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The Government announced today (October 31) that the Chief Executive has appointed two members and re-appointed the Chairman and eight incumbent members to the Process Review Panel (PRP) for the Securities and Futures Commission (SFC) for a term from November 1, 2014 to October 31, 2016.
The new members are Ms Ding Chen and Ms Nicole Yuen Shuk-kam. Dr Moses Cheng Mo-chi was re-appointed as the Chairman of the PRP, while Mr Clement Chan Kam-wing, Ms Chow Yuen-yee, Professor Richard Ho Yan-ki, Dr Hu Zhanghong, Dr Cynthia Lam Kit-lan, Ms Rosita Lee Pui-shan, Mr Robert Lee Wai-wang and Mr Alfred Mak Chi-ming were 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.
"With their background and experience in the financial industry, we are confident that the new members, Ms Ding and Ms Yuen, will contribute to the work of the panel.
"We would also like to express our gratitude to the outgoing member Dr Priscilla Leung Mei-fun for her invaluable contribution and dedication to the panel."
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 any 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, 2014:
Chairman
Dr Moses Cheng Mo-chi
Members
Mr Clement Chan Kam-wing
Ms Chow Yuen-yee
Ms Ding Chen
Professor Richard Ho Yan-ki
Dr Hu Zhanghong
Dr Cynthia Lam Kit-lan
Mr Robert Lee Wai-wang
Ms Rosita Lee Pui-shan
Mr Alfred Mak Chi-ming
Ms Nicole Yuen Shuk-kam
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/Friday, October 31, 2014
Issued at HKT 17:01
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