Abstract: In this study, a team of researchers from the University of Hong Kong’s Asian Institute of International Financial Law (AIIFL) discuss the current structure of financial regulation in Hong Kong and its performance in the global financial crisis, focusing on major local issues such as structured financial products sold to retail investors called “Minibonds”. Based on this evaluation, the study recommends a range of regulatory reforms in Hong Kong in order to address existing weaknesses and to enhance Hong Kong’s competitiveness as an international financial center.

The study concludes that in addition to a range of changes necessary to lessen the likelihood of similar problems in future, that Hong Kong undertake a major reform of its regulatory structure along functional/Twin Peaks lines in order to enhance both financial stability and its international role.

This paper authored by Professor Douglas Arner Professor Douglas Arner Kerry Holdings Professor in Law, Faculty of Law, The University of Hong Kong AIIFL Profile › , Professor Berry Hsu Professor Berry Hsu Professor of Law, CTBC (China Trust Bank Corporation) Business School, Taiwan (Taiwan) (2015-2019) AIIFL Profile › , Antonio M. Da Roza, Francisco A. Da Roza, Syren Johnstone Syren Johnstone Principal Lecturer, Faculty of Law AIIFL Profile › and Paul Lejot Paul Lejot Visiting Fellow (Financial Law)​ AIIFL Profile › is available at: SSRN .