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The Financial Services and the Treasury Bureau announced today (November 29) that the Chief Executive has appointed the new chairman and five members of the Process Review Committee (PRC) for the oversight of systems in which the Hong Kong Monetary Authority has interests and designated under the Clearing and Settlement Systems Ordinance. The Chairman and five members are appointed for a term of three years with effect from December 1, 2010.
The appointments are as follows:
Chairman:
Professor Andrew Chan Chi-fai
Members:
Mr Chan Kay-cheung
Dr Stella Cho Lung Pui-lan
Mr Nicholas Peter Etches
Mr Mervyn Robert John Jacob
Ms Judy Wong Sau-pik
Mr Nicholas Peter Etches and Mr Mervyn Robert John Jacob are serving members of the PRC, while the Chairman and other members are newly appointed.
The PRC is an independent committee which reviews the Monetary Authority's adherence to due processes and procedural fairness in exercising its powers to oversee designated systems under the Clearing and Settlement Systems Ordinance. The PRC seeks to ensure that the same set of oversight standards is applied to all designated systems, whether or not the Monetary Authority has an interest in them.
The PRC is required to submit its annual reports and, if appropriate, special reports to the Financial Secretary.
Ends/Monday, November 29, 2010
Issued at HKT 17:09
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