Closer ties: Financial Reporting Council Chief Executive Officer MT Shum and Securities & Futures Commission Chief Executive Officer Martin Wheatley sign a memorandum of understanding.

The Securities & Futures Commission and the Financial Reporting Council have signed a memorandum of understanding to enhance co-ordination and exchange of information between the two parties.

It outlines the working arrangements between them in areas of potential authority overlap and matters of common interest so they can discharge their functions effectively and enhance investor protection.

It also outlines the framework for case referral and establishes principal contact points to ensure efficient and effective communication. Click here for details.

The commission's Chief Executive Officer Martin Wheatley welcomed the deal saying it provides a framework for co-operation between the two parties.

The council's Chief Executive Officer MT Shum said he is confident the two parties will work together to enhance the financial reporting integrity of listed entities in Hong Kong.

The Financial Reporting Council is a statutory organisation which launched in July. Its main functions are to investigate, with respect to listed entities, auditing and reporting irregularities, enquire into non-compliance with financial reporting requirements and to require listed entities to remove any non-compliance identified.