Hong Kong SFC’s Au-Yang to step down

Hong Kong’s Securities and Futures Commission (SFC) said its chief operating officer, Peter Au-Yang Cheong-yan, would be leaving next year when his contract expires.

The SFC advertised in the local papers on December 17 for the chief operating officer position. But as Au-Yang is currently doubling also as executive director of corporate finance, so the SFC will advertise for that position in due course, said an SFC spokesman.

“Au-Yang has indicated he would return to the private sector when his contract expires next year," the spokesman added.

There is as yet no firm deadline for when the positions will have to be filled, but the advertisement on December 17 had a deadline of January 7, 2006 for applications.

Prior to joining the SFC in May 2003, Au-Yang had worked in HSBC’s investment banking arm for 18 years and was co-head of that department when he left.

Meanwhile, the SFC also needs to find a replacement for a market supervision executive director after Martin Wheatley became chairman on October 1. Wheatley had succeeded Andrew Sheng, the former chairman, who has retired.