KP Chan on approval of structured products by SFC:
The Deputy Chairman [KP Chan] remarked that some relevant parties had expressed concern that the process for SFC to authorize the issue of structured products had taken a long time, on an average of about nine months, after the Lehman Brothers Minibonds Incident. The Deputy Chairman [KP Chan] enquired whether SFC would consider and discuss with the parties concerned about ways to streamline the authorization process, and/or increase its manpower resources for dealing with the applications.
CFO&SD/SFC [Chief Financial Officer and Senior Director, Corporate Affairs, SFC] responded that in view of the complexity of the structured products pending authorization, the significant increase in applications and the need to carefully assess the risks of the structured products, SFC had proposed additional staff resources for the Policy, China and Investment Products Division in order to expedite the authorization process.