The chief securities regulator has yet to renew his contract, sparking concern
The future of chief securities regulator Andrew Sheng is shrouded in uncertainty just over two months before his contract expires, adding to market jitters in the wake of this week's resignation of former financial secretary Antony Leung Kam-chung.
Mr Sheng, chairman of the Securities and Futures Commission (SFC), has not yet signed a new contract even though his term expires at the end of September. The impasse has sparked expressions of concern from legislators and brokers worried that the ongoing political crisis could impact on the markets watchdog.
A government source told the South China Morning Post that the administration had not approached any potential replacements for Mr Sheng and had offered him a one-year contract extension.
But the source said Mr Sheng had not yet agreed to stay on because the deal was shorter than the three-year contract he signed in October 1998 and renewed in 2001.
When asked yesterday whether he had agreed to renew his contract, Mr Sheng declined to give a clear answer, saying: 'It is not an important matter whether my contract will be renewed. What matters is that the SFC has got expanded powers under the newly implemented securities law to enforce regulatory actions.
