Bankers and lawyers have revived criticisms that the SFC is malleable, underskilled and out of touch. There is truth in all three charges. But, at bottom, the SFC is hamstrung by the legislative framework in which it operates. Under stock exchange rules, for example, listed companies must disclose price-sensitive information promptly. But, if a company fails to do so – as happened at Citic Pacific, which took several weeks to own up to ruinous currency bets – the SFC cannot impose penalties as there is no law underpinning that rule.
銀行家和律師恢復了對香港證監會的批評，稱其軟弱無能，脫離實際。這些指責可謂有憑有據。但從根本上來講，香港證監會的運作受制于所依托的法律框架。舉例來說，根據股票交易規定，上市公司必須及時披露股價敏感信息。但是，如果一家公司未能做到這一點——例如中信泰富，它數周后才坦承了自己毀滅性的外匯押注——香港證監會卻不能對其實施處罰，因為沒有法律支持這種做法。
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