Hong Kong government names journalist-turned-regulator Julia Leung as the first woman CEO of SFC
- Leung, who is the deputy CEO of the Securities and Futures Commission, takes over from Ashley Alder
- She is in charge of many ongoing projects, including the new licensing regime for virtual assets service providers, which will be implemented in June
The Hong Kong government has appointed former Asian Wall Street Journal journalist Julia Leung Fung-yee as the first woman CEO of the Securities and Futures Commission (SFC), the regulator said on Thursday.
Leung, 62, will take charge on January 1 for a three-year term.
Leung, the deputy CEO of the markets watchdog, was considered to be the most ideal candidate to replace Ashley Alder, as she has been ably assisting him for a long time, said one of the sources who was involved in the selection process.
She was the backbone of Hong Kong’s regulatory framework, especially during the past three years when the capital market was buffeted by geopolitical strife and US sanctions, a vital experience that equipped her with a unique understanding of Hong Kong’s role as Asia’s financial hub, the source said.
Leung is currently handling many important projects for the SFC, including the new licensing regime to be implemented in June for virtual assets service providers, said the second source on why she was selected for the post.
Leung said her priority would be to “maintain the financial stability of Hong Kong and enhance its competitiveness as an international financial centre after the pandemic.”
“In terms of new policy measures, the SFC will continue to develop sustainable finance to turn the city into a fundraising centre for green projects and implement the new regulations on virtual assets trading,” Leung told the Post in a telephone interview.
Financial Secretary Paul Chan Mo-po, who announced the appointment, said Leung has “profound knowledge and extensive experience” in the regulation of Hong Kong and mainland markets “and the vision for enhancing Hong Kong as an international financial centre”.
Leung was chosen by a selection panel chaired by the financial secretary following a global search. The other members on the panel included SFC chairman Tim Lui Tim-leung, former SFC chairman Carlson Tong Ka-shing, former HKMA CEO Joseph Yam Chi-kwong, SFC non-executive director Nicky Lo and the Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.
SFC chairman Lui said the commission “will benefit from her leadership in advancing its strategic goals and fulfilling the mandate of safeguarding investors, maintaining market integrity and quality as well as strengthening the competitiveness of Hong Kong’s financial markets.”
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Market observers welcomed the appointment.
“Julia Leung is the first local Chinese to take up the top job at the SFC, which is a good move as she knows the Hong Kong and mainland markets well,” said Tom Chan Pak-lam, chairman of the Institute of Securities Dealers, an industry body.
Sally Wong, CEO of Hong Kong Investment Funds Association, said Leung will help to entrench Hong Kong as a world class financial centre.
Her depth and breadth of knowledge and experience will help to maintain a balance between market development and investor protection, Wong said.
Besides the virtual assets regulatory regime, Leung will her work cut out on issues such as promoting the Wealth Management Connect scheme, as well as attracting wealthy families to set up family offices in Hong Kong.
Leung will also oversee the launch of a new investor identification system in March next year, tightening oversight on trading activities in the market to reduce misconduct.
Leung was a financial journalist for a decade at the Journal until 1994 and went on to work for the Hong Kong Monetary Authority for the next 14 years.
She had a five-year stint as an undersecretary for financial services and the treasury from 2008 to 2013. In March 2015, she joined the SFC as executive director to regulate investment products, moving a year later to oversee the city’s 600 stockbrokers and other financial intermediaries. She was promoted to deputy CEO in March 2018.
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Leung is the third CEO since the regulator split the executive chairman’s role into CEO and chairman in 2006.
Although Leung has passed the retirement age of 60 for Hong Kong civil servants, it is not an issue as the SFC does not have a fixed retirement age for senior executives, SFC chairman Lui had told the Post earlier.
Leung graduated from the Chinese University of Hong Kong and earned a master’s degree from Columbia University in New York. In 2014, she conducted research and wrote a book on how Asia surmounted various financial crises.
Alder, who has been the CEO of the SFC since 2011, will leave his post in two weeks to join the British regulator, the Financial Conduct Authority (FCA), as its non-executive chairman, in January.
