21.01 This chapter describes the main elements of current financial sector activity in Hong Kong and the conditions under which they function. Hong Kong’s financial markets and economy did suffer a substantial downturn following the global financial crisis in 2008–09, although no major regulatory gaps were identified nor significant new regulatory changes considered necessary. Hong Kong is nevertheless expected to give effect to all of the principal new reforms adopted at the international level, in particular with regard to capital adequacy and liquidity and the...
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