Hong Kong's Securities and Futures Commission (SFC) can no longer be tagged as “toothless tiger”. This is according to Ashley Alder who served as chief executive for the past 11 years, making him the longest serving CEO of the commission. During his term, Hong Kong’s market regulator had enforced actions and imposed heavy fines to clean up misconduct. Alder said the actions of the regulator have established the city as a leading fundraising hub and a bridge between mainland China and the international markets. In the early years after the SFC was established in 1989, some local brokers called the SFC a “toothless tiger” because it did not have the powers to impose fines or investigate listed company directors or executives. In 2003, its power was expanded through the Securities and Futures Ordinance.