SFC Blasts Singapore Official's 'childish' Comment

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2018-03-14 HKT 14:59

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  • SFC blasts Singapore official's 'childish' comment

The Securities and Futures Commission (SFC) has hit back at the Singapore Exchange's (SGX) suggestion that the city-state is a better place for companies to list than Hong Kong because it is protected from Beijing's clout.

The executive vice-president of SGX, Chew Sutat, told reporters in the SAR last week that like it or not, Hong Kong is part of China, whereas Singapore is not.

SFC chairman Carlson Tong said the comment seemed "out of place", as he underlined that his commission is an independent regulator.

During a forum on Wednesday, the CEO of the SFC, Ashley Alder, also criticised Chew's remark as he spoke about working with the China Securities Regulatory Commission (CSRC).

"The ability of both of us to grow [cross-border] flows by expanding the scope of Stock Connect and other connectivities is very, very dependent on our ability to strike arrangements with the CSRC that preserves the way in which we both operate under our different systems, that allows us to manage the increased risks of increased flows," Alder said.

"But it's a long, long way away from what the Singapore stock exchange was trying to give an impression, which I don't think was very adult, personally."