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Hong Kong review after Lehman complaints
By James Peng |
January 1, 2009, Thursday
|
Print Edition
Print Edition
THE Hong Kong Monetary Authority and the Securities and Futures Commission yesterday submitted separate reports to the city's Acting Financial Secretary K.C. Chan relating to minibonds issued by Lehman Brothers.
The Financial Services and the Treasury Bureau will conduct a systemic review and consider what could be done to improve Hong Kong's regulatory framework and strengthen investor protection and education, the Financial Services and Treasury Department said yesterday.
Hong Kong investors spent HK$257 million (US$33 million) buying Lehman-related financial derivatives. They had lost almost all their value after Lehman collapsed in September.
Investors who bought products linked to Lehman have demanded compensation from the banks that sold them. The Hong Kong Association of Banks accepted a government proposal to buy back the products at market value.
Up to December 11, the HKMA had received 19,734 complaints concerning the sale of Lehman products.
The Financial Services and the Treasury Bureau will conduct a systemic review and consider what could be done to improve Hong Kong's regulatory framework and strengthen investor protection and education, the Financial Services and Treasury Department said yesterday.
Hong Kong investors spent HK$257 million (US$33 million) buying Lehman-related financial derivatives. They had lost almost all their value after Lehman collapsed in September.
Investors who bought products linked to Lehman have demanded compensation from the banks that sold them. The Hong Kong Association of Banks accepted a government proposal to buy back the products at market value.
Up to December 11, the HKMA had received 19,734 complaints concerning the sale of Lehman products.
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