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一、新一轮改革的背景 这次香港证券监管体制改革,虽然从1999年3月财政司司长公布全面性改革方案后才开始大张旗鼓地展开,但实际上它仍是“八七股灾”[1]后根据《戴维森报告书》[2]建议进行的改革的延续。同时,国际证券市场竞争环境的变化带给香港的压力日益增大,也是改革的动因之一。亚洲金融暴对香港证券市场的重创后暴露出的香港证券监管的弱点,则是加快改革进程的触发点。正是多方面的因素,推进了香港证券市场新一轮的改革。
I. Background of the New Round of Reform The reform of Hong Kong’s securities regulatory system started in a big way in March 1999 only after the Financial Secretary announced the comprehensive reform plan. 1], a continuation of the reforms proposed in the Davidson Report [2]. At the same time, the pressure on Hong Kong brought by the changes in the competitive environment in the international securities market is also growing. It is also one of the reasons for the reform. The weakness of Hong Kong securities regulation that emerged after the Asian financial crisis hit the Hong Kong stock market is a trigger point for accelerating the reform process. It is precisely the various factors that have propelled the new round of reform in the securities market in Hong Kong.