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September 29, 2021

Hong Kong’s FRC signs MoU with ICAC

By Joe Pickard

Hong Kong’s FRC (FRC) has signed an MoU with the Independent Commission Against Corruption (ICAC). The MoU is part of ICAC’s efforts to enhance collaboration with financial regulators in the fight against corruption.

The ICAC and the FRC have established regular liaison before the signing of the MoU. In April this year, the ICAC organised the first capacity building programme for the FRC.

ICAC commissioner Simon Peh Yun-lu said: “The signing of the MoU marks an important milestone for closer collaboration between the ICAC and the FRC. In addition to signifying the two organisations’ determination in upholding the integrity of the financial market, it also sets out the framework for cooperation and collaboration and provides guidance on matters such as referral of cases, joint investigations, exchange of information and mutual investigative assistance.”

FRC chair Kelvin Wong said: “The MoU has strengthened the spectrum of regulatory collaboration between the FRC and the ICAC. It will enable us to expand and expedite our cooperation on case referrals, joint operations on investigations, training and exchange of information. Through the MoU, I am confident that we will achieve our mutual goal of combating misconduct in Hong Kong’s financial markets, thereby maintaining Hong Kong’s reputation as a fair and competitive international financial centre.”

 


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