«The SFC would like to clarify that it is not aware of any aspect of the NSL which would affect or alter the existing ways in which firms and listed companies originate, access, disseminate and transmit financial market and related business information under the regulatory regime it administers,» said SFC’s chief executive Ashley Alder.
«For example, the principles applicable to, and methodologies used by, analysts in terms of the sources of information and data they use and the manner in which their views and opinions are expressed in their reports should remain unaltered.»
Alder reiterated the key strength of free flow of information which has enabled the success of Hong Kong's financial center by preserving market integrity and fairness, ensuring robust price formation and maintaining the reliability of fund flows.
Self-Censorship
Even before the enactment of the law, there were various examples of self-censorship in Hong Kong. Notable precedents include the case when UBS faced backlash over its swine flu comments in China or when a Bank of Communication economist was allegedly condemned for claiming that the 2003 SARS outbreak had a greater economic impact than anti-government protests last year. But after the enactment of NSL, signs are increasing that financial institutions and their workers would much rather avoid being the new precedent rather than test the environment based on previous ones.
«If you basically comment negatively on certain government policies including central planning, would that be constituted as an offense under the national security law or revealing national security secrets?» asked Kelvin Lam, a Hong Kong pro-democracy district councilor and ex-economist with HSBC Global Markets, in a recent «ABC» report.
«This is very bad for a lot of research industries in Hong Kong. I've got friends leaving every single month,» added Lam, who recently announced his decision to run for the local legislature’s financial services seat.
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