Financial Regulation in Hong Kong: Time for a Change

University of Hong Kong Faculty of Law Research Paper No. 10722/123850

Asian Journal of Comparative Law, Vol. 5, No. 1 article no. 8, pp. 1-47, 2010

50 Pages Posted: 20 Apr 2011

See all articles by Douglas W. Arner

Douglas W. Arner

The University of Hong Kong - Faculty of Law

B.F.C. Hsu

affiliation not provided to SSRN

Antonio M. Da Roza

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

Date Written: 2010

Abstract

The global financial system experienced its first systemic crisis since the 1930s in autumn 2008, with the failure of major financial institutions in the United States and Europe and the seizure of global credit markets. Although Hong Kong was not at the epicentre of this crisis, it was nonetheless affected. Following an overview of Hong Kong's existing financial regulatory framework, the article discusses the global financial crisis and its impact in Hong Kong, as well as regulatory responses to date. From this basis, the article discusses recommendations for reforms in Hong Kong to address weaknesses highlighted by the crisis, focusing on issues relating to Lehman Brothers 'Minibonds.' The article concludes by looking forward, recommending that the crisis be taken not only as the catalyst to resolve existing weaknesses but also to strengthen and enhance Hong Kong's role and competitiveness as China's premier international financial centre.

Keywords: Global financial crisis, Financial regulation, Financial regulatory structure, Hong Kong

Suggested Citation

Arner, Douglas W. and Hsu, B.F.C. and Da Roza, Antonio M., Financial Regulation in Hong Kong: Time for a Change (2010). University of Hong Kong Faculty of Law Research Paper No. 10722/123850, Asian Journal of Comparative Law, Vol. 5, No. 1 article no. 8, pp. 1-47, 2010, Available at SSRN: https://ssrn.com/abstract=1815851

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

B.F.C. Hsu

affiliation not provided to SSRN

No Address Available

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

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