"We feel that disclosure is necessary to give a complete picture, but, on the other hand, we recognize that we do not wish to impose excessively burdensome reporting requirements on the market," said Andrew Sheng, chairman of the SFC.

The bill, which was drafted to set up a regulatory framework to strengthen Hong Kong's status as an international financial center, will be submitted to the Legislative Council in November.

The bill aims to protect the investors as well as market users and intermediaries and to accommodate new regulatory, legal and policy issues and the rapid advance of technology seen in the last few years, said Sheng.

(People's Daily)