
Administration and Regulation of Capital Markets in Hong Kong and the Role of Judicial Review
Public administration could play a critical role in ensuring a fair and effective functioning of the capital markets. Promoting a vibrant and sustainable financial market warrants a delicate balance between the administrative powers and the rights and interests of the involved stakeholders. The present paper examines the structure and powers of specific administrative mechanisms in HKSAR to assess the scope and limitations of public administration in influencing the functioning of the capital markets. The paper investigates how the instrument of judicial review in HKSAR has sought to serve as a check and balance of the powers conferred upon the administrative mechanisms and other relevant rights and interests. The paper concludes with an analysis of the critical features of the regulatory, administrative and judicial mechanism in HKSAR to determine whether public administrative instruments and bodies have a positive role to play in enhancing the attractiveness and the confidence in capital markets for local, regional and international stakeholders.
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