The future of Securities and Futures Commission (SFC) chairman Andrew Sheng remains up in the air, with just 10 days to go before his contract runs out as head of the securities regulator. Mr Sheng's two-year term expires on September 30 and the government has yet to announce either a replacement or say whether it will renew Mr Sheng's contract. 'The government will make an announcement on the issue at an appropriate time,' Secretary for Financial Services and the Treasury Frederick Ma Si-hang said yesterday. Critics have described the government's inaction as inefficient and say it has led to uncertainty in the market. Sources said the government had offered a one-year contract to Mr Sheng, but he would prefer a two to three-year contract. The negotiations had dragged on for the past two months, the sources said. An SFC spokesman yesterday refused to comment on the issue.