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The Government announced today (October 31) that the Chief Executive has appointed a new chairman and five new members, as well as re-appointed four incumbent members of the Process Review Panel (PRP) for the Securities and Futures Commission (SFC) for the period from November 1, 2012 to October 31, 2014.
The new chairman is Mr Moses Cheng Mo-chi, and the new members are Mr Clement Chan Kam-wing, Dr Hu Zhanghong, Mr Robert Lee Wai-wang, Ms Rosita Lee Pui-shan and Mr Alfred Mak Chi-ming. Ms Chow Yuen-yee, Professor Richard Ho Yan-ki, Dr Cynthia Lam Kit-lan and Dr Priscilla Leung Mei-fun are re-appointed as members of the PRP.
"We are grateful for the time and effort the chairman and members of the panel have devoted over the past years to reviewing and advising the SFC upon the adequacy of its internal procedures and operational guidelines," a Government spokesman said.
"Mr Moses Cheng is Senior Partner of PC Woo & Co, and has a wealth of experience in public service. Among other positions he is currently a member of the Financial Reporting Council. He was also the chairman of the Listing Committee of the Stock Exchange of Hong Kong in 2005-2006, and an independent non-executive director of the Hong Kong Exchanges and Clearing Limited in 2006-2012. His sound legal background and ample experience in public service make him a suitable person to lead the panel.
"We would also like to express our gratitude to the outgoing chairman Mr Anthony Chow Wing-kin, and members Mr Clifton Chiu Chi-cheong, Mr Andrew Fung Hau-chung, Mr Dannis Lee Jor-hung, Mr Liu Che-ning and Mr David Sun Tak-kei for their invaluable contribution and dedication to the panel," he said.
The PRP is an independent panel established by the Chief Executive in November 2000 to review the internal operational procedures of the SFC and to determine whether the SFC has followed its internal procedures, including those for ensuring consistency and fairness. The work of the PRP contributes to the objective of ensuring that the SFC exercises its regulatory power in a fair and consistent manner. The membership represents a good mix of knowledge, experience and expertise from relevant quarters, which is conducive to the effective operation of the panel.
The work of the PRP does not cover issues relating to the SFC's regulatory decisions and actions, as there are existing avenues for this purpose. These include appeals to the Securities and Futures Appeals Tribunal, scrutiny by the Ombudsman and the Independent Commission Against Corruption, as well as judicial review of the SFC's decisions.
In addition to advising the SFC on its operational procedures, the PRP submits to the Financial Secretary and publishes annual reports on its review and the observations and recommendations made regarding SFC internal processes and procedures.
The following is the new membership list of the PRP with effect from November 1, 2012:
Chairman
Mr Moses Cheng Mo-chi
Members
Mr Clement Chan Kam-wing
Ms Chow Yuen-yee
Professor Richard Ho Yan-ki
Dr Hu Zhanghong
Dr Cynthia Lam Kit-lan
Mr Robert Lee Wai-wang
Ms Rosita Lee Pui-shan
Dr Priscilla Leung Mei-fun
Mr Alfred Mak Chi-ming
Ex-officio Members
Mr Carlson Tong
(in the capacity as the chairman of the SFC)
Mr Benedict Lai Ying-sie, Law Officer (Civil Law), Department of Justice
(in the capacity as the representative of the Secretary for Justice)
Ends/Wednesday, October 31, 2012
Issued at HKT 17:00
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