The Global Financial Crisis and the Future of Financial Regulation in Hong Kong

AIIFL Working Paper No. 4

98 Pages Posted: 26 Feb 2009

See all articles by Douglas W. Arner

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Berry Fong Chung Hsu

Asian Institute of International Financial Law

Antonio M. Da Roza

The University of Hong Kong - Faculty of Law; Faculty of Law, University of Hong Kong

Francisco A. Da Roza

affiliation not provided to SSRN

Syren Johnstone

Department of Law, University of Hong Kong; Asian Institute of International Financial Law

Paul Lejot

The University of Hong Kong - Faculty of Law

Date Written: February 1, 2009

Abstract

In this study, a team of researchers from the University of Hong Kong's Asian Institute of International Financial Law (AIIFL) discuss the current structure of financial regulation in Hong Kong and its performance in the global financial crisis, focusing on major local issues such as structured financial products sold to retail investors called "Minibonds". Based on this evaluation, the study recommends a range of regulatory reforms in Hong Kong in order to address existing weaknesses and to enhance Hong Kong's competitiveness as an international financial center.

The study concludes that in addition to a range of changes necessary to lessen the likelihood of similar problems in future, that Hong Kong undertake a major reform of its regulatory structure along functional/Twin Peaks lines in order to enhance both financial stability and its international role.

Keywords: Global financial crisis, Hong Kong, financial regulation, regulatory structure, Lehman Brothers

Suggested Citation

Arner, Douglas W. and Hsu, Berry Fong Chung and Da Roza, Antonio M. and Da Roza, Francisco A. and Johnstone, Syren and Lejot, Paul, The Global Financial Crisis and the Future of Financial Regulation in Hong Kong (February 1, 2009). AIIFL Working Paper No. 4 . Available at SSRN: https://ssrn.com/abstract=1349625 or http://dx.doi.org/10.2139/ssrn.1349625

Douglas W. Arner (Contact Author)

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01237

Berry Fong Chung Hsu

Asian Institute of International Financial Law ( email )

Faculty of Law
University of Hong Kong
Hong Kong, 709
China

Antonio M. Da Roza

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

Faculty of Law, University of Hong Kong ( email )

Hong Kong

Francisco A. Da Roza

affiliation not provided to SSRN ( email )

Syren Johnstone

Department of Law, University of Hong Kong ( email )

Faculty of Law, Pokfulam Road
Pokfulam
Hong Kong
Hong Kong

HOME PAGE: http://www.law.hku.hk/faculty/staff/syren_johnstone.php

Asian Institute of International Financial Law ( email )

Faculty of Law, Pokfulam Road
Pokfulam
Hong Kong
Hong Kong

HOME PAGE: http://www.law.hku.hk/faculty/staff/syren_johnstone.php

Paul Lejot

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

Register to save articles to
your library

Register

Paper statistics

Downloads
1,884
Abstract Views
6,073
rank
7,858
PlumX Metrics