Why Hong Kong needs a new securities law

The introduction of Hong Kong''s new Securities and Futures Ordinance (SFO) has been a long time in coming, but that makes its April 1 advent all the more welcome.

If it isn't broken, why fix it. This is wise advice when the repair work is costly and time consuming and the benefits only marginal. But when it comes to the framework of rules that underpin Hong Kong's securities and futures industry, like the old washing machine, unless you have the latest model, the dirtiest and the most delicate loads will not be properly laundered.

So it was when financial markets were approaching the top of their cycle that the Securities and Futures Commission chose to ignore this old adage and took a long and hard look at the regulatory machinery that supports our securities industry. What it saw through the frothy...

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