The Securities and Futures Commission (SFC) has entered into a Memorandum of Understanding (MoU) with the Competition Commission to enhance cooperation and exchange of information.
The MoU provides for a mechanism whereby the SFC and the Competition Commission can notify and consult each other on issues with significant implications for one another and share information where appropriate.
The MoU – signed by the SFC’s Chief Executive Officer, Mr Ashley Alder, and the Competition Commission’s chairperson, Ms Anna Wu – also envisages exploring further collaboration and establishes a platform for other technical cooperation, such as staff training courses and secondments.
“This MoU enables the SFC and the Competition Commission to perform our respective statutory functions with greater effectiveness in an increasingly complex market. We look forward to working with the Competition Commission with our strengthened ties under the MoU,” said Mr Alder.
“The Competition Commission is pleased to have established this framework for cooperation with the SFC. The MoU will deliver a stronger partnership and synergies between the two agencies, thus enhancing the Competition Commission’s overall effectiveness in handling competition issues in the securities and futures industry. This is the Competition Commission’s first MoU signed with a financial regulator, and represents a significant milestone in our endeavours to adopt a joined-up approach in promoting competition and combating anti-competitive practices with relevant sector regulators in Hong Kong.” said Ms Wu.