The Securities and Futures Commission (SFC) announced today that Tim Lui Tim-leung has been named as the chairman of the Hong Kong regulator. Lui was appointed by the Chief Executive of the SFC and will serve a three-year term from October 20, 2018.
Lui will be replacing Carlson Tong, who was chairman for six years. Before being appointed in 2012, Tong was a non-executive director of the regulator, starting in April 2011.
Speaking of his successor, Tong said: “Mr Lui has a wealth of knowledge and experience from his accountancy profession and his public services in various capacities.
I am certain the SFC will benefit hugely under his leadership of the Board to continue steering the SFC in its regulation of the market, engagement with stakeholders, promotion of market development as well as collaboration with overseas and Mainland regulatory counterparts.”
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Lui joins the securities regulator following a three-decade career in accounting. Currently, he is a senior adviser at one of the world’s largest financial firms, PwC. He will step down from this position at the end of September, before starting his role at the SFC.
Commenting on the appointment, the SFC’s Chief Executive Officer, Ashley Alder, said: “I look forward to working closely with Mr Lui and the Board in furthering our core mission to protect the integrity and quality of Hong Kong’s financial markets.”
Outgoing chairman helped shape the SFC
In the statement released by the securities regulator today, Alder also commended the work of the outgoing chairman: “This has been a period of immense change for Hong Kong as an international financial centre as well as for the SFC itself.
The organisation has now embraced a clarity of purpose and a decisive, bold and targeted approach across all its operations which could not have been achieved without Carlson’s wise counsel, enthusiasm and energy, always putting the interests of Hong Kong first, especially when external obstacles to change have been challenging.”