The International Organization of Securities Commissions (IOSCO) appointed Ashley Alder as chairman of its board during its annual conference in Lima on Thursday.

Alder is currently vice chairman of IOSCO’s board and CEO of Hong Kong’s Securities and Futures Commission (SFC), where he has held the latter role since 2011. He moved to Hong Kong in 1989 to practice law with Herbert Smith LLP, then based in London. He joined the SFC in 2001 as executive director of corporate finance before returning to Herbert Smith in 2004 where he became head of the firm’s Asian offices. Alder rejoined the SFC in 2011.

“Mr. Alder has long been active in IOSCO’s policy and other committee work. He was chair of the IOSCO Asia-Pacific regional committee (APRC) from 2013 until May 2016,” according to IOSCO’s announcement released Thursday. “During his mandate, he was instrumental in ensuring APRC’s voice was heard outside Asia, particularly regarding the impact of post-crisis regulation on Asia Pacific markets.”

He has also chaired the IOSCO task force on cross-border regulation and is currently chair of the task force on market conduct.

Alder replaces Greg Medcraft, currently chairman of the Australian Securities and Investments Commission. Medcraft decided not to seek a third term as chairman in order to allow for renewal at the board.

IOSCO acknowledged Medcraft’s contribution over his three-year tenure, which included an increased focus on risk identification and mitigation as well as assisting members in building capacity and enhancing cooperation amongst themselves in order to develop, supervise and enforce laws in their jurisdictions.

“Mr. Medcraft was also responsible for the ‘2016-2020 Strategic Direction’ aimed at ensuring that IOSCO meets its objective of enabling securities markets to fund the real economy and support economic growth,” the announcement states.

Jean-Paul Servais, chairman of Belgium’s Financial Services and Markets Authority, replaces Alder as one of two vice chairs for the IOSCO board. Ranjit Ajit Singh, chair of Securities Commission Malaysia, continues as the other vice chair.

IOSCO’s current board has 34 members, including the Ontario Securities Commission and Quebec’s Autorité des marchés financiers.