Martin Wheatley has been appointed the Securities & Futures Commission 's new Chief Executive Officer under an amendment to the ordinance governing the commission that separates the chairman's role from that of its executive arm, Financial Services & the Treasury Bureau says.

His term ends September 30, 2008.

The appointment of a new chairman will be announced in future.

The Securities & Futures (Amendment) Ordinance 2006, gazetted today, separates the role of the commission's chairman from that of the executive arm and calls for the creation of a chief executive officer post.

Lawmakers passed the amendment on June 14. 

Under the new structure, a chairman will lead the commission. This role will be separated from the executive arm, which a chief executive officer will head. This model is in line with local and international best governance practices.

The future chairman will lead the SFC Board in setting the overall direction, policies and strategies of the commission and monitoring the performance of the executive arm in fulfilling the objectives, policies and strategies the board sets.

The chief executive officer has the executive responsibility for the commission's day-to-day running and should implement the objectives, policies and strategies agreed by the board, and facilitate the board's effective functioning.