홍콩 금융감독체계의 현황과 향후 정책방향

The global financial system experienced its first crisis since 1930s in autumn 2008, with the failure of major financial institutions in the United States and Europe and the seizure of global credit markets. Although Hong Kong was not at the epicentre of this crisis, it was affected. Hong Kong's financial regulatory framework, in general, is a sectoral structure, operating through a “three tier system“. Under the first tier, the Financial Secretary is responsible for overall policy. Under the second tier, special regulatory agencies, including HKMA, SFC, OCI, MPFA, are responsible for regulation and supervision of financial services business. Under the third tier, self-regulatory organizations are responsible for oversight of the activities fo their members. During the global financial crisis, the Financial Secretary requested that HKMA and SFC produce the reports identifying and addressing issues raised by the Lehman Brothers Minibonds incident. HKMA recommended that the regulatory framework should be strengthened to take into account the growth in the volume and complexity of investment products sold to the retail investors in light of the Minibonds incident. By contrast, the SFC observed that institutional regulation is considered suboptimal, whilst the “Twin Peaks” approach seperating safety and soundness from conduct of bussness is attracting more consideration. Recently, some professors produced the reports concerning the reformation of financial regulation in Korea. It is necessary to consider the policy movement of financial regulatory system in Hong Kong