Christopher Cheng and Jasper Tsang have been appointed and re-appointed respectively as Non-Executive Directors of the Securities & Futures Commission. Mr Cheng will take over Henry Fan's seat.

Secretary for Financial Services & the Treasury Frederick Ma announced the appointments today, adding they will be for two years from November 15.

The commission is served by six executive directors, including the chairman, and seven non-executive directors, which include Raymond Kwok, Thomas Stevenson, Anna Wu, Daniel Fung, and Dr York Liao.

Mr Ma said Dr Liao will also replace Mr Fan as an ex-officio member of the Process Review Panel from November 15 to October 31, 2004.

Mr Ma said Mr Fan's work has been instrumental in enhancing the commission's corporate governance, accountability and transparency.

Commission Chairman Andrew Sheng welcomed the appointments.

"I am particularly grateful to Mr Fan for his exemplary contribution to the commission and the development of our market in the past eight years. I would also like to welcome Mr Cheng who will bring with him a wealth of professional expertise and public service experience, which will be of tremendous help to the commission," he said, adding he is pleased to be able to continue working with Mr Tsang.