Hong Kong―London did it. So did New York, Tokyo, Taipei and even Shanghai. Yet Hong Kong remains one of the few places that hasn't put regulatory oversight of listed companies in the hands of the government rather than the stock exchange. To many people, leaving such authority with the stock exchange―a for-profit corporation that has more to gain by letting companies list and trade unhindered than from inspecting them for foul play-presents a conflict of interest that is a blotch on the city's credentials as a world-class financial center. "It's not right to have the rabbits in charge of the lettuce," says Anthony G. Rogers, a local judge and adviser to the government.
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