SFC obtains court order against Shandong Molong Petroleum Machinery Company Limited
SFC, 5 May 2020
The Securities and Futures Commission (SFC) has obtained a court order in the Court of First Instance requiring Shandong Molong Petroleum Machinery Company Limited (Shandong Molong) to reconstitute its audit committee and to appoint an independent external auditor to review its internal control and financial reporting procedures after the company accepted that it had falsely and substantially inflated its financial position in six results announcements. Full Text: Click for here
Joint statement on the establishment of the Green and Sustainable Finance Cross-Agency Steering Group
SFC, 5 May 2020
The Steering Group aims to coordinate the management of climate and environmental risks to the financial sector, accelerate the growth of green and sustainable finance in Hong Kong and support the Government’s climate strategies through:
• examining policy and regulatory issues in green and sustainable finance,particularly those which may have a cross-sectoral impact; • facilitating policy direction and coordination to ensure Hong Kong has a cohesive and comprehensive green and sustainable finance strategy; • addressing technical cross-sectoral issues by, for example, forming technical working groups and consulting with different experts and stakeholders; • tracking international and regional trends, issues and developments in green and sustainable finance, and considering how Hong Kong should better position itself and provide leadership in the region and globally; and • identifying areas where Hong Kong can promote its strengths and thought leadership on green and sustainable finance regionally and globally.
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