Financial Secretary Henry Tang has welcomed the Process Review Panel's fifth annual report on the Securities & Futures Commission, saying it will help the watchdog enhance its procedural transparency, efficiency and consistency.

Last year the panel reviewed 58 of the commission's cases and procedures, and found general compliance with established internal procedures in their decisions and actions.

The review covered a wide scope of the commission's regulatory works, including:

* licensing of intermediaries;

* inspection of and prudential visits to intermediaries;

* authorisation of collective investment schemes;

* handling of complaints;

* investigation and disciplinary action; and,

* processing of listing applications under the Dual Filing regime.

Panel chairman Vincent Cheng said it considered views from the securities industry on the commission's procedures to identify areas for improvement. Comments and proposals were forwarded to the commission for consideration. Click here to download the panel's full report.