Chapter 368： response (1/2)

Abandoning this meaningful sentence, Xia Yu took Wang Qi out without turning his head. Someone wanted to stop him, but was pushed away by Li Wuming.

Watching Xia Yu leave arrogantly, the faces of all the people present turned red, and one of them said to Benjamin Veblen: ”Chairman, this Xia Yu is too arrogant! He must be punished!”

”What punishment?”

Benjamin Veblen sighed and asked suddenly, tiredly.

”Uh... We report to Your Excellency the Governor, and ask Your Excellency to sanction him, and apply to Your Excellency to issue relevant regulations as soon as possible.

The man choked, thought for a few seconds, and reluctantly said.

Benjamin Veblen thought of Xia Yu's meaningful reminder in his mind, and his heart was very weak.

In fact, although they are the Hong Kong Securities Regulatory Commission, it is very difficult for the Jardine consortium to find Xia Yu through him. On the contrary, it is more useful than the chairman of the major exchanges to find Xia Yu.

But he couldn't refuse, so he could only bite the bullet and ask Xia Yu to trouble him. Now he really got into a show, how could this not make Benjamin Veblen feel aggrieved.

Speaking of this, I have to introduce the Hong Kong Securities Regulatory Commission.

The Hong Kong Securities Regulatory Commission, the full name of the Hong Kong Securities and Futures Commission, is a statutory organization independent of the government's civil service structure and is responsible for overseeing the operation of Heung Kong's securities and futures markets. The purpose of the establishment of the Securities Regulatory Commission is to promote the development of the Heung Kong Securities and Futures Market in a fair, efficient and orderly direction through effective supervision and guidance.

But the vision is good, but it is difficult to realize it.

In fact, Xiangjiang's securities industry is still very young.

Before the 1970s, Hong Kong established the Hong Kong Club to conduct small-scale stock listing and trading activities. Since the beginning of the 1970s, the stock market has become an important way for Hong Kong to raise funds.

Because of the short period of time, the supervision system of the Heung Kong Securities industry is not perfect, and there are still many loopholes and shortcomings.

Before the mid-1970s, Hong Kong's securities and commodity markets were largely unregulated. After the stock market crash from 1973 to 1974, the Hong Kong government first intervened and then formulated core laws governing the securities and futures industry.

To this end, the Hong Kong government has created a regulatory framework consisting of two non-full-time departments, namely the Supervisory Committee responsible for securities and commodity transactions, and the Office of the Commissioner of Securities and Commodities Trading.

Together, these two departments form the Hong Kong Securities Regulatory Commission.

But these two departments are part-time, which can witness the strength and prestige of the supervisory committee.

Even the ”Securities and Futures Commission Regulations” have not been formulated and perfected. It seems reluctant to accuse Xia Yu of manipulating stock prices. This is why Xia Yu has no scruples.

According to history, it was not until the formal merger of the four exchanges in 1986 and the official opening of the Stock Exchange that there were express regulations, and in 1989, it was improved.

Facts have proved that Xiangjiang's securities regulatory system is not perfect, even after the establishment of the Stock Exchange in 1986, because of its many drawbacks and cannot keep up with the pace of the times. During the stock market crash in 1987, various problems were exposed and the losses were extremely heavy.

Only after severe damage did the supervision and management improve substantially after May 1989.

The current China Securities Regulatory Commission does not even have a standard name, and it is not a full-time department. Its influence on the Hong Kong Securities industry is not as strong as the board of directors of various exchanges.

With only this capability, he jumped out to serve as a **** for the Jardine Foundation. Naturally, Xia Yu didn't intend to give them face.