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Mainland, HK securities regulators step up cooperation

(XFN-Asia)
Updated: 2007-04-09 11:26

The Securities and Futures Commission (SFC) said it has signed two agreements with its counterpart in the Chinese mainland to provide for improved cross-border enforcement of securities laws.

SFC said the agreements were aimed, among other things, at enhancing the ability of the commission and the China Securities Regulatory Commission (CSRC) to cooperate in the investigation of cross-border crimes and regulatory breaches.

Under the new arrangements, SFC may request assistance from CSRC in obtaining information in the mainland relevant to SFC investigations.

If a person from whom the information is sought refuses to comply, CSRC may seek court sanctions against that person, SFC added.

The power for CSRC to compel the granting of this type of information has been made possible by amendments last year to the mainland's securities laws.

In the past, SFC had to rely on CSRC's request for voluntary cooperation from persons from whom such information was sought, SFC said.

SFC will also be able to exercise its powers to help CSRC in investigations on the mainland that involve a Hong Kong entity or person.