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Press Releases

HKMA urges Authorized Institutions to study its report on Issues Concerning the Distribution of Structured Products Connected to Lehman Group Companies

Following the release of the report of the Hong Kong Monetary Authority (HKMA) on Issues Concerning the Distribution of Structured Products Connected to Lehman Group Companies on 8 January, the HKMA today (Friday) issued a letter to all Authorized Institutions asking them to study the Report carefully and to implement some of the recommendations of the Report within a specified timeframe.

Registered Institutions (RIs) have been asked to note in particular the 19 recommendations in the Report, which are aimed at strengthening the existing regulatory regime and investor protection framework. The institutions are expected to implement seven recommendations in accordance with a timetable determined by the HKMA, and to formulate plans on how to implement a further two recommendations for discussion with the HKMA by the end of March 2009.

"The HKMA has already asked RIs to carry out a number of the recommendations in its previous circulars to RIs. We expect the other recommendations in the letter to be implemented as soon as practicable, to improve the existing regulatory regime and better protect investors," an HKMA spokesperson said.

"Today's action is in line with the steps outlined by the Financial Secretary yesterday and relates to administrative measures to improve investor protection. The HKMA will work closely with the Government and the Securities and Futures Commission in the review of the regulatory structure," the spokesperson added.

For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Peggy Lo, Manager (Communications), at 2878 1687

Hong Kong Monetary Authority
9 January 2009

Last revision date: 1 August 2011
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