HK SFC names politically-connected accountant as chairman

Former PwC tax specialist and deputy to China's parliament will succeed Carlson Tong at the securities watchdog.

Hong Kong's Securities and Futures Commission has named Tim Lui Tim-leung as its next chairman. He will take up the post on October 20, replacing Carlson Tong, who steps down after six years.

Lui brings years of experience as a tax accountant with PwC and has alo held a variety of positions with Hong Kong government organisations, including membership of the Education Commission and the University Grants Committee. Since 2008, he has also been one of 36 Hong Kong deputies to the National People's Congress, China's parliament.

Lui's appointment comes at a time of increasing assertiveness at the SFC, which has challenged leading international banks like Citi and UBS over their sponsorship of IPOs. The SFC is also facing the challenges of a reformed regime at the Hong Kong Stock Exchange, which is opening its doors to controversial dual-class listings.

“I am privileged to have been appointed as the chairman of the SFC to build upon the strategic priorities set by Carlson and the board," Lui said in a statement. "I look forward to helping to guide the SFC – a world-class securities regulator – to meet new challenges and opportunities during my tenure."

Ashley Alder, chief executive of the regulator, said: “I look forward to working closely with Mr Lui and the board in furthering our core mission to protect the integrity and quality of Hong Kong’s financial markets.”

And Alder praised Tong's contribution over the past six years.

“This has been a period of immense change for Hong Kong as an international financial centre as well as for the SFC itself," Alder said.

"The organisation has now embraced a clarity of purpose and a decisive, bold and targeted approach across all its operations which could not have been achieved without Carlson’s wise counsel, enthusiasm and energy, always putting the interests of Hong Kong first, especially when external obstacles to change have been challenging.  For this we are grateful and wish him well in his continuing leading roles in public service."

¬ Haymarket Media Limited. All rights reserved.
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