SFC and CSRC hold high-level enforcement cooperation meeting
The Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) recently held their 16th regular high-level meeting on enforcement cooperation. The focal point of the meeting in Kunming, Yunnan Province, was initiatives to strengthen collaboration.
The two regulatory agencies conducted in-depth discussions on bolstering enforcement cooperation in order to tackle cross-boundary securities crimes and misconduct more effectively, protect the interests of investors in Hong Kong and the Mainland, and reinforce Hong Kong's status as an international financial centre.
During the meeting, the two sides updated each other on their enforcement priorities, trends and progress, as well as the successful outcomes of their enforcement cooperation. Both parties also had productive dialogues on several key issues related to cross-boundary enforcement cooperation, including:
·exploring ways to strengthen cross-boundary enforcement cooperation against securities crimes and misconduct, with a view to achieving higher efficiency and comprehensive outcomes;
·sharing the process for handling cases involving suspicious transactions and discussing the mechanism for referral of intelligence;
·discussing the latest trends in ramp-and-dump market manipulation activities; and
·sharing insights into the effective use of advanced technologies to enhance enforcement outcomes.
Mr Christopher Wilson, the SFC’s Executive Director of Enforcement, stressed the significance of Hong Kong as an international financial hub in connecting the Mainland and global capital markets. As such, it is imperative for Hong Kong to protect investors’ interests and safeguard market reputation to maintain its status as an international financial centre. That being the case, Mr Wilson reiterated the importance of strengthening enforcement cooperation with the CSRC as closer collaboration will facilitate both agencies’ capabilities in combatting securities crimes and misconduct and enhance the effectiveness and deterrence of enforcement actions.
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