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Breakingviews - Hong Kong seeks new traffic cop for wonky market

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On Breakingviews – Ashley Alder, who has helmed the Securities and Futures Commission for eight years, is stepping down in 2020. The job he vacates is unique in financial regulatory circles, but not really in a good way. AlecMac11

Ashley Alder, Chief Executive Officer of Hong Kong Securities and Futures Commission, addresses the Pan Asian Regulatory Summit by Thomas Reuters in Hong Kong, China October 10, 2017. REUTERS/Bobby Yip

Alder lasted longer than his predecessor Martin Wheatley, who left after just five years, but didn’t necessarily achieve much more. One of the defining debates of his tenure was the question of whether to let companies list on the city’s stock market with multiple classes of shares, a classic way of giving founders control beyond their economic stakes.

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Hong Kong seeks new traffic cop for wonky marketAshley Alder made the best of a middling job as chief securities regulator. He made progress fighting shoddy IPOs, though failed to stop dual-voting share structures. His successor could tackle the SFC’s slow enforcement, but will still be stuck between powerful vested interests.
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