Alder was expected to step down in September, but has decided to stay on to ensure regulatory clarity through the current period of “exceptional stress”.
Hong Kong’s SFC (Securities and Futures Commission) has reappointed Ashley Alder as its Chief Executive Officer for another three-year term, effective from 1 October 2020.
Alder was first appointed as the SFC’s CEO on 1 October 2011. He has been widely expected to step down from his post when his current term ends on 30 September.
“After a careful re-assessment of the circumstances now facing Hong Kong and global economies and financial markets, and having discussed the situation with the Government, I have accepted an invitation to remain at the helm of the SFC at a time when regulatory clarity is more important than ever to ensure that the financial system functions reliably and with integrity throughout a period of exceptional stress,” Alder said.
SFC chairman Tim Liu welcomed Alder’s decision to stay on, saying his vast regulatory knowledge, standing, international influence and continued leadership will help to maintain the integrity and stability of the Hong Kong financial market.
“Under Ashley’s leadership during the past nine years, the SFC has established itself as a world-class market regulator, recognised by its peers and market participants for its innovative regulatory approach and contributions to shaping global financial policies,” Liu said.
In a statement of its own, the government said: “Continuity of leadership at the SFC would significantly boost the confidence of international and local investors about Hong Kong’s financial markets.”
Just over a week ago, media reports were circulating suggesting that Alder was being considered as the next head of the UK FCA (Financial Conduct Authority).