Hong Kong Stock Exchange

Julia Leung Fung-yee named executive director of Hong Kong’s SFC

PUBLISHED : Friday, 06 February, 2015, 6:47pm
UPDATED : Friday, 06 February, 2015, 6:47pm

Former undersecretary for financial services and the treasury Julia Leung Fung-yee has been appointed as executive director of the Securities and Futures Commission to replace Alexa Lam, the government announced on Friday.

Leung, who formerly work as the right hand person of Professor Chan Ka-keung from 2008 to 2013, the secretary for the financial services and the treasury, will get a three year term from March 2.

She had worked reforming the local fund industry, the stock market connect between Hong Kong and Shanghai, as well as the cross border fund sales mutual recognition schemes.

Her job will be as executive director of investment products in the SFC, but she will not take over Lam’s other job as deputy chief executive of the SFC.

A spokesman of the SFC told the Post that “no decision has been made yet” on who will be the deputy chief executive of the SFC.

Lam, who joined the SFC in 1999, will retire at the end of February. She is known for her promotion of the local fund industry and the launch of the RQFII schemes in 2011 to allow mainland fund houses to launch yuan-demoninated products here.

Leung’s appointment was welcomed by the market players.

“Ms Leung has been working closely with the local fund houses and brokers. She knows the local financial markets well and is the right choice for the job,” said Christopher Cheung Wah-fung, legislator for financial services sector.

“She has also been involved in the stock market connect scheme and the mutual fund recognition scheme when she was the undersecretary. Her new appointment at the SFC will allow her to continue these projects. I hope she can help the tie up the stock markets between Hong Kong and Shenzhen as soon as possible. We also want her to achieve a right balance to help the financial sector to develop well while not over-regulating the sector.”

After leaving the government in 2013, she joined the academic sector and has been an advisor of three policy and academic institutes.

“Ms Leung brings to the SFC a wealth of experience and knowledge. I look forward to working closely with her in her new role heading the Investment Products Division and as a member of our Board," the SFC’s chief executive Ashley Alder said.