The reforms proposed in the current Consultation Paper may have come after the quality of some new listings in recent years were called into serious question, especially some on the Growth Enterprise Market (the " GEM "), whose shares were the target of speculative trading shortly after listing. David Graham, the HKEx's chief regulatory officer, said the proposals were aimed at addressing what had been seen as a conflict of interest for the HKEx to have an official sitting on the listing committee to approve new listings. Brian Ho, the SFC's executive director, refused to respond to suggestions that the proposed reforms were aimed at adding power to the SFC, due to growing dissatisfaction of the HKEx's listing approval process.