Statutory Backing to Listing Rules

15 October 2007 Prof. K C Chan, SBS, JP Secretary for Financial Services and the Treasury Hong Kong SAR Government 8/F, West Wing, Central Government Offices Ice House Street, Central Hong Kong Dear Prof. Chan, Statutory Backing to Listing Rules First of all, I would like to thank you again, on behalf of the Chamber, for taking time out from your busy schedule to meet with members at our "Meet the Ministers Town Hall Forum" on 28 September 2007. The Chamber has been following developments with and contributing to discussions on the proposal to enhance listing requirements by providing Statutory Backing to Listing Rules since this was raised in 2003. More recently, we wrote to your predecessor, Frederick Ma, repeating earlier calls to consult the market on the language of the rule amendments before these were presented to the Legislative Council for deliberation. As pointed out to Mr Ma, there is the risk of installing an overzealous regulatory regime that was completely out of line with the proposal's intent to strengthen the quality and reputation of Hong Kong's equity market. We are encouraged to note from Mr Ma's letter of 23rd May 2007 that there are plans for further consultation in the coming months and should be most grateful if you could share with us information on the timing for such an exercise as soon as this is confirmed. Yours sincerely, Andrew Brandler Deputy Chairman, HKGCC Chairman, HKGCC Working Group on Statutory Backing to Listing Rules