In major Hong Kong related compliance news, James Shipton, formerly with Goldman Sachs and before that with ComplianceAsia, has been appointed an Executive Director of the HK SFC in charge of a new combined Licensing and Intermediaries Supervision Department. The appointment is effective today.
The combining of the two departments is an interesting move and will present both challenges and opportunities for improving the regulatory environment in Hong Kong. Broadly Hong Kong has a very good environment but we have been saying for quite some time that there remain opportuinities to enhance regulatory effectiveness by tweaking aspects of the rules relating to firms that only deal with other institutions.
In addition to his background in regulatory affairs with Goldmans and the formation of own firm, James has been very active in AIMA in Hong Kong and had a stint with Kleinwort Benson and the prime services side of Goldmans.
We wish James a very sucessful 3 year stint at the helm of the new combined department. The full announcement from the SFC is reproduced below:
SFC welcomes appointment of Executive Director
The Securities and Futures Commission (SFC) welcomes the appointment by the Financial Secretary of Mr James Shipton as Executive Director of the new integrated Intermediaries Supervision and Licensing Division for a three-year term effective from 19 June 2013 (Note 1).
The integrated Division would enable the SFC to deal with an increasingly complex range of regulatory issues and to enhance the regulatory effectiveness of licensing and supervising intermediaries (Note 2).
"I am pleased with the Financial Secretary’s decision to appoint Mr Shipton. I am certain that the SFC will benefit from his wealth of experience and professional knowledge. I look forward to working closely with him to advance the SFC’s regulatory objectives," the SFC’s Chief Executive Officer, Mr Ashley Alder, said.
- Mr Shipton was a full-time Visiting Fellow at Harvard Law School's Program for International Financial Systems for three months prior to joining the SFC. Previously, he was Goldman Sachs’ Asia Pacific Head of Government and Regulatory Affairs and a Managing Director in Goldman’s Asian Executive Office, before taking extended leave to take up his interim position at Harvard University. Mr Shipton has extensive finance, capital markets, operational and legal experience and has worked in Australia, Bangkok, Singapore, London as well as Hong Kong.
- Last year, the Financial Secretary approved the SFC’s proposal to consolidate the Intermediaries Supervision Department and the Licensing Department to form an integrated Division and to recruit an Executive Director to head the new Division.