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Process Review Panel for the Securities and Futures Commission - Terms of Reference


Process Review Panel for the Securities and Futures Commission

 

Terms of Reference

 

1.

To review and advise the Commission upon the adequacy of the Commission’s internal procedures and operational guidelines governing the action taken and operational decisions made by the Commission and its staff in the performance of the Commission’s regulatory functions in relation to the following areas-
 
(a) receipt and handling of complaints;
 
(b) licensing of intermediaries and associated matters;
 
(c) inspection of licensed intermediaries;
  
(d) taking of disciplinary action;
 
(e) authorisation of unit trusts and mutual funds and advertisements relating to investment arrangements and agreements;
 
(f) exercise of statutory powers of investigation, inquiry and prosecution;
 
(g) suspension of dealings in listed securities;
 
(h) administration of the Codes on Takeovers and Mergers and Share Buy-backs (formerly known as the Codes on Takeovers and Mergers and Share Repurchases);
 
(i) administration of non-statutory listing rules;
 
(j) authorisation of prospectuses for registration and associated matters; and
 
(k) granting of exemption from statutory disclosure requirements in respect of interests in listed securities.
 
2. To receive and consider periodic reports from the Commission on all completed or discontinued cases in the above-mentioned areas, including reports on the results of prosecutions of offences within the Commission's jurisdiction and of any subsequent appeals.
 
3. To receive and consider periodic reports from the Commission in respect of the manner in which complaints against the Commission or its staff have been considered and dealt with.
 
4. To call for and review the Commission’s files relating to any case or complaint referred to in the periodic reports mentioned in paragraphs 2 and 3 above for the purpose of verifying that the action taken and decisions made in relation to that case or complaint adhered to and are consistent with the relevant internal procedures and operational guidelines and to advise the Commission accordingly.
 
5. To receive and consider periodic reports from the Commission on all investigations and inquiries lasting more than one year.
 
6. To advise the Commission on such other matters as the Commission may refer to the Panel or on which the Panel may wish to advise.
 
7. To submit annual reports and, if appropriate, special reports (including reports on problems encountered by the Panel) to the Financial Secretary which, subject to applicable statutory secrecy provisions and other confidentiality requirements, should be published.
 
8. The above terms of reference do not apply to committees, panels or other bodies set up under the Commission the majority of which members are independent of the Commission.


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