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The UK Financial Conduct Authority is tapping into Hong Kong’s securities market regulator for a new chair. Ashley Alder, the CEO of the Securities and Futures Commission of Hong Kong, is set to become the new chair of the FCA.
FCA appoints CEO of Hong Kong securities regulator as the new chair
The UK Treasury released a statement confirming Alder’s appointment to the new position. Alder will occupy this position in January 2023, and he will be taking over from the current interim FCA Chair, Richard Lloyd. Lloyd assumed the position of interim chair in May after Charles Randell left.
Alder has served as the CEO of Hong Kong’s securities market regulator since 2011. He has chaired several initiatives, including the International Organization of Securities Commissions (IOSCO).
In March, while chairing an IOSCO meeting, Alder said that decentralized finance (DeFi) was an area that was growing very fast in the financial services sector. However, this space also posed significant risks to the industry’s growth.
Your capital is at risk.
While announcing his acceptance to the position of chair of the FCA, Alder said that the regulatory body would be committed to supporting the growth of the UK as a global financial hub following Brexit. It would also support innovation and competition by implementing the best regulatory standards.
The FCA is currently in charge of around 51,000 companies offering financial services in the UK and servicing financial markets in the country. The regulator also has regulatory oversight over the cryptocurrency space.
The recent appointment of Alder comes as the regulator makes drastic changes to its workforce. It recently added 500 new staff to help it achieve a three-year mission of shaping the digitization of the financial space. Another recent appointment to a senior role was Matthew Long, who will be the new director of a newly created unit known as the payments and digital assets. Long will assume this position in October.
UK Prime Minister Boris Johnson resigns
The UK government has witnessed massive resignations following several scandals surrounding the Prime Minister’s office over the past week. The UK Prime Minister Boris Johnson announced his resignation on Thursday after over 50 members of parliament resigned.
The Chancellor of the Exchequer, Rishi Sunak, also resigned, and he is among the people being speculated to take over as the next UK Prime Minister. Johnson’s resignation could shape crypto regulations in the UK.
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