Ombudsman appointment procedure: Board to appoint territorial ombudsmen via a Selection Committee and maintained panels. The Board shall establish an office of Ombudsman and may appoint one or more Ombudsmen for specified territorial jurisdictions on the recommendation of a Selection Committee. The Selection Committee comprises nominees of the Chairman including an expert in financial market operations and a Board representative of Executive Director rank as Secretary. The Committee may prepare a panel for Stipendiary Ombudsman appointments; panels endure for up to two years, are reconstituted periodically, and existing panel members may be re included.