Hong Kong's SFC Appoints Wheatley As CEO

by Mary Swire, for LawAndTax-News.com, Hong Kong

27 June 2006

It was announced on Friday that Martin Wheatley has been appointed as the Securities and Futures Commission's new Chief Executive Officer, under an amendment to the ordinance governing the Commission designed to separate the chairman's role from that of its executive arm.

According to the Financial Services & the Treasury Bureau, which made the announcement last week, the appointment of a new chairman will be announced soon.

The Securities & Futures (Amendment) Ordinance 2006, gazetted last week, is designed to separate the role of the Commission's chairman from that of the executive arm, and calls for the creation of a chief executive officer post. The amendment was passed by legislators on June 14.

Under the new structure, a chairman will lead the commission. This role will be separated from the executive arm, which the chief executive officer will head. This model is in line with local and international best governance practices, according to the Hong Kong authorities.

The future chairman will lead the SFC Board in setting the overall direction, policies and strategies of the commission and monitoring the performance of the executive arm in fulfilling the objectives, policies and strategies the board sets.

The chief executive officer, meanwhile, will have executive responsibility for the commission's day-to-day running and should implement the objectives, policies and strategies agreed by the board, and facilitate the board's effective functioning.

Mr Wheatley's term as CEO will end on September 30, 2008.

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