Ashley Alder, the chief executive of Hong Kong’s Securities and Futures Commission (SFC), made his plea at the the third annual Thomson Reuters Pan-Asian Regulatory Summit in Hong Kong last week. He told delegates: ‘If Asia does not get properly involved in the global regulatory agenda, we will find that the US and European rules will be extended to us whether we like it or not.’

Grumbles

Asian Legal Business Online reports that western governments have grumbled over the unwillingness of Asian countries to implement reforms that would make them more attractive for business.
However, the watchdog’s chief executive said there would be no advantage in lowering standards in Asia to win work. He added that a ‘one size fits all’ set of financial rules would not work in an area of economically diverse regions.
Mr Alder warned: ‘This type of regulatory arbitrage ends in tears and scandal, and very quickly repels international investors from participating in our markets, or at the very least causes them to demand a hefty risk premium.’