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PR Newswire
20-12-2013, 04:41 PM
More measures from SFC HK...
New securities watchdog targets corporate fraud in Hong Kong
[HONG KONG] Hong Kong's securities regulator has set up a task force to detect fraud by listed companies, extending its increasingly muscular approach into an area traditionally overseen by the city's stock exchange.
The power shift marks the latest step by the Securities and Futures Commission (SFC) to try to tackle fraud in the Hong Kong stock market, which is particularly tough to police given the majority of its companies are based overseas.
The move suggests the watchdog is set to take a tougher line against company management and majority shareholders, stepping in after a series of accounting scandals threatened to damage the city's reputation as a leading international financial centre. "Corporate governance is now firmly on the commission's radar screen," said Gareth Hughes, a partner at Ashurst law firm.
The independent SFC established the corporate regulation group last month to comb through stock market announcements, research notes and press articles looking for possible red flags, mirroring the approach taken by the Securities and Exchange Commission (SEC) in the United States.
-Reuters
Source: Business Times Breaking News
New securities watchdog targets corporate fraud in Hong Kong
[HONG KONG] Hong Kong's securities regulator has set up a task force to detect fraud by listed companies, extending its increasingly muscular approach into an area traditionally overseen by the city's stock exchange.
The power shift marks the latest step by the Securities and Futures Commission (SFC) to try to tackle fraud in the Hong Kong stock market, which is particularly tough to police given the majority of its companies are based overseas.
The move suggests the watchdog is set to take a tougher line against company management and majority shareholders, stepping in after a series of accounting scandals threatened to damage the city's reputation as a leading international financial centre. "Corporate governance is now firmly on the commission's radar screen," said Gareth Hughes, a partner at Ashurst law firm.
The independent SFC established the corporate regulation group last month to comb through stock market announcements, research notes and press articles looking for possible red flags, mirroring the approach taken by the Securities and Exchange Commission (SEC) in the United States.
-Reuters
Source: Business Times Breaking News
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