Lengthy talks end as the regulator's contract is extended for two years
Securities and Futures Commission (SFC) chairman Andrew Sheng will remain on the job for another two years after the government agreed to extend his contract, putting an end to protracted negotiations which had left his future at the regulatory body in doubt.
Mr Sheng's present contract was to expire on Tuesday. A deadlock between the government and Mr Sheng was resolved after Financial Secretary Henry Tang Ying-yen agreed to extend the regulator's contract for two years, a senior government source told the South China Morning Post yesterday.
The government had offered him a one-year contract in June, but Mr Sheng did not accept because the term was too short to implement continuing market reform plans. Mr Sheng had asked for a two- or three-year contract.
According to the government source, Mr Tang wanted a 'more experienced' person to head the regulatory body.
Antony Leung Kam-chung was the financial secretary when the government offered Mr Sheng the one-year term.
