Hong Kong’s Securities and Futures Commission chairman vows to work more closely with mainland counterpart

Hong Kong’s newly appointed securities regulator on Tuesday vowed to work more closely with his mainland Chinese counterpart following their first meeting, as the city’s bourse seeks to attract mainland capital and companies to strengthen its global influence.

Tim Lui Tim-leung, who became the chairman of the Securities and Futures Commission (SFC) in October, visited the China Securities Regulatory Commission (CSRC) in Beijing and met with chairman Yi Huiman for the first time on Monday, during the country’s annual parliamentary meeting.

The two regulators exchanged thoughts on a range of topics, including expanding the Stock Connect scheme that allows investors to trade shares in each other’s market, cross-border listing of exchange-traded funds, mutual recognition of funds and launching southbound trading of the bond connect, Lui said.

“Our regulatory goals of cracking down on market rules violation and financial fraud are highly consistent, and it’s the focus of our collaboration,” said Lui during a press briefing on the sidelines of the National People’s Congress (NPC).

“Our collaboration will go deeper and broader in the future.”