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SHOULD HKMA BEAR THE LARGEST RESPONSIBILITY IN THE CASE OF THE FRAUD OF LEHMAN BROTHERS’MINIBOND? [6]

论文作者:留学生论文论文属性:报告 Report登出时间:2010-06-25编辑:lisa点击率:10110

论文字数:4100论文编号:org201006251635297307语种:中文论文 Chinese地区:中国价格:免费论文

关键词:论文代写金融论文

rity (HKMA) is the financial regulators in banks. Under the Securities and Futures Ordinance, the authorized financial institutions carrying on the regulated activities in Hong Kong must be registered by SFC and are then, together with their associated entities, supervised by HKMA and otherwise regulated jointly by the SFC and HKMA. The supervisory approach of HKMA is based on a policy of "continuous Supervision". It involves on-going monitoring of institutions using a wide variety of techniques which are aimed at detecting any problem at an early stage.
In mini-bond case, we think HKMA should take the main responsibilities.
Firstly, banks’ operation is lack of regulation under HKMA .Although HKMA claimed that they have issued several warnings in the media from the middle of 2006 about the risks of investing in derivatives products, in late 2007 three banks distributing the bonds had ranked mini-bond as "low-risk" investment products and another five banks were selling them as "medium risk". HKMA also claimed that they conduct regularly on-site examination of banks’ securities business and ,where weaknesses are identified,issues the guidance to the banks requiring them to strengthen their controls.For example ,the HKMA has issued the guidance emphasising the special care in explaining products to vulnerable groups, including the elderly. In 2002, the number of the on-site examinations of HKMA is 285, while the number of securities examination is only 10. This exposed the inadequate examination of banks’ operation by HKMA.
Secondly, the Banking Ordinance has already indicate what HKMA should do. HKMA is the frontline supervisor of the securities business of those banks in Hong Kong which have been registered with the SFC to conduct regulated business.In a report HKMA released recently, they indicate that the legislation didn’t entrust the power of regulating securities operation to HKMA in order to pass the buck to SFC. In fact,under the Banking Ordinance – Schedule 8 (grounds for revocation of authorization) 18,the Monetary Authority commissioner can revocate bank’s liscence once the interests of depositors or potential depositors of the authorized institution are in any other manner threatened by the institution.In addition, under Banking Ordinance 58A. Disciplinary action in respect of relevant individuals, HKMA can requires SFC take disciplinary action on those banking and individuals who violate the Securities and Futures Ordinance 196 and 197.
Based on what analyzing above, we conclude that HKMA should take the main responsibilities.

Banks and Investors
Investors and banks, being the major stakeholders of the mini-bonds transaction, certainly need to be responsible for the mis-selling to certain extent.
The bank, which is being blamed for marketing such “high risk” products to low risk threshold investors because of the handsome commission share part of the responsibility of the mis-selling. Obvious, they did not do enough to warn mini-bonds’ investors of the risks involved either because the bank employees themselves did not fully understand the product they were selling or they unethical mis-sell the product because of the attractive commission. An anonymous interview to some of the banking staff even showed that they were under the pressure of the bank management to hard-sell the products.
Although the investors of Lehman mini-bonds lost much of their life-time savings and the marketing techni论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。
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