The Securities and Futures Commission (SFC) of Hong Kong has
announced that Kelvin Wong Tin-yau will take on the role of Chairman, effective
October 20, 2024. Tin-yau will replace Tim Lui, who has held the position for
six years and is stepping down.
In other news from the Asian Financial Market, Ratan Tata,
the former chairman of Tata Sons and a prominent Indian business figure, died
on October 9 at the age of 86.
Tata was involved in the Tata Group’s global expansion and
played a key role in the growth of Tata Consultancy Services (TCS), one of
India’s leading IT firms. As per the latest market data, TCS Price opened at
INR 4,140.00, down from a previous close of INR 4,149.20. In the past five days, TCS
price has decreased by 2.87%.
SFC’s New Chairman Announced
Lui expressed his support for Tin-yau ‘s appointment, citing
Tin-yau ‘s experience in capital markets regulation. Tin-yau has previously
served as Chairman of the Accounting and Financial Reporting Council and worked
closely with the SFC.
Lui mentioned Tin-yau’s earlier role as a Non-Executive
Director of the SFC and his leadership of the Investor Education Centre. He
stated that Tin-yau ‘s background aligns with the SFC’s objectives and will
assist in maintaining market quality and integrity.
Reflecting on his tenure, Lui characterized the past six
years as challenging, noting events like the COVID-19 pandemic and geopolitical
tensions.
He remarked that the SFC’s collective efforts have helped sustain
Hong Kong’s financial stability while also advancing technology adoption and
promoting environmental, social, and governance (ESG) practices.
Leadership Transition in Regulatory Body
Tin-yau acknowledged the significance of his upcoming role.
He expressed a desire to work closely with the SFC’s Board, CEO Julia Leung,
and the management team.
Tin-yau highlighted the importance of developing a
sustainable capital market, protecting investors’ interests, and fostering
economic growth and corporate governance.
Julia Leung welcomed Tin-yau ‘s appointment and thanked Lui
for his leadership. She noted the progress made under Lui’s guidance and
expressed confidence that the SFC’s regulatory work would continue effectively
under Wong.
In addition to his new role, Tin-yau will remain Chairman of
the Accounting and Financial Reporting Council until the end of 2024. He served
as a Non-Executive Director of the SFC from 2012 to 2018 and chaired the
Investor Education Centre from 2017 to 2018.
This article was written by Tareq Sikder at www.financemagnates.com.
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