Hong Kong rejects 'race to the bottom'
Monday 31 October 2011 - by Will Henley
The chief executive of Hong Kong's Securities and Futures Commission has said he wants to avoid an international regulatory "race to the bottom".
The SFC and Hong Kong Monetary Authority sought to quash doubts earlier this month when they announced that they are working toward the G20 targets. However, their joint statement admitted that a 2012 target date is dependant on implementation elsewhere.
Alder nonetheless said on Friday: "We are committed to the key G20 reforms because the need to ensure that reforms are directed at containing systemic risks and also protecting investors is an overriding concern in light of the fallout from the financial crisis.
"Quality regulation results from an interactive process, which is why it is important for an organisation like ours to continue to communicate with a cross section of the market as well as globally.
"We cannot do this in isolation. It's very important for Hong Kong to remain effectively in lockstep with the main goals of internationally agreed reforms," he added.
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