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Tung Chee Hwa, chief executive of the Hong Kong Special Administrative Region, has re-appointed Andrew Sheng as chairman of the Securities and Futures Commission (SFC), Financial Secretary Henry Tang announced here Friday.

Andrew Sheng was first appointed as SFC chairman in October 1998. The re-appointment was made under Section 1 of Schedule 2 to the Securities and Futures Ordinance for a period of two years from Oct. 1, 2003 to Sept. 30, 2005.

Tang noted, "Mr Sheng's re-appointment will provide continuity in the implementation of the newly commenced Securities and Futures Ordinance, as well as the roll-out of our various initiatives for enhancing corporate governance, protecting shareholder interests and modernizing market infrastructure."

Tang added that they are pleased to have Sheng's continued service and look forward to working with him and his colleagues at the SFC in upgrading the quality of the market.

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