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The Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) recently held the 14th regular high-level meeting on enforcement cooperation. This was the first physical high-level meeting between the two regulators' enforcement units since the 2020 pandemic, during which in-depth discussions were conducted to facilitate effective enforcement cooperation.
At the meeting, the SFC and the CSRC noted the favourable outcomes born out of their cross-boundary enforcement cooperation since 2016. These include the establishment of regular and multi-level meetings, a collective effort to resolve enforcement cooperation policy issues, as well as successful collaboration in providing investigatory assistance and prioritising the support for major or urgent cases.
In addition to briefing each other on recent outcomes of enforcement cooperation and exchanging information on the enforcement priorities of the two regulators, the SFC and the CSRC also conducted an in-depth discussion on issues relating to cross-boundary enforcement cooperation, and reached consensus on the following issues:
- To launch coordinated investigations on a case of concern to both regulators as a pilot implementation for the coordinated investigation mechanism;
- To further explore effective ways to coordinate the police in Hong Kong and the Mainland to combat cross-boundary securities crimes;
- To maintain efficient and high-quality cooperation on the working-level to continue to study and resolve issues encountered in enforcement cooperation; and
- To resume in-person joint training for the enforcement officers of the two regulators as travel between Hong Kong and the Mainland returns to normal.
During the meeting, the two enforcement units and the relevant departments of the Independent Commission Against Corruption and the Commercial Crime Bureau also exchanged views on the provision of enforcement cooperation according to their respective functions and relevant laws.
As the mutual access between the Hong Kong and the Mainland capital markets deepens, both regulators recognise the new challenges and also opportunities for enforcement cooperation.
“We appreciate the CSRC's long-term support for our enforcement work, and I look forward to further enhancing our strategic partnership, expanding and deepening our enforcement cooperation, and developing new approaches and mechanisms to achieve new breakthroughs. Through our joint effort in combating and deterring cross-boundary securities offences, we will continue to protect investor interests and maintain the robust and sustainable development of the Hong Kong and the Mainland capital markets”, said Mr Christopher Wilson, the SFC’s Executive Director of Enforcement.
Note:
- A photograph of the meeting is attached to the electronic version of this press release.
