HONG KONG - Hong Kong chief executive has approved the appointment of Ashley Alder as the new top official of the Securities and Futures Commission (SFC), according to a release by the city's Information Services Department on Monday.

The newly-appointed head of the city's stock regulator will take office on October 1 this year and his term will last until September 30, 2014.

The release said Alder was selected through a global search starting in February this year by a selection panel chaired by the financial secretary.

The release described Alder as a "highly accomplished lawyer who has been living in Hong Kong for over 20 years." He is a partner of an international law firm, specializing in areas of capital markets, mergers and acquisitions. He worked for the SFC between 2001 and 2004 as its Executive Director of Corporate Finance.

Speaking on the appointment Monday, the Financial Secretary John Tsang said Alder has "extensive experience in the legal field specializing in corporate finance. He has also worked in the SFC before."

Tsang also expressed confidence that under Alder's leadership, the SFC will continue to be an effective and respected financial regulator, contributing to the enhancement of Hong Kong's position as a global financial center.

Hong Kong's SFC has been running without a formal CEO since June 8 this year, when the six-year contract between the HK government and the previous SFC head Martin Wheatley came to an end.