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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:
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be transparent, fair and equitable to all
parties; |
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encourage market participants to comply
with the Rules; |
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provide appropriate sanction to market participants
who are found to have committed a material breach of the Rules;
and |
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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:
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| 1. |
alleged breaches of the Retail Market Rules;
or |
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the interpretation of the Retail Market
Rules; or |
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any other matter in relation to the Retail
Market Rules. |
The Compliance Panel has the power to:
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request a participant or REMCo to provide
information relevant to a matter being considered by the Compliance
Panel; and |
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make determinations upon matters
referred to it under the Retail Market Rules; and |
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make orders in accordance with the Retail
Market Rules; and |
| 4. |
in order to assist in fulfilling
its functions:
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| 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. |
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The members of the Compliance Panel are:
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Mr Paddy Hall, Chairman |
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Mr Ollie Clark, |
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Mr Frank Oliver |
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Mr David Smart, and |
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Mr Denis Rutherford. |
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