Hong Kong’s sophisticated financial market is founded on a solid regulatory regime; and such a regime is of paramount importance for ensuring fair play in the market and maintaining confidence of the investing public.
The Financial Reporting Council (FRC) has been tasked with a clear mission; to promote high quality financial reporting and better investor protection in Hong Kong. Since our establishment in December 2006, our primary responsibility is to investigate possible auditing irregularities and to enquire into possible non-compliance with accounting requirements in relation to Hong Kong listed entities. To enhance better cooperation amongst regulators, the FRC has signed Memoranda of Understanding with a number of regulators in Hong Kong and the Mainland. We have also established channels of communication with other overseas regulators.
Looking ahead, it is imperative that our business and financial sector will continue to be served by world-class accounting professionals. As one of the major capital markets globally, we should aim to finalize the development of an independent and robust regulatory framework for auditors of publicly listed entities that is appropriate for Hong Kong and is benchmarked against international standards and best practices. This will also facilitate the establishment of reciprocal enforcement and cooperation arrangements in the international sphere of financial regulators which is essential to deal with matters involving other jurisdictions.
As one of the primary guardians of Hong Kong’s financial market, the FRC vows to maintain independence, preserve transparency, uphold efficiency, and reinforce accountability.
Dr John Poon, BBS‚ JP
Page last updated: 21 January 2016