The Securities and Futures Commission (SFC) chairman-designate, Andrew Sheng Len-tao, aims to rebuild investor confidence in the market when he takes over the chairmanship on October 1. The Government yesterday announced that Mr Sheng, the present Hong Kong Monetary Authority (HKMA) deputy chief executive, had been appointed by the Chief Executive to be chairman of the SFC for three years from October 1. He will replace Anthony Neoh, whose posting has been extended for three months by the Chief Executive. Mr Sheng yesterday said he had had to delay starting in the new appointment until October because he had to finish a G22 report on market transparency and disclosure in September. He is co-chairman with Bank of England deputy governor Mervyn King of a working group on transparency. G22 comprises the G7 group of leading industrialised nations and 15 other leading economies including Hong Kong. Mr Sheng is at present responsible for the management of the Exchange Fund and the Land Fund. Previously, he worked for 13 years with the Central Bank of Malaysia and was promoted to assistant governor of the bank in 1984. Between 1989 and 1993, Mr Sheng worked in the World Bank before he joined the HKMA in 1993 as deputy chief executive. Mr Sheng said he would stand by four principles to perform his job in the SFC: market confidence and trust; market integrity and fairness; a level playing field for competition, and transparency and disclosure. 'Without investor confidence and trust, the market cannot thrive,' he said. He would work hard to increase communication with brokers who are under the regulation of the commission. He said his work in the World Bank had allowed him to help develop securities-market regulation in the developing countries, which would be useful for his new job in the SFC. He said there were three reasons for him to accept the new challenge: the hopes of strengthening co-operation between the SFC and the HKMA, the goal of ensuring Hong Kong continued as an international financial centre through firm regulation and supervision in the market, and as a personal challenge.