Martin Wheatley: Cracking the Hong Kong code

Cracking the code

Martin Wheatley
Martin Wheatley, Hong Kong Securities and Futures Commission

What were the rules in Hong Kong for structured products prior to the Lehman Brothers bankruptcy? Before Lehmans, we didn't really have a category relating to structured products. They had evolved using the Companies Ordinance debenture route in around 2002, when one of the law firms advised that manufacturers create these sorts of products under this regime and this is what the legal structure would be. Like lots of things, structured products evolved using an existing legal framework t