Hong Kong’s financial sector has welcomed the appointment of Julia Leung as the next chief executive officer of the Securities and Futures Commission (SFC).
Leung, currently the deputy CEO and an executive director of the intermediaries division of the SFC, will succeed Ashley Alder following his departure from the securities regulator. Leung’s new appointment takes effect from January 1 2023.
Alder, who has been the SFC chief since October 2011, is taking up a new post in the United Kingdom as chair of the Financial Conduct Authority.
“Ms Leung is well respected by her peers, colleagues and stakeholders alike for her vision and insights, regulatory knowledge and professionalism, and has proven track records in managing highly-complex regulatory issues and pioneering regulatory initiatives,” says SFC chairman Tim Lui.
“I am certain Ms Leung’s dedication to the commission will continue in her new role, and the SFC will benefit from her leadership in advancing its strategic goals and fulfilling the mandate of safeguarding investors, maintaining market integrity and quality as well as strengthening the competitiveness of Hong Kong’s financial markets.”
The Financial Services Development Council (FSDC) also welcomed Leung’s appointment. “With Julia taking the helm, I am confident that the SFC will contribute to expanding market access while safeguarding investor interest," says FSDC chairman Laurence Li. "With the common interest of developing Hong Kong into an asset and wealth management hub, as well as enhancing our competitiveness as an international financial centre, the FSDC looks forward to working more closely with Julia, the first female CEO in the SFC’s history, and team."
In accepting the new post, Leung says: “As the SFC enters its third decade, the commission will redouble its effort to continue delivering as a world-class market regulator. To this end, the SFC will strive to ensure that Hong Kong’s regulatory framework and market infrastructure are fit for purpose so that Hong Kong would thrive as the most important international financial hub with ever-increasing connectivity with markets on the mainland and the rest of the world.”
Leung joined the SFC in 2015 as executive director overseeing the investment products division and she took over as executive director of the intermediaries division in 2016. She was named deputy CEO in March 2018.
Leung worked as a journalist at the Asian Wall Street Journal for 10 years until 1994, before joining the government in various capacities.
