The SFC decided to create the new committee as part of a wider programme to rationalise the regulation of products which fall under its guidance and come following the publication of the conclusions of its ‘Proposals to Enhance Protection for the Investing Public’ consultation which were published in May.
In addition, the SFC has introduced a new Handbook for ‘unit trusts and mutual funds, investment-linked assurance schemes and unlisted structured investment products’ for use by asset management firms.
The regulator said the new committee will be advisory in nature and may consulted on a wide range of matters relating to the handbook, SFC Code on MPF Products and the Code on Pooled Retirement Funds, including overall market environment, industry practices and novel product features.
The PAC comprises 29 members drawn from the industry including professionals, academics and other stakeholders with market knowledge and expertise. These members will sit on the committee until 31 March 2012.
