End
(b)
(c)
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- 38
One company was operated by shareholders' funds with a capital of $20 million and managed by five dealing directors. The other two operated as sole proprietors with capitals of $10 million and $7.4 million respectively. All three companies deal with cash and margin clients.
Protecting the interests of investors, promoting the highest standards of business ethics and integrity and promoting the development of the industry are integral parts of the objective of the Administration. We seek to achieve these through an appropriate legal, regulatory and administrative framework. In this connection, we maintain close liaison with the Securities and Futures Commission (SFC), the Stock Exchange of Hong Kong and the Hongkong Clearing. Specifically on the safeguard of clients assets, the Administration and the SFC believe that improved internal control systems by the management of a registered security dealers will help. In this regard, the SFC has prepared a set of guidelines on management, supervision and internal controls which will be released for public consultation very shortly.