Good News: Chief Executive Officer to leave SFC

SFC just announced that its Chief Executive Officer, Mr Martin Wheatley will be leaving next summer.

The following are standard BS in the press release...

• Chairman of the SFC, Dr Eddy Fong said: "It has been a great pleasure working with Martin, whose leadership has helped the Commission ride out many challenges and strengthen its position as a globally respected regulator. I am thankful to him and I wish him all the best in his future endeavours."
• "My six years with the SFC – hectic and demanding at times – have been very fruitful. The Commission has taken in its stride the many challenges that confronted the financial markets and regulators and we have been able to adopt a pragmatic and sensible approach in our regulation. I am also encouraged to see the work that we have done in tackling market misconduct," Mr Wheatley said.
• "I am very grateful for the support, dedication and professionalism of our staff who carried out their duties conscientiously under very trying circumstances at times. I would like to thank them for their commitment and hard work and I wish the SFC continuing success," he added.
• Mr Wheatley joined the SFC in June 2005 and was appointed as the Commission’s first Chief Executive Officer in 2006.
• Mr Wheatley is a member of the Standing Committee for Standards Implementation of the Financial Stability Board as well as the International Organisation of Securities Commissions (IOSCO) Technical Committee. He currently chairs the IOSCO Technical Committee Task Force on Short Selling.
• Prior to joining the SFC, Mr Wheatley was Deputy Chief Executive of the London Stock Exchange. He was also Chairman of the FTSE International and sat on the Listing Authority Advisory Committee of the Financial Services Authority of England.

Jack's comment: My Xmas wish is that the key personnel change will lead to a much more robust and fair regulatory culture. There are too many power-abusing and irresponsible officials in the world!