Bankers and lawyers have revived criticisms that the SFC is malleable, underskilled and out of touch. There is truth in all three charges. But, at bottom, the SFC is hamstrung by the legislative framework in which it operates. Under stock exchange rules, for example, listed companies must disclose price-sensitive information promptly. But, if a company fails to do so – as happened at Citic Pacific, which took several weeks to own up to ruinous currency bets – the SFC cannot impose penalties as there is no law underpinning that rule.
银行家和律师恢复了对香港证监会的批评，称其软弱无能，脱离实际。这些指责可谓有凭有据。但从根本上来讲，香港证监会的运作受制于所依托的法律框架。举例来说，根据股票交易规定，上市公司必须及时披露股价敏感信息。但是，如果一家公司未能做到这一点——例如中信泰富，它数周后才坦承了自己毁灭性的外汇押注——香港证监会却不能对其实施处罚，因为没有法律支持这种做法。
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