Hong Kong regulator picks Briton again
Monday 1 August 2011 - by Will Henley in Hong Kong
The Securities and Futures Commission of Hong Kong has confirmed the appointment of Ashley Alder, a British regulation, compliance and mergers and acquisitions lawyer, as its new chief executive.
Between 2001 and 2004, Alder worked as SFC executive director responsible for corporate finance.
At the time he was charged with overseeing listed company regulation, including takeovers, as well as cross border issues and corporate conduct.
Wheatley, who joined the SFC in 2005, is now chief executive designate of the UK's new Financial Conduct Authority, which is to be formed when the FSA is disbanded.
Speaking to Global Financial Strategy earlier this year, Wheatley said his biggest achievement at the commission had been to change how it is perceived externally.
Previously it was regarded as a body that would "give out parking tickets to smaller vendors", but now it is seen as being a tough and credible regulator, well-respected on the world stage, he said.
An SFC spokesman initially declined to comment. However SFC chairman Dr Eddy Fong issued the following statement on Monday:
"Given Mr Alder's extensive knowledge and experience in the Hong Kong financial market and at the SFC, he will be in the best position to ensure that the SFC continues to fulfil its statutory objectives to safeguard investors, enhance market transparency and help develop Hong Kong as an international financial centre."
In the press statement, Alder added: "The SFC has established its reputation as a world-class financial regulator and I look forward to working with its board of birectors and colleagues to ensure that the SFC continues to strengthen the regulatory framework of Hong Kong, and to enhance investor protection while facilitating Hong Kong's development as a leading international financial centre."
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