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    The Compliance and Rules Interpretation process governs the activities associated with the resolution of apparent rule breaches and requests for clarification of the proper interpretation of rules.

The process must:
be transparent, fair and equitable to all parties;
encourage market participants to comply with the Rules;
provide appropriate sanction to market participants who are found to have committed a material breach of the Rules; and
provide jurisdictions with sufficient reliable information to determine any further action relevant under Law, Regulation or Licence provision

The process is administered by REMCo in accordance with Chapter 6 of the Retail Market Rules and the REMCo (Board) Compliance Procedures document (available in the Resources section of this website).

To ensure independent consideration, all alleged rule breaches and requests for rule interpretations that are considered to be material are referred to the independent Compliance Panel.

The functions of the Compliance Panel are to hear and make determinations on matters referred to it by REMCo or a participant regarding:
1. alleged breaches of the Retail Market Rules; or
2. the interpretation of the Retail Market Rules; or
3. any other matter in relation to the Retail Market Rules.

The Compliance Panel has the power to:
1. request a participant or REMCo to provide information relevant to a matter being considered by the Compliance Panel; and
2. make determinations upon matters referred to it under the Retail Market Rules; and
3. make orders in accordance with the Retail Market Rules; and
4. in order to assist in fulfilling its functions:
a. appoint a person performing the functions of REMCo, any officer or employee of that person or such other person as the Compliance Panel thinks fit, to act as agent of the Compliance Panel in carrying out investigations or other functions; or
b. employ, or otherwise seek advice or assistance from, an external investigator, auditor, accountant, lawyer or other expert, or such other person as the Compliance Panel thinks fit, provided that, in appointing a person the Compliance Panel must ensure that the person does not have a conflict of interest.

The members of the Compliance Panel are:
Mr Paddy Hall, Chairman
Mr Ollie Clark,
Mr Frank Oliver
Mr David Smart, and
Mr Denis Rutherford.




 
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