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In response to media enquiries on the meeting of investors of Lehman Brothers related equity-linked notes today (August 2), a spokesman for the Financial Services and the Treasury Bureau said:
"The Government has all along been urging the Hong Kong Monetary Authority and the Securities and Futures Commission to complete as early as possible their investigations of mis-selling complaints. The regulators will not tolerate any mis-selling conducts. On the condition that the vast majority of Lehman Brothers minibonds investors accept the repurchase scheme, resources from the two regulators could focus on mis-selling complaints of other non-minibond structured products, for example mis-selling complaints of equity-linked products. The Hong Kong Monetary Authority will continue its investigation into all complaints, and will refer cases which may involve systemic problems to the Securities and Futures Commission for action.
Under the agreement reached by the Securities and Futures Commission, the Hong Kong Monetary Authority and the 16 distributing banks in relation to the repurchase of minibonds, the banks are required to handle all the complaints -- including those of equity-linked products -- under an enhanced complaint handling mechanism. Investors who are not satisfied with the outcome may take their complaints to the regulators."
Ends/Sunday, August 2, 2009
Issued at HKT 14:16
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