Investment Banking Hongkong

							                                      Press Release



   Appointment of the Securities and Futures Commission Executive Director and
                              Non-Executive Director
                                Friday, May 23, 2003




      The Financial Secretary has appointed Mr Au-Yang Cheong Yan Peter as an
Executive Director, assuming the role of Chief Operating Officer; and Dr York Liao, JP as a
Non-Executive Director (NED) of the Securities and Futures Commission (the
Commission). The two appointments have been made with the authority delegated from
the Chief Executive under the Securities and Futures Ordinance (SFO) (Cap. 571).

      Announcing the appointments today (May 23), the Secretary for Financial Services
and the Treasury, Mr Frederick Ma said, "With the full implementation of the SFO and the
increased workload and responsibilities of the Commission, there is a need to recruit a new
Executive Director to meet operational requirements and provide better support to the
Commission in discharging its regulatory duties."

      The post has been left vacant by the Commission since March 2001.

      "The addition of another NED will meet the new statutory requirement under the
SFO of having a majority of NEDs in the governing body of the Commission, which is a
good practice for enhancing corporate governance," Mr Ma said.

      "We are glad that the governing body of the Commission is further strengthened with
the appointment of two new members. Their broad vision and diverse experience would
contribute to the work of the Commission in ensuring an open, fair and orderly securities
and futures market."

      The appointment of Mr Au-Yang will be for a term of three years and that of Dr Liao
for two years, both with effect from 26 May 2003.

      Mr Au-Yang has extensive experience in the field of corporate finance and senior
management. He was previously a Co-Head of Investment Banking of The Hongkong and
Shanghai Banking Corporation Limited during which he was involved in a number of key
corporate finance projects, acting as adviser to both corporate and government entities.
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       Dr Liao is the Managing Director of Winbridge Company Limited and was involved
in the business of liquid crystal display panels. He also serves as a member of the Council
of Advisors on Innovation and Technology, as well as the University Grants Committee. As
an NED, Dr Liao will participate in the policy development of the Commission and bring
independent views to its management and organisation.

        The Chief Operating Officer will be responsible for corporate communications,
investor education and communications, Commission Secretariat, finance and
administration, human resources / training and development and information technology. In
addition, he will coordinate cross-divisional functions and communications in the
Commission, lead the implementation of the Commission's corporate strategies and
initiatives, and assist the Chairman of the Commission in the development and maintenance
of external relations.

      The other serving NEDs are Mr Henry Fan, SBS, JP; Mr Daniel Fung, SC; Mr
Raymond Kwok; Mr Thomas Brian Stevenson, SBS; the Hon Jasper Tsang Yok-sing, GBS,
JP, and Ms Anna Wu, SBS, JP.

       Under section 1 of Part 1 of Schedule 2 to the SFO, the Chief Executive shall appoint
not less than eight members to the Commission, of which the majority shall be NEDs.
After the two appointments, the Commission will be served by six EDs and seven NEDs.




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