TechFlow news: The Hong Kong Securities and Futures Professional General Association has published a letter to the Financial Services and the Treasury Bureau on its official website titled "Proposal to Establish an Independent Self-regulatory Organization for the Securities, Futures, Asset Management and Virtual Assets Industries," pointing out that many economically developed regions around the world—including China—have statutory semi-official industry self-regulatory bodies dedicated to industry development and maintaining market ecosystems. Hong Kong could adopt a similar model by establishing an industry-led self-regulatory body composed of industry stakeholders, with core functions centered on promoting industry development. This body would be responsible for formulating and enforcing business conduct rules in areas such as fostering healthy industry competition, coordinating licensing quotas, reviewing advertisements, and advocating improved corporate governance among brokerages. The aim is to support the long-term, healthy development of the industry, enhance the competitiveness of Hong Kong's securities market in the global arena, and reinforce its status as an international financial center. Regarding regulation, the SFC's licensing authority should be delegated to this self-regulatory organization, while other market regulatory powers remain unchanged.
Risk Disclosure: This website's content is not investment advice and offers no trading guidance or related services. Per regulations from the PBOC and other authorities, users must be aware of virtual currency risks. Contact us / [email protected] ICP License: 琼ICP备2022009338号
