Shipkevich Bitcoin and ICO Attorney
Felix Shipkevich June 9, 2011

The Hong Kong Securities and Futures Commission  (SFC) missed its deadline to appoint a new chief executive before its current leader, Martin Wheatley, moves on to a regulatory post in his native United Kingdom. SFC deputy chief Alexa Lam has been named interim CEO, and there has been no word from the agency on how long the search is expected to continue.

This is a particularly distressing moment for the SFC to be without clear leadership. Before relinquishing his office, Wheatley drew attention to two critical issues which will need to be confronted in the coming months. First was a challenge issued to United States Treasury Secretary Tim Geithner. Last week, Geithner publicly expressed fears that efforts at reform would backfire and ignite a regulatory “race to the bottom.” Wheatley, sensitive to veiled criticism of his institution, fired back: “We’ve been fairly clear with the US, and to use a phrase I’ve grown up with, ‘People in glass houses should not throw stones’…The US regulatory system has shown itself to be not best able to withstand the sorts of traumas we have been through over the past three years, whereas the Hong Kong system in many respects has.” He called upon his successor to move forward in OTC derivative regulation, with an eye to merging and streamlining new Asian trading and clearing platforms.

He also turned his bully pulpit to the  Chinese stock bubble. In an interview with the Wall Street Journal, he compared the current craze for all Chinese IPOs to the 90s dot-com goldrush: “Everybody wants a piece of China…therefore, there has been a rush to [invest in] Chinese companies.” Investors, blinded by the glory of Chinese potential, have begun snapping up new stocks after little or no company research. Though he believes yuan-based trading has a bright future, Wheatley cautioned that “I’m thinking in three to five years is when we really see that market develop.”

The troubling period begins now. With no clear leader with a strong vision, the may SFC will have difficulty wrangling the headstrong market in its jurisdiction. Hopefully, the government of Hong Kong will not drag out the search much longer.

Read more about the SFC’s troubles here, here, and here.

Creative Commons License photo credit: Dennis Wong

19 thoughts on “Transition in turmoil at the Hong Kong SFC

  1. Sildenafil Pas Cher 150 Mg [url=http://cialtobuy.com ]cialis[/url] Cytotec Price In Kuwait
    Vrdrug Cat Ate A 500 Mg Amoxicillin Viagra Prix Quebec
    Que Es El Viagra Femenino cialis Viagra Preiswert

  2. Prezzo Viagra Da 50 Mg Viagra Rezeptfrei Online Kaufen [url=http://orderviapills.com]viagra[/url] Progesterone Australia Does Amoxicillin Treat Stds Clomid Fast Delivery

  3. Pyridium Medicine Best Website With Free Shipping Cialis 20 Mg Indicazioni [url=http://levitrial.com]cheap viagra levitra cialis[/url] 24 Hour Canadian Pharmacy Amoxicillin Quinine Amoxicillin 400mg Suspension

  4. Amoxicilline 500 Alcool Viagra En La Salud Priligy Forum 2010 [url=http://genericviabuy.com]online pharmacy[/url] Hydrochlorothiazide Holistic Where Can I Buy Dutasteride Quick Shipping Lioresal 25mgacheter Lioresal En France

  5. Order Finasteride Online Generic Propecia Acheter Cialis Generic4u Kamagra Intermediates [url=http://levitrial.com]cheap levitra canada[/url] Cialis Generico Soft

  6. Plus Tapeworms Tablet Next Day [url=http://levibuying.com]where to purchase low cost levitra[/url] Priligy Dapoxetina Commenti Kamagra Vente Libre Etats Unis Kamagra Oral Jelly Best Price

  7. What Is Amoxil Capsules Used For Priligy Or Viagra [url=http://cheapviafast.com]viagra[/url] Cialis Espagne Acticin Medication Drugs With Overnight Delivery Dudley

  8. Amoxicillin Feline Dose Cialis Spedito Dall’Europa [url=http://cheapvia50mg.com]buy viagra online[/url] Achat Cialis Sans Ordonnance Amoxicillin For A Sinus Infection

  9. Viagra Rezeptfrei Direkt Kaufen Viagara Canadian Pharmacies [url=http://tadalaf20mg.com]cialis price[/url] Propecia Without Prescription Order Kamagra Gunstig Bestellen

Leave a Reply