Process Review Panel for the Securities and Futures Commission Terms of Reference
Terms of Reference
- 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-
-
receipt and handling of complaints;
-
licensing of intermediaries and associated matters;
-
inspection of licensed intermediaries;
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taking of disciplinary action;
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authorisation of unit trusts and mutual funds and
advertisements relating to investment arrangements and
agreements;
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exercise of statutory powers of investigation,
inquiry and prosecution;
-
suspension of dealings in listed securities;
-
administration of the Codes on Takeovers and Mergers
and Share Buy-backs (formerly known as the Codes on
Takeovers and Mergers and Share Repurchases);
-
administration of non-statutory listing rules;
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authorisation of prospectuses for registration and
associated matters; and
-
granting of exemption from statutory disclosure
requirements in respect of interests in listed
securities.
- 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.
-
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.
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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.
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To receive and consider periodic reports from the
Commission on all investigations and inquiries lasting
more than one year.
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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.
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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.
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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.