More Regulation for Hong Kong Markets: The...

More Regulation for Hong Kong Markets: The Hong Kong legislature voted to establish a watchdog agency to regulate its tarnished securities industry, bringing its financial regulation closer in line with other countries that have major markets. The new Securities and Futures Commission, which some stockbrokers fear may throttle free-wheeling trading in the British colony, will begin its duties May 1, a senior government official said. The law approved by the legislature, the first to be drafted in both English and Chinese, is the first in a two-part package of reforms, government officials said.