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The Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) recently held the eighth regular high-level meeting in Nanning to discuss a range of matters concerning cross-boundary enforcement cooperation.
At the meeting, the SFC and the CSRC reached an agreement on a cooperative framework to facilitate coordinated investigations into cases of mutual concerns, under which they may jointly tackle high impact or urgent cross-boundary cases.
The two regulators also explored ways to further strengthen cross-boundary enforcement cooperation, including:
- a notification mechanism for cases involving companies listed both in Hong Kong and the Mainland (i.e. issuers of A and H shares), and an evidence sharing mechanism under the IOSCO Multilateral Memorandum of Understanding; and
- organising thematic joint training and case study workshops to share investigation techniques and experiences.
The SFC and the CSRC appreciated the assistance rendered to each other in tackling cross-boundary market misconduct. In light of the development of the Mainland–Hong Kong mutual access programme, the SFC and the CSRC recognised the importance of enhancing their collaboration in enforcement, with a view to ensuring orderly market operations and safeguarding investor interests in both markets.
"This new cooperative framework on coordinated investigation lays a solid foundation for closer collaboration between the SFC and the CSRC when it comes to investigations in high impact or urgent cases where the suspected principal offenders, witnesses or evidence cut across both jurisdictions," said Mr Thomas Atkinson, the SFC’s Executive Director of Enforcement.
Note:
- A photograph of the meeting is shown below.
