关於处理分析员利益冲突地监管架构地谘询总结.PDF

SECURITIES AND FUTURES COMMISSION Consultation Conclusions on the Regulatory Framework for Addressing Analyst Conflicts of Interest 關於處理分析員利益衝突的 監管架構的諮詢總結 Hong Kong November 2004 香港 2004 11 年 月 TABLE OF CONTENTS Page Executive summary…………….. 2 Introduction…………… 4 Recent developments…………………………. 4 Summary of consultation comments and SFC’s responses to the issues raised in 5 the Consultation Paper…………………………….. Final note………………………………………… 16 Annex 1 – Paragraph 16 of the Code of Conduct……………………………….. 17 1 EXECUTIVE SUMMARY 1. On 31 March 2004, the SFC published a Consultation Paper on the Regulatory Framework for Addressing Analyst Conflicts of Interest (“Consultation Paper”). A total of 30 submissions were received from industry participants, legal professionals, investors and other interested parties. Overall, the respondents were supportive of the SFC’s initiative to enhance its regulatory framework to address analyst conflicts of interest. Regulatory approach 2. We have finalised Paragraph 16 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (“the guidelines”), which is designed to remove, reduce or manage analysts’ conflict of interest. The guidelines are based on the International Organization of Securities Commissions’ (