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of <h1>Review and appeal process for Member Committee actions under new MII rules, including SOP by Governing Board</h1> Requests for review, appeal, or waiver of penalties arising from actions by Member Committees of Market Infrastructure Institutions (MIIs) must be handled as follows: requests against actions by the Internal Committee or pre-approved regulatory actions shall be considered by the Member Committee; requests against actions taken by the Member Committee itself will be reviewed by a mechanism established by the MII's Governing Board, involving Public Interest Directors or independent external professionals not part of the Member Committee. The Governing Board will issue a Standard Operating Procedure for this process. Further appeals beyond this mechanism may be made to appropriate authorities under applicable laws. These provisions apply from 45 days after the circular's issuance. MIIs must amend relevant rules and inform market participants accordingly. The circular is issued under statutory powers to protect investor interests and regulate securities markets.
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