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The Government announced today (May 20) that the Financial Secretary, with the authority delegated by the Chief Executive, has appointed Ms Lena Chan and Dr Billy Mak Sui-choi as new members of the Process Review Panel (PRP) for the Securities and Futures Commission (SFC) for a term from June 1, 2016, to May 31, 2018.
A government spokesman said, "With their background and experience in the financial area, we are confident that the two new members will contribute to the work of 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 and 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 the SFC internal processes and procedures.
The Chairman and other members of the PRP are:
Chairman
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Dr Moses Cheng Mo-chi
Members
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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
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Mr Carlson Tong
(in the capacity as the Chairman of the SFC)
Ms Christina Cheung Kam-wai, Law Officer (Civil Law), Department of Justice
(in the capacity as the representative of the Secretary for Justice)
Ends/Friday, May 20, 2016
Issued at HKT 17:10
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