A number of committees and panels have been set up to advise the SFC on various matters and perform other functions as set out in their terms of reference. This section outlines the work of these committees and panels and provides a membership list by type in alphabetical order. For information on the Audit Committee, Remuneration Committee, Budget Committee and Executive Committee, please see our discussion in the Corporate Governance chapter.
Academic and Accreditation Advisory Committee
Approves industry-based courses and examinations for the purpose of meeting the licensing competence requirements, endorses applications from professional bodies and tertiary institutions as recognised institutions for providing continuous professional training, advises the SFC on areas to study in the context of enhancing Hong Kong’s position as an international financial centre and provides input for the development of industry-related courses and training programmes.
During the year, the Committee met once to review the examination concerning the newly created regulated activity for credit rating agencies and considered an application as recognised institution for providing continuous professional training.
| Chairman |
| TISDALL Stephen Clifford (from 1.4.2010) |
| Members | |
| Prof CHAN Chi Fai, Andrew, SBS, JP (from 1.4.2010) | PICKERELL Blair Chilton (from 1.4.2010) |
| Prof CHAN Kalok | SHEK Chi Fai, Derek |
| Prof CHAN Man Man, Johannes, SC | SO Yuk Sing, Christine |
| Prof CHENG Yu Shek, Joseph, JP | VAS Judy |
| ESPINA Anthony | |
| No of meetings: 1 | Average attendance rate: 90% |
Advisory Committee
Advises the SFC on any matter of policy regarding the performance of its functions.
| Chairman |
| Dr FONG Ching, Eddy, GBS, JP |
| Members | |
| CHAN Henry | LAM Cheung, Alexa |
| CHEONG Ying Chew, Henry | LEUNG Margaret |
| CHEW Fook-aun | Dr LIN Yong |
| DICKENS Mark Francis, JP | WHEATLEY Martin, JP |
| EU Andrew Douglas | WONG Kwai-lam |
| FU Yu Ning | WONG Shou Yeh, David |
| Dr HU Zuliu, Fred | WU Thomas Jefferson |
| KENNEDY Paul Michael (to 7.4.2010) | |
| No of meetings: 4 | Average attendance rate: 83.3% |
Committee on Investment-Linked Assurance and Pooled Retirement Funds
Considers new policies for the regulation of collective investment schemes commonly regarded as investment-linked assurance schemes (ILAS) and pooled retirement funds, considers the acceptability of new management groups, authorizes schemes with novel product features, and imposes conditions and/or grants waivers on such schemes.
During the year, the Committee met once to discuss the proposed revisions to the ILAS Code as proposed under the Consultation Paper on Proposals to Enhance Protection for the Investing Public issued on 25 September 2009. The Products Advisory Committee (page 134) was set up to replace this Committee. As such, this Committee was dissolved on 10 August 2010.
| Chairman |
| LAM Cheung, Alexa (to 10.8.2010) |
| Members | |
| Prof CHAN Kalok (to 10.8.2010) | Prof LIU Pak Wai, SBS, JP (to 10.8.2010) |
| CHOI Fung Yee, Christina (to 10.8.2010) | LUK Kin Yu, Peter (to 10.8.2010) |
| CHU Wing Yiu (to 10.8.2010) | MAK Tat Cheung (to 10.8.2010) |
| HON Wai Ming, Angel (to 10.8.2010) | McSHANE Darren Mark (to 10.8.2010) |
| LAU Ka Shi (to 10.8.2010) | YIP Chi Leung (to 10.8.2010) |
| No of meetings: 1 | Average attendance rate: 81.8% |
Committee on Real Estate Investment Trusts
Advises the SFC on general policy matters or regulatory issues that are related to the Code on Real Estate Investment Trusts (REITs), the overall market development of REITs, the property or securities market or investment management in Hong Kong or elsewhere, professional practices or guidelines that are involved in the operation of REITs, and fund investment or management in general.
During the year, the Committee met twice to discuss policy issues in relation to REITs.
| Chairman |
| LAM Cheung, Alexa |
| Members | |
| AU Fun Kuen (to 31.3.2011) | LAW Shing Mui, Alice |
| CHENG Wai Meng, Milton | LEUNG Kar Cheung, Catherine |
| Prof CHENG Yu Shek, Joseph, JP | MURRAY Alastair Elliot (to 31.3.2011) |
| CHOI Fung Yee, Christina | Prof PANG Tsan Wing, SBS |
| CHOW, Susan Mo Fong (to 31.3.2011) | PO Wai Kwong (to 31.3.2011) |
| FOK Glenn | STEVENSON Thomas Brian, SBS (to 31.3.2011) |
| HUI Chiu Chung, JP (to 31.3.2011) | WESTLEY Kevin Anthony (to 31.3.2011) |
| No of meetings: 2 | Average attendance rate: 70% |
Committee on Unit Trusts
Considers new policies for the regulation of collective investment schemes commonly regarded as mutual funds and unit trusts, considers the acceptability of new management groups, authorizes schemes with novel product features, and imposes conditions and/or grants waivers on such schemes.
During the year, there were no circumstances that called for the convening of a meeting of the Committee. The Products Advisory Committee (page 134) was set up to replace this Committee. As such, this Committee was dissolved on 10 August 2010.
| Chairman |
| LAM Cheung, Alexa (to 10.8.2010) |
| Full Members | |
| Dr AU King Lun, MH (to 10.8.2010) | Prof LIU Pak Wai, SBS, JP (to 10.8.2010) |
| Prof CHAN Kalok (to 10.8.2010) | McSHANE Darren Mark (to 10.8.2010) |
| CHOI Fung Yee, Christina (to 10.8.2010) | MURRAY Alastair Elliot (to 10.8.2010) |
| HEUNG Shu Fai (to 10.8.2010) | NG Ka Yiu, Desmond (to 10.8.2010) |
| HSU Li Ching (to 10.8.2010) | PICKERELL Blair Chilton (to 10.8.2010) |
| LEE Kevin (to 10.8.2010) |
| Alternate Members | |
| KWAN Sau Ha (to 10.8.2010) | MASSEY LI Susan Hong (to 10.8.2010) |
| MAK Tat Cheung (to 10.8.2010) | |
| No of meetings: 0 | Average attendance rate: N/A |
Disciplinary Chair Committee
Members are nominated by the Nominations Committee on the basis that they are duly experienced and legally qualified persons. Their role is to act as Chairman of the Takeovers and Mergers Panel in disciplinary proceedings under the Codes on Takeovers and Mergers and Share Repurchases or of the Takeovers Appeal Committee on a case-by-case basis.
During the year, there were no disciplinary proceedings under the Takeovers Code nor meetings of the Takeovers Appeal Committee involving members of this Committee.
| Members | |
| CHAN Kin Keung, Anthony, SC | LI Gladys Veronica, SC |
| CHAN King Sang, Edward, SC | NG Kar Fai, Peter, SC |
| CHOW Ka-ming, Anderson, SC (to 31.12.2010) | WONG Yuk Lun, Horace, SC |
| HO Ambrose, SC | |
| No of meetings: 0 | Average attendance rate: N/A |
Investor Compensation Fund Committee
Administers the Investor Compensation Fund and regulates its procedures in accordance with Part XII of the Securities and Futures Ordinance (SFO).
During the year, the Committee met once to consider the financial statements of the Fund and dealt with other administrative matters.
| Chairman |
| LUI Kei Kwong, Keith |
| Members | |
| CHOW Ka-ming, Anderson, SC (from 15.2.2011) | LAM Cheung, Alexa |
| KWOK Hing Wai, Kenneth, BBS, SC (to 31.12.2010) | YIP Chee Hang, Eric (from 1.4.2010 to 31.3.2011) |
| No of meetings: 1 | Average attendance rate: 75% |
Investor Education Advisory Committee
Provides ideas and support to the SFC in setting its investor education targets.
In the past year, the Committee held two meetings at which members discussed the investor education focus for fiscal 2010 and key issues investors should take note of when participating in initial public offering and trading of listed renminbi securities.
| Chairman |
| LAM CHEUNG, Alexa |
| Full Members | ||
| CHAN King Cheung | LECKIE Stuart Hamilton, OBE, JP | SIN Tak Wah |
| CHIU Lai Kuen, Susanna | LEE Kam Wing, Bruno | TAI Chi Kin |
| CHOW Ka Leung, Louis | LEE Yiu Wing | WONG Wan Ming, Rosa |
| LAI, Ivy Wan Ying | Dr MAK Sui Choi, Billy | |
| LAM Po Yee (to 28.10.2010) | PAN San Kong, Terry (from 29.10.2010) |
| Alternate Members | ||
| CHEUNG Marn-kay | TAM Sau Ngor, Vera | YIP Chee Hang, Eric (to 31.3.2011) |
| No of meetings: 2 | Average attendance rate: 84.6% |
Nominations Committee
Nominates members of the Takeovers and Mergers Panel, the Takeovers Appeal Committee and the Disciplinary Chair Committee.
During the year, the Nominations Committee met once to consider the appointment and reappointment of members of the Takeovers and Mergers Panel and the Takeovers Appeal Committee.
| Ex-officio Members | ||
| WHEATLEY Martin, JP (Chairman) | CLARK Stephen Edward | HO Yin Tung, Brian |
| Members | |
| Dr FONG Ching, Eddy, GBS, JP | KWOK Hing Wai, Kenneth, BBS, SC (to 31.12.2010) |
| Alternate members to CLARK Stephen Edward | |
| GRAHAM David | LIU Chee Ming |
| KO, Teresa Yuk Yin, JP | MAGUIRE John Martin |
| No of meetings: 1 | Average attendance rate: 100% |
Products Advisory Committee
The Committee may be consulted by the SFC on a wide range of matters relating to the SFC Handbook for Unit Trusts and Mutual Funds, Investment-Linked Assurance Schemes and Unlisted Structured Investment Products, the SFC Code on MPF Products and the Code on Pooled Retirement Funds, overall market environment, industry practices and novel product features. Members’ term of appointment is from the Committee’s establishment on 10 August 2010 to 31 March 2012.
During the year, the Committee met once to discuss the prospects and opportunities for the development of renminbi business in Hong Kong.
| Chairman |
| LAM Cheung, Alexa |
| Members | ||
| Dr AU King Lun, MH | HSU Li Ching | MURRAY Alastair Elliot |
| Prof CHAN Kalok | KWAN Sau Ha | NG Ka Yiu, Desmond |
| CHAN King Cheung | LAU Ka Shi | NORONHA Virginia |
| CHOI Fung Yee, Christina | LAW Shing Mui, Alice | NOYES Keith Samuel |
| CHOW Ka Leung, Louis | LEE Kevin | PICKERELL Blair Chilton |
| CHU Wing Yiu | Prof LIU Pak Wai, SBS, JP | RICHARDSON David Alexander |
| FUNG Hau Chung, Andrew | LUK Kin Yu, Peter | SHIU Barbara |
| FUNG Ka Shing, Bernard | MAHOMED Ferheen | TSANG, Jacob Chung |
| GOOD Nicholas Michael Whateley | MAK Tat Cheung | WONG Wan Ming, Rosa |
| HEUNG Shu Fai | MASSEY LI Susan Hong | YANG Ning Kwan, Peggy |
| HON Wai Ming, Angel | McSHANE Darren Mark | YIP Chi Leung |
| No of meetings: 1 | Average attendance rate: 76% |
Public Shareholders Group
Advises on issues relating to shareholders’ rights and interests.
During the year, the Group met three times and discussed a number of issues, including the initial listing eligibility, the proposed property valuation requirements for listing applicants and listed issuers, the listing of overseas companies, the use of structure contracts and the new framework for reporting accountants’ report.
| Chairman |
| HO Yin Tung, Brian |
| Members | |
| BROWN Melissa | LUNG Hak Kau (to 31.3.2011) |
| CHAN Chi Keung, Raymond | KWOK Lam Kwong, Larry, BBS, JP |
| CHAN Chun Hung, Vincent (to 31.3.2011) | MUH Anthony Yi Tong |
| KERR William Walter Raleigh (to 31.3.2011) | NGAN Wai Wah |
| LECKIE Stuart Hamilton, OBE, JP (to 31.3.2011) | PULLING Edward |
| No of meetings: 3 | Average attendance rate: 67% |
Securities Compensation Fund Committee
Administers the Unified Exchange Compensation Fund and regulates its procedures in accordance with Part X of the repealed Securities Ordinance which, under section 74 of Schedule 10 to the SFO, continues to apply to and in relation to any claim for compensation from the Fund made before 1 April 2003.
During the year, the Committee met once to consider the financial statements of the Fund and dealt with other administrative matters.
| Chairman |
| LUI Kei Kwong, Keith |
| Members | |
| CHOW Ka Ming, Anderson, SC (from 15.2.2011) | LAM Cheung, Alexa |
| GREINER Gerald Dale (to 31.3.2011) | YIP Chee Hang, Eric (to 31.3.2011) |
| KWOK Hing Wai, Kenneth, BBS, SC (to 31.12.2010) | |
| No of meetings: 1 | Average attendance rate: 80% |
SFC Dual Filing Advisory Group
Advises on treatment of cases and policy issues under the dual filing regime.
During the year, there were no circumstances that called for the convening of a meeting of the Group.
| Members | |
| BROWN Stephen James (from 1.4.2010) | IP Koon Wing, Ernest |
| CHAN Yuk Sing, Freeman (from 1.4.2010) | KERR William Walter Raleigh (from 1.4.2010) |
| CHOW Siu Lui | LEE Ka Sze, Carmelo (from 1.4.2010) |
| CLARK Stephen John | LEE Raymond |
| FONG Chi Wai, Alex | NESBITT Gavin Paul |
| HOWE Christopher John | YEUNG Eirene |
| No of meetings: 0 | Average attendance rate : N/A |
SFC (HKEC Listing) Committee
Exercises powers and functions equivalent to those of the Main Board and GEM Listing Committees of The Stock Exchange of Hong Kong Ltd (SEHK) when actual or potential conflicts arise between the interests of Hong Kong Exchanges and Clearing Ltd (HKEx) and those of the proper performance of the SEHK’s listing functions. In such cases, the relevant SEHK functions may be exercised by the SFC.
During the year, there were no circumstances that called for the convening of a meeting of the Committee.
| Chairman |
| Members present in each Committee meeting will elect a Chairman among themselves at the beginning of that meeting |
| Members | |
| BEST, Roger Thomas, JP (to 31.3.2011) | STEWARD Mark Robert |
| KEYES Terence Francois | TISDALL Stephen Clifford (from 1.4.2010) |
| KO, Teresa Yuk Yin, JP | TSOI Tong Hoo, Tony |
| LAM Cheung, Alexa | WHEATLEY Martin, JP |
| LUI Kei Kwong, Keith | WONG Tin Yau, Kelvin, DBA, FHKIoD |
| No of meetings: 0 | Average attendance rate: N/A |
SFC (HKEC Listing) Appeals Committee
Exercises powers and functions equivalent to those of the SEHK’s Listing Appeals Committee when actual or potential conflicts arise between the interests of HKEx and those of the proper performance of the SEHK’s listing functions. In such cases, the relevant powers and functions may be exercised by the SFC.
During the year, there were no circumstances that called for the convening of a meeting of the Committee.
| Chairman |
| Members present in each Committee meeting will elect a Chairman among themselves at the beginning of that meeting |
| Members | |
| The Hon CHAN Kam-lam, SBS, JP | LEE Lawrence, JP |
| Prof Leonard K CHENG, JP (from 1.1.2011) | LEE Pui Ling, Angelina, JP |
| CHOW Ka-ming, Anderson, SC (from 1.1.2011) | Prof LIU Pak Wai, SBS, JP (to 31.12.2010) |
| Dr FONG Ching, Eddy, GBS, JP | WONG Kai-man, BBS, JP |
| KWOK Hing Wai Kenneth, BBS, SC (to 31.12.2010) | ZHANG Shengman (to 31.12.2010) |
| No of meetings: 0 | Average attendance rate: N/A |
Share Registrars’ Disciplinary Committee
Hears and determines disciplinary matters relating to share registrars in the first instance.
During the year, there were no circumstances that called for the convening of a meeting of the Committee.
| Chairman |
| LIU Swee Long, Michael |
| Deputy Chairman |
| CHARLTON Julia Frances |
| Members | ||
| CHIONG Chung Seng, Desmond | NG Wai Sum, Sam | TANG Yuen Shun, Cynthia |
| FONG Loong Choon, Julian | NORRIS Nicholas Andrew | WONG Shiu Hoi, Peter |
| NESBITT Gavin Paul | RICHARDSON David Alexander | |
| NG Chi Keung, Victor (to 31.3.2011) | SHAFTESLEY Colin | |
| No of meetings: 0 | Average attendance rate: N/A |
Share Registrars’ Disciplinary Appeals Committee
Hears and determines appeals from the Share Registrars’ Disciplinary Committee. Members of the Share Registrars’ Disciplinary Appeals Committee for the hearing of each appeal case brought before it consists of members of the Share Registrars’ Disciplinary Committee who did not preside or participate in the disciplinary hearing of that case.
During the year, there were no circumstances that called for the convening of a meeting of the Committee.
Takeovers and Mergers Panel
Hears disciplinary matters in the first instance and reviews rulings by the Executive at the request of any party dissatisfied with such a ruling. Considers novel, important or difficult cases referred to it by the Executive. Reviews, upon request by the SFC, the provisions of the Codes on Takeovers and Mergers and Share Repurchases (Codes) and the Rules of Procedure (Rules) for hearings under the Codes and recommends appropriate amendments to the Codes and Rules to the SFC.
During the year, the Panel met once to consider policy issues under the Takeovers Code and twice to rule on matters relating to the application of the Takeovers Code.
| Chairman |
| CLARK Stephen Edward |
| Deputy Chairman | |
| GRAHAM David | LIU Chee Ming |
| KO, Teresa Yuk Yin, JP | MAGUIRE John Martin |
| Members | ||
| CHAN Yuk Sing, Freeman | LIU Swee Long, Michael | TORTOISHELL Andrew |
| CHARLTON Julia Frances | LIU Yun Bonn | WEBB David Michael |
| DENNY Roger Michael | LUNG Hak Kau | WINTER Richard David |
| DESAI Kalpana | NESBITT Gavin Paul | WONG Oi Ming, Christine (to 10.6.2010) |
| IP Koon Wing, Ernest | NORRIS Nicholas Andrew | YEH V-Nee |
| KWOK Tun Ho, Chester | RODGERS Daniel James | YU Ka Po, Benita |
| LEE Pui Ling, Angelina, JP | SABINE Martin Neville | |
| LIU Che Ning | TAN Siew Boi, May | |
| No of policy meetings: 1 | Average attendance rate: 41% | |
| No. of transaction-related meetings: 2 | Average attendance rate: N/A |
Takeovers Appeal Committee
Reviews disciplinary rulings of the Takeovers and Mergers Panel at the request of an aggrieved party for the sole purpose of determining whether any sanction imposed by the Panel is unfair or excessive.
During the year, there were no circumstances that called for the convening of a meeting of the Committee.
| Members | ||
| CHAN Yuk Sing, Freeman | LEE Pui Ling, Angelina, JP | RODGERS Daniel James |
| CHARLTON Julia Frances | LIU Che Ning | SABINE Martin Neville |
| CLARK Stephen Edward | LIU Chee Ming | TAN Siew Boi, May |
| DENNY Roger Michael | LIU Swee Long, Michael | TORTOISHELL Andrew |
| DESAI Kalpana | LIU Yun Bonn | WEBB David Michael |
| GRAHAM David | LUNG Hak Kau | WINTER Richard David |
| IP Koon Wing, Ernest | MAGUIRE John Martin | WONG Oi Ming, Christine (to 10.6.2010) |
| KO, Teresa Yuk Yin, JP | NESBITT Gavin Paul | YEH V-Nee |
| KWOK Tun Ho, Chester | NORRIS Nicholas Andrew | YU Ka Po, Benita |
| No of meetings: 0 | Average attendance rate: N/A |