Quote of the day - regulatory competition

The quote is:

“We often encounter pressure from some sections of the industry that ‘If you don’t do X . . . then we will go somewhere else and Hong Kong will suffer’,” he said. “We always, always take that with a very heavy pinch of salt.”

Who is this Socialist firebrand? None other than Ashley Alder, lead market regulator in the tax haven of Hong Kong. Every now and then, the offshore world can surprise you.