The Hong Kong Monetary Authority (HKMA) announced this week that the Financial Secretary, following the advice of the Governance Sub-Committee of the Exchange Fund Advisory Committee, had approved the appointment of Karen Kemp as Executive Director of the Banking Policy Department, and Esmond Lee as Executive Director of the new Financial Infrastructure Department.
Both appointments will take effect on February 1.
Ms Kemp will replace Simon Topping, who has recently given notice of his resignation. Ms Kemp joined the HKMA in 1995 and has worked mainly in the Office of the General Counsel, where she has served as a Deputy General Counsel since 2001. She was seconded to Exchange Fund Investment Limited from 1999 to 2001 as Deputy Chief Executive Officer during that period.
According to the HKMA, she has extensive experience of the legal side of banking issues, and has been a member of the team developing the policies and legal framework for Basel II.
Mr Lee, currently Head of the Financial Infrastructure Development Division, has played a key role in the development and operation of clearing and settlement systems in Hong Kong since joining the HKMA in 1993. He was Chief Representative in the HKMA's New York Office from 1998 to 2000.
Since giving notice of his resignation, Mr Topping has ceased to carry out his duties as Executive Director of the Banking Policy Department, and is deployed on special duties until his departure from the HKMA in April, following which he intends to pursue a career in the private sector.
Mr Topping joined the HKMA in 1995 as Division Head in the Banking Supervision Department and was appointed as Executive Director in September, 2000.
Commenting on Mr Topping's resignation, the Chief Executive of the HKMA, Joseph Yam, suggested that he had made important contributions to the development of banking policies for Hong Kong and had played an essential part in drawing up and implementing the Basel II framework.
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