SFC's Martin Wheatley helps to crack the structured products code
Martin Wheatley, chief executive of Hong Kong’s Securities and Futures Commission, speaks to Richard Jory about structured products and offers his insight into the new laws due to be introduced in the region in 2011. While similarities exist between the proposed regulations and those being created elsewhere, there are unique aspects to the way that the Special Administrative Region of China conducts business.
What were the rules in Hong Kong for structured products prior to the Lehman Brothers bankruptcy?
Before Lehmans, we didn't really have a category relating to structured products. They had evolved using the Companies Ordinance debenture route in around 2002, when one of the law firms advised that manufacturers create these sorts of products under this regime and this is what the legal structure would be. Like lots of things, structured products evolved using an existing legal framework that wasn
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