Performance pledges
In discharging our regulatory duties, we pledge to be responsive to the public, market participants and intermediaries under our supervision.
| % of cases meeting the pledge | ||||
| 2011/12 | 2010/11 | 2009/10 | ||
| Applications for subordinated loan or modification/waiver of requirements under SFO | ||||
| Commence review of application upon receipt | 2 business days | 100% | 98.3% | 96.9% |
| Authorization of investment products | ||||
| Commence review of applications upon receipt | 2 business days | 100% | 100% | 100% |
| Preliminary reply to applicants after commencement of application review for investment-linked assurance schemes, Mandatory Provident Fund pooled investment funds, mutual funds, and unit trusts. | 7 business days | 100% | 100% | 100% |
| Preliminary reply to applications after commencement of application review for other schemes | 14 business days | 100% | 100% | 100% |
| Enquiries | ||||
| General enquiries: | ||||
| Preliminary reply to public enquiries (excluding those from investors)1 |
4 business days | 100% | 100% | 99.8% |
| Investor enquiries: | ||||
| Preliminary reply to telephone enquiries1 | 4 business days | 100% | 100% | 100% |
| Preliminary reply to written enquiries1 | 2 weeks | 100% | 100% | 99.5% |
| Processing of licensing applications2 | ||||
| Corporations | 15 weeks | 96%3 | 100% | 99% |
| Representatives (provisional licences) | 7 business days | 98%3 | 97% | 88% |
| Representatives (normal licences) | 8 weeks | 99%3 | 98% | 95% |
| Representatives (responsible officers) | 10 weeks | 99%3 | 96% | 97% |
| Transfer of accreditation | 7 business days | 94%3 | 94% | 81% |
| Public complaints | ||||
| Preliminary response to verbal & written complaints | 2 weeks | 99.8%4 | 99.2% | 99.3% |
1 On 1 April 2012, the pledge for replying to enquiries was changed to five business days.
2 Compliance with our performance pledges is measured in relation to applications in respect of which all of the required documentation is supplied by the applicants in a comprehensive and efficient manner and in which delays, for which we have no responsibility, do not occur.
3 Some cases failed to meet the pledges largely due to resource constraints and/or unexpected complications.
4 Due to the heavy workload, four cases failed to meet the pledge.