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Annual Report 2016-17 Our Logo

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Annual Report 2016-17 Our Logo Regulation for Quality Markets Annual Report 2016-17 Our logo The SFC logo symbolises our mission of creating a fair and level playing field. Lines between the blocks form the Chinese character “正”, which means fairness and justice. The square signifies a solid legal framework and the parallel bars represent equal treatment. Contents 2 Message from Chairman and CEO 4 Strategic Priorities 10 SFC at a Glance 14 Corporate Governance 34 Our People 36 Highlights of the Year 38 Operational Review 39 Overview 42 SFC activity data 44 Intermediaries 51 Investment products 55 Listings and takeovers 60 Market infrastructure 63 Enforcement 72 Risk assessment 73 Global regulatory engagement 77 Stakeholder communication 81 Corporate Social Responsibility 90 Corporate Developments 98 Financial Statements 98 Securities and Futures Commission 126 Investor Compensation Fund 145 Unified Exchange Compensation Fund 159 Supplementary Information 159 Breakdown of SFC activity data 166 Committees, panels and tribunal 175 Glossary and abbreviations SFC Annual Report 2016-17 Message from Chairman and CEO There can be no doubt that change is a permanent feature of our markets. Innovation, new business models and cross-boundary market connectivity present significant opportunities for Hong Kong, but they also bring risks which must be managed. As global markets become more competitive and complex, we maintain a tight focus on the advancement of Hong Kong’s position as a leading international financial centre. New regulatory approach The challenges ahead will cut across all of our regulatory functions. To address them, we have adopted a “One SFC” approach and introduced organisational changes which deploy our existing resources and expertise more Carlson Tong effectively. The operating divisions responsible for Chairman enforcement, intermediaries and listing matters were reorganised, while cross-divisional working groups were set up to tackle more serious market problems. This more specialised, collaborative and multi-disciplinary We adopt a “One SFC” approach approach allows us to deliver fast and responsive and introduce organisational regulation. changes to deploy our resources Earlier, more targeted intervention helps minimise and expertise more effectively. damage to our markets and irreparable harm to affected investors. We pay particular attention to those problems which pose the most significant or systemic risks. By Facilitating market development focusing on the greatest threats we achieve better Our broader objectives include encouraging a more regulatory outcomes, and this provides the impetus for diverse listed market trading on fundamentals better market behaviour. and establishing Hong Kong as the premier asset management hub in Asia. In pursuing them, we strive to Furthermore, we have been transparent about signalling combine sound regulation with the development of new our actions and intentions to the market as early as products and platforms and the pursuit of reciprocal possible. This front-loaded, “real-time” regulatory overseas market access. approach is already making an impact in listing-related matters and in intermediary supervision. To give Hong Kong retail and institutional investors more options, we are fostering the expansion of a mix Investor protection is always a vital part of our mission. of wholesale and retail intermediaries and platforms It is essential for Hong Kong’s future success that retail to provide a wider range of more affordable retail and institutional investors – both local and international investment products as well as to service increasingly – have confidence in a robust regulatory framework diversified cross-boundary capital flows. A related which delivers undoubted accountability, efficiency and aim is to ensure that Hong Kong offers hedging and transparency. 2 SFC Annual Report 2016-17 Message from Chairman and CEO Chairman and CEO and to manage Mainland exposures. The regulatory Message from basis for these developments hinges on cross- boundary supervisory and enforcement cooperation. The type and intensity of reciprocal cooperation with the China Securities Regulatory Commission has been transformed over the past three years and we will Priorities Strategic continue to build on this progress. Our influence in the international regulatory community, in particular through the chairmanship of the Board of the International Organization of SFC at a Glance Securities Commissions, has contributed to Hong Kong’s reputation as a key influencer of global regulatory benchmarks. In our day-to-day work, prudent resource allocation Governance Corporate Corporate and robust financial controls enable us to effectively deliver on our statutory objectives and operational priorities. We also remain committed to corporate Ashley Alder social responsibility efforts which centre on the impact our work has on the community and the environment. CEO People Our Our A foundation for the future In the years to come, effective regulation and strong We strive to combine sound regulation of the Year ties with other regulators, particularly on the Mainland, Highlights with the development of new products will remain essential for healthy and sustainable market and platforms and the pursuit of development. The strategic priorities set out in the overseas market access. following pages detail the ways in which we now use the full range of our powers to achieve our statutory Operational objectives and provide a sound basis for market Review other derivative products, whether exchange-traded development. or over-the-counter, which meet the needs of global We are confident that we are well placed for the and Mainland institutional capital to manage evolving challenges ahead and for this we would like to thank Corporate Social Mainland and other risks. Responsibility the Board and our staff for their dedication, hard work Anchoring Hong Kong as a competitive international and support. equity fund raising centre is a top priority. Last year, the public took a keen interest in our joint consultation with Hong Kong Exchanges and Clearing Limited on Developments Corporate Corporate listing reform. A common objective should be a more vibrant market, targeting a more diverse range of quality listings, with more participation from local and international investors. Statements Carlson Tong Ashley Alder Financial The launch of Shenzhen-Hong Kong Stock Connect in Chairman CEO December 2016 further enhanced Hong Kong’s role as a gateway for investors to access Mainland markets Supplementary Supplementary Information 3 SFC Annual Report 2016-17 Strategic Priorities As a statutory regulator, we have the duty to A new approach to regulation keep in mind the need to maintain Hong Kong’s As the markets we regulate become more complex, status as a competitive international financial global and interconnected, the challenges we face centre. Pre-eminently, this involves promoting increasingly cut across all of our regulatory functions. high-quality markets. Our most pressing need To address them, we have adopted a “One SFC” is to keep ahead of and facilitate the rapid approach to combine and deploy the full range of our changes which are affecting the financial regulatory tools to achieve our statutory objectives. In industry, whether this is about technological our daily operations, we stay focused on discharging transformation or greater cross-boundary market our statutory duty to make efficient use of our connectivity between the Hong Kong and resources. mainland China markets. As far as possible, we strive to proactively identify and tackle problems early, paying special attention to those Managing these changes is particularly important which pose the most significant or systemic risks to our in view of Hong Kong’s developing role enabling markets. We are increasingly using early intervention international capital to interact with Mainland and a front-loaded and “real-time” regulatory opportunities and Mainland capital to be matched with approach, including in listing-related matters, and opportunities overseas. Despite recent attention paid to signal to the intermediary community where our to capital flows and currency stability, it is clear that conduct and prudential attention will be focused. over the past decade the pace of Mainland market opening-up and liberalisation has accelerated. We are increasingly using early Meanwhile, the size and composition of two-way capital flows and the financial services activities intervention and a front-loaded, positioned around them have changed significantly. “real-time” regulatory approach. In Hong Kong, Mainland investors have joined international institutional and local retail investors in Across the board, we will be more transparent and the markets, while local and international firms have rapid in explaining the reasons for many of our actions. been joined by Mainland firms. Mainland firms now And more timely, impactful enforcement sends a account for a significant share of our initial public strong deterrent message to achieve better regulatory offering (IPO) sponsor business and margin loans. outcomes as well as shape future market behaviour. Their growing presence means that the Mainland has overtaken the United States as the source of the A multi-disciplinary approach makes our operations largest number of shareholder groups controlling our agile and efficient and allows us to maximise the licensed corporations. impact of our actions. For example, a new initiative pools resources from
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