Hong Kong’s securities watchdog, the Securities and Futures Commission, has named Tim Lui Tim-leung as the next chairman.

Lui’s background is as a tax accountant. He worked as a tax partner at PwC before retiring a few years ago. He replaces the outgoing Carlson Tong who will have served out the six-year maximum tenure in October.

Tong retired as chairman of KPMG before his appointment in 2012 as the agency’s second chairman.

“It has been my honour to work with the Board, Ashley, senior executives and all SFC colleagues – who are dedicated and professional – on a host of regulatory initiatives and polices which contributed to strengthening Hong Kong’s status as an international financial centre and greater connectivity and collaboration with the Mainland,” Tong said in a statement.

One regulatory initiative impacting Hong Kong’s hedge fund managers are  changes to the Fund Managers Code of Conduct (FMCC).

The SFC said the changes to the FMCC are intended to reflect the latest international benchmarks issued by the International Organization of Securities Commissions and the Financial Stability Board so that Hong Kong has a robust regulatory regime that is in line with international regulatory developments.

A 17 November go-live date leaves the community little time to ready themselves and conduct the internal assessment on risk management policies and procedures required to meet the code change.

Hong Kong’s SFC names next chairman on AsiaHedge.