1.
| Assess the importance of matters
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2.
| Study international supervisory measures and standards
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3.
| Conduct regulatory impact assessment: Analyze the pros and cons and the costs of compliance
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4.
| Seek approval for the measure from SEC Board/CMSB/SEC Office
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5.
| Conduct public consultation on the measure: focus group meetings/public hearings
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| This step ensures that the measure to be taken is appropriate, practical and respectful to stakeholders’ rights
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6.
| The proposed rule is considered by the relevant sub-committee
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| The sub-committee members are representatives from the private sector, external experts.
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7.
| Seek approval from SEC Board/CMSB/SEC Office before drafting the notification *
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8.
| Draft the notification: Draft notifications shall be authorized by law; the contents shall be clear, practical and consistent with final-considered measure.
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9.
| Conduct public consultation on the draft notification: This step ensures that the draft notification is implemented/enforced practically, transparently and effectively.
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10.
| Seek approval from SEC Board/CMSB/SEC Office before the notifications become effective *
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