Hong Kong Exchanges and Clearing Limited (HKEx) welcomes today's publication of the Report on the Securities and Futures Commission's (SFC) 2005 annual review of the Stock Exchange's# performance in its regulation of listing matters*.
HKEx notes the SFC's recommendations for improving procedures and will hold further discussions with the SFC to determine the best way forward in respect of certain of the SFC's observations and recommendations.
"We are pleased to note the review found in the areas examined that the Stock Exchange's procedures are adequate to enable it to discharge its statutory obligation to maintain an orderly, informed and fair market," said HKEx Chief Executive Paul Chow. "Enhancing our performance is a continuous process and we remain committed to the further development of a quality market."
"We are pleased to note that the report acknowledges the progress we have made in implementing revised procedures to strengthen our operations," said Richard Williams, HKEx's Head of Listing. "The majority of the recommendations are broadly consistent with our plans and work in hand.
"In the few areas where we disagree with the thrust of the recommendations or there are difficulties in adopting the recommendation we have carefully explained our approach and the basis of our alternative views," Mr Williams added.
#
The Stock
Exchange
of
Hong Kong
is a wholly-owned
subsidiary
of HKEx.
* HKEx's initial responses to the SFC's recommendations are included in the report's appendices.