC, he said. It would be quicker if the exchange were the only regulator to handle approvals while the SFC could keep a veto power to reject applications, he said. Such proposal would effectively be a return to the old regime. Even if the present system were kept, any overlap between the two regulators should be removed, he said, adding that the exchange would ask the government and the SFC to carry out a review. 'The dual filing system was introduced to perform a gate-keeping function,' a government spokesperson said. 'We need to ensure a robust regulatory regime with respect to listings to preserve market quality and to ensure adequate investor protection. We believe the SFC and HKEx share a common goal and will continue to work closely in this area.' The SFC also showed no sign of wanting to give up its oversight power. 'The dual filing arrangement was designed in such a way as to avoid imposing any unnecessary extra-regulatory burden on the market,' spokesman C. K. Chan said. 'The arrangement has been working well and the SFC believes it has contributed to improvement in the quality of the market.'