Ashley Alder, the newly appointed chief executive of the Securities and Futures Commission, has vowed to help Hong Kong become the leading financial centre.
Alder (pictured), a lawyer specialising in capital markets, mergers and acquisitions, regulation and compliance, is no stranger to the SFC. Between 2001 and 2004, he was executive director at the financial regulator's corporate finance division.
The appointment comes at a time when Hong Kong is forging closer economic ties with the mainland and seeking to become an offshore centre for the trading of yuan, which is yet to be a fully convertible currency.
The Hong Kong securities regulator has also resisted plans to allow mainland accounting firms to audit the books of Chinese companies listed in the city amid concerns investor protections cannot be enforced.
A former SFC director who worked with Alder at the financial regulator believes he has what it takes when it comes to the tricky issue of dealing with the mainland officials and the Hong Kong government.
'He[Alder] got on well with the enforcement department,' said the former SFC director. 'I think he'll make the listing procedure more user-friendly. He is in a good position to balance both ends [client interest and investors' protection].'
