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The aftermath of the Lehman Brothers collapse in Hong Kong : the saga, regulatory deficiencies and government responses

Young, Angus, Li, Grace, & Chu, Tina (2010) The aftermath of the Lehman Brothers collapse in Hong Kong : the saga, regulatory deficiencies and government responses. Company Law, 31(11), pp. 343-354.

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Abstract

The paper examines the fallout of the Lehman Brothers collapse in Hong Kong. As an international financial hub in Asia, Hong Kong was profoundly affected by the collapse of this company. As a result, it impacted negatively on the public’s confidence in the Hong Kong’s banking sector. Furthermore, this event has exposed a number of regulatory deficiencies in Hong Kong. In response to this financial crisis, the Hong Kong government had made an unprecedented move to negotiate with local banks to refund the investors. In addition, the government has also sought public consultation on proposal to enhance the regulation of the sale of financial products. This paper argues that there needs to be amendments to the prevailing laws and the inclusions of legal rules to back up those proposed measures so that the disclosed information from the financial institution will not mislead the investors or misrepresent the products offered.

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ID Code: 38357
Item Type: Journal Article
Keywords: Bond markets, Economic conditions, Financial regulation, Hong Kong, Investment banks
ISSN: 0144-1027
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Commercial and Contract Law (180105)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Corporations and Associations Law (180109)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Law not elsewhere classified (180199)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2010 Thomson Reuters (Legal) Limited and Contributors
Deposited On: 29 Nov 2010 14:01
Last Modified: 01 Mar 2012 00:29

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