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The Process Review Panel (PRP) for the Securities and Futures Commission today (September 5) published its seventh annual report covering the work of the PRP from January 1 to December 31, 2007.
：In 2007, the PRP reviewed 60 completed cases and the procedures of the Securities and Futures Commission (SFC) covering various areas of its work. The PRP has found that in general, the SFC has been adhering to its established internal procedures in its decisions and actions. The PRP has also identified certain areas where there could be room for improvement,； PRP Chairman Mr Anthony Chow said.
In the past year, the PRP reviewed completed cases and internal procedures of the SFC which cover the following areas of the SFC・s regulatory functions :
* licensing of intermediaries;
* inspection of intermediaries;
* authorisation of collective investment schemes;
* handling of complaints;
* investigation and disciplinary action; and
* processing of listing applications under the Dual Filing regime.
The PRP also considered the industry・s views on the SFC・s procedures with a view to identifying areas for improvement and referred the industry・s comments to the SFC for consideration.
The seventh PRP annual report contains observations and recommendations which cover a wide spectrum of the SFC・s regulatory work. Specific observations and improvements arising from the past year・s review that were adopted by the SFC are given in the Executive Summary attached.
：We appreciate the co-operation and support rendered by the Commission to the work of the PRP and look forward to continuing to work closely with the Commission in future,； Mr Chow said.
In the coming year, the PRP will continue to discuss with the SFC its internal procedures in handling licence applications with incomplete information and enquiries on licensing issues, handling of complaints against the SFC, and the development of a compliance culture to raise awareness of the SFC・s regulatory concerns.
：We welcome views from the public, in particular the market participants affected by the SFC・s internal procedures, on our work in the coming year,； Mr Chow added.
The Report and its Executive Summary can be downloaded from the Financial Services and the Treasury Bureau・s website (www.fstb.gov.hk/fsb/topical/preport07.htm). Members of the public may submit views to the PRP by email at prp@fstb.gov.hk
Ends/Friday, September 5, 2008
Issued at HKT 17:00
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