SFC and Hong Kong Police Sign MoU for Increased Coordination
- Increased coordination in handling financial crime will help control fraud in one of Asia's biggest financial centers.
The Securities and Futures Commission (SFC) of Hong Kong and the Hong Kong Police (HKP) have signed a Memorandum of Understanding (MOU) Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view Read this Term) to improve cooperation between them regarding cases of financial crime.
This was seen as necessary because Hong Kong is one of the largest financial centers in Asia and hence vulnerable to cases of financial fraud. With this MoU, the parties hope to be able to better coordinate to tackle such cases, as laid out in the document.
As per the agreement, the SFC will refer cases that do not fall within its domain to the HKP. This will include cases that are likely to be handled better by the HKP and those that are already being handled by the HKP to avoid duplication of efforts. The same conditions will apply vice versa.
The agreement also states that those cases that require the attention of both the HKP and the SFC will be jointly investigated by a joint task force.
Information and Intelligence Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term
The SFC and HKP will also exchange information that may be useful for cases handled by each of them in accordance with applicable laws. They will also seek each other's assistance for investigations and prosecutions.
The MoU was signed by the SFC’s Executive Director of Enforcement, Mr Thomas Atkinson, and the Assistant Commissioner of Police (Crime), Mr Chung Siu-Yeung.
"Close collaboration with the HKP allows the SFC to discharge its regulatory functions with greater efficiency and effectiveness. We have always valued the support provided by the HKP and we look forward to even closer collaboration with them," Mr Atkinson said.
Mr. Chung added: "This MoU represents a milestone in our co-operation that forges an even closer partnership between the two organisations in combating crimes and illicit activities in the securities and futures markets."
The Securities and Futures Commission (SFC) of Hong Kong and the Hong Kong Police (HKP) have signed a Memorandum of Understanding (MOU) Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view Read this Term) to improve cooperation between them regarding cases of financial crime.
This was seen as necessary because Hong Kong is one of the largest financial centers in Asia and hence vulnerable to cases of financial fraud. With this MoU, the parties hope to be able to better coordinate to tackle such cases, as laid out in the document.
As per the agreement, the SFC will refer cases that do not fall within its domain to the HKP. This will include cases that are likely to be handled better by the HKP and those that are already being handled by the HKP to avoid duplication of efforts. The same conditions will apply vice versa.
The agreement also states that those cases that require the attention of both the HKP and the SFC will be jointly investigated by a joint task force.
Information and Intelligence Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term
The SFC and HKP will also exchange information that may be useful for cases handled by each of them in accordance with applicable laws. They will also seek each other's assistance for investigations and prosecutions.
The MoU was signed by the SFC’s Executive Director of Enforcement, Mr Thomas Atkinson, and the Assistant Commissioner of Police (Crime), Mr Chung Siu-Yeung.
"Close collaboration with the HKP allows the SFC to discharge its regulatory functions with greater efficiency and effectiveness. We have always valued the support provided by the HKP and we look forward to even closer collaboration with them," Mr Atkinson said.
Mr. Chung added: "This MoU represents a milestone in our co-operation that forges an even closer partnership between the two organisations in combating crimes and illicit activities in the securities and futures markets."