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The cover photo shows the arms
of four individuals in a balanced support configuration that
symbolises thepartnership between four key market participants:
the issuer, intermediary, investor and the regulator.
Markets develop because investors trust their efficiency,
fairness, transparency and freedom from misconduct. Too much
regulation impedes market development and drives business
away. Too little leaves investors at risk.The Commission must
find the right balance through focusing on areas of regulatory
risk, and judiciously using its limited resources to advance
market integrity, promote market development, as well as providing
appropriate investor protection. This search for balance is
a partnership with the market community.
To help Hong Kong become the preferred centre for securities
and futures business in the Asia Pacific time zone, the Commission
must pick the right regulatory tools and use them without
fear or favour. Under-enforcement does as much harm as over-regulation.
Regulation is more a craft than exact science. The photographs
of hands in different activities within this Annual Report
serve to convey the message that we will continue to discharge
our responsibilities firmly, diligently, and with the assistance
of the market, the right judgement and balance.
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