Hong Kong’s SFC boss Ashley Alder opts to stay on three more years, citing coronavirus pandemic
- Alder had said he would leave in September after nine years as chief executive of Hong Kong’s Securities and Futures Commission
- The former lawyer said he wants to shepherd the city’s financial system through the coronavirus pandemic, as the economy tanks
Ashley Alder, chief executive of Hong Kong’s Securities and Futures Commission, has decided to stay in post for three more years to shepherd the city’s financial system through the coronavirus pandemic.
Alder said in a statement on Monday that he wanted to “ensure that the financial system functions reliably and with integrity throughout a period of exceptional stress.”
Alder sees the challenge ahead as making sure investors remain confident that Hong Kong’s financial regulations are fit for purpose in what will be a vastly different international financial landscape once the coronavirus pandemic abates.
Alder, who has a Masters in Law from Cambridge university, was a lawyer for 20 years. He headed Asia for Herbert Smith Freehills, one of the world’s largest legal firms.
During his tenure at the SFC, Alder has worked with the China Securities Regulatory Commission on more cross-border cases and cracked down on shoddy IPOs in one of the world’s largest markets for listings.
Alder was also appointed as the chair of the board of the International Organization of Securities Commissions (IOSCO) in 2016.
“Under Ashley’s leadership during the past nine years, the SFC has established itself as a world-class market regulator, recognised by its peers and market participants for its innovative regulatory approach and contributions to shaping global financial policies,” said the SFC’s chairman Tim Lui.
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