The head of the accounting regulatory body has been appointed chairman of the Securities and Futures Commission (SFC).

Kelvin Wong will take up the SFC post from October 24 on a three-year term and will step down as head of the Accounting and Financial Reporting Council (AFRC) on December 31.

Wong was a non-executive director of the SFC from 2012 to 2018 and a member of the listing committee of Stock Exchange of Hong Kong Limited from 2007 to 2013.

Financial Secretary Paul Chan said Wong has been dedicated to serving the financial services industry, with extensive experience in the operation of the securities and futures markets, capital market development, corporate governance and financial regulatory matters.

"I expect that under Dr Wong's leadership, the SFC will continue to uphold its dual role as a regulator and facilitator of market development to ensure the fair, transparent and orderly operation of the local securities and futures markets, and to strive for reforms and innovations, with a view to solidifying and enhancing Hong Kong's status as an international financial centre," Chan said in a statement.

Incumbent SFC chairman Tim Lui will complete his six-year term on October 19.