The new person on the block heading up the Risk and Strategy Unit is Bénédicte Nolens, who previously worked as Credit Suisse’s managing director and head of compliance for the Asia Pacific region.
She will report to the SFC’s chief executive Ashley Alder who said:"A centralised approach to risk will help the SFC to more effectively coordinate its overall strategy to deall effectively with the range of risks affecting market participants and investors – many of whom are complex and have a significant international dimension."
He added that it will allow the commission to adopt a focussed approach to its work as a market regulator, increasing our ability to assess and react to to the significance of developing risks across local and overseas markets.
The unit’s formation coincides with the SFC exercising its regulatory muscles in banning Miranda Hui Chi Cheung from re-entering the industry for ten years from 2 March 2012 to 1 March 2022.
The SFC found that between December 2010 and January 2011 Hui carried out unauthorised trading transactions in two clients’ accounts and lied to the clients by telling them that the unauthorised trades were error trades. She also failed to disclose to her employer her personal trading activities in the clients’ securities accounts.