SFC Chief Executive Alder To Take Up UK Watchdog Job

The CEO of the Securities and Futures Commission, Ashley Alder, is stepping down to head the UK's financial conduct watchdog, the SFC announced on Friday.

Alder, a former lawyer, became the SFC's chief executive officer in 2011. He has also been serving as a chair of the Board of the International Organization of Securities Commissions since 2016.

"Ashley has been steadfast in his commitment and resolve in building a first-class regulatory framework with the highest standards to address the challenges and opportunities that Hong Kong face locally, regionally and globally," said SFC chairman Tim Lui in a statement.

The government praised Alder's contributions and said it will soon start a global recruitment exercise to find his successor.

"The SFC under his steer has also made many achievements in developing the local financial markets as well as enhancing mutual access and connectivity with financial markets in the mainland and around the world," said the Financial Services and the Treasury Bureau in a statement.

For his part, Alder said he "owes a debt of gratitude" to all who have contributed to the evolution of the SFC into a world-class market regulator.

In his tenure, he has overseen the introduction of a "front-loaded regulation" approach that sought to pre-empt market irregularities, instead of relying on court-ordered enforcement powers.

Alder will officially take up the role as chair of Britain's Financial Conduct Authority (FCA) in January next year.

In a statement issued by the UK government, Alder said he "values the opportunity to contribute to a crucial phase in the FCA’s history as it helps chart the UK’s post-Brexit future as a global financial centre."