Martin Wheatley, the newly appointed chairman of the Hong Kong Securities and Futures Commission SFC is likely to receive a friendly reception from the funds industry, but will face a number of challenging issues. The office of Donald Tsang, chief executive of the Hong Kong Special Administrative Region, formally announced Wheatley's appointment on Friday, replacing Andrew Sheng effective October 1.
Market participants in Hong Kong say the most striking thing is that the government is appointing a foreigner - a move that some investors applaud, saying it will bolster the SFC's independence, or at least the perception thereof since Sheng announced his retirement early this year, the rumour mill had...
