CHOM 412

20 March 2006

TO : All Clearing Banks/Institutions

RE : CLARIFICATION OF “AUTHORIZED OFFICER” IN SECTION 36 – CHRR

1. At its meeting held on 30 January 2006, the Board formally designated the PCHC President as the “duly authorized

officer” referred to in Section 36.2 of the Clearing House Rules and Regulations 2000.

2. Consistent with the powers granted the said authorized officer in Section 36.2, the PCHC President shall

henceforth be authorized to constitute an Arbitration Committee, or appoint a Sole Arbitrator, and a Law Member

from a short list to be forwarded to him by the PCHC Arbicom Executive Officer (which short list will be drawn

randomly from a roster of Arbitrators and Law Members currently serving and future nominees to said roster).

3. This formal designation does not however abrogate the power of the Board of Directors to constitute an

Arbitration Committee, or appoint a Sole Arbitrator, and Law Member when the timing therefor coincides with a

scheduled Board Meeting or when Management determines that the import of a submitted dispute is such as to

require the direct action of the Board of Directors.

4. This procedural guideline shall take effect immediately.

5. For all participants’ guidance.

CHOM.412

.CLARIFICATION OF 'AUTHORIZED OF

Download CLARIFICATION OF 'AUTHORIZED OF • 12KB