1. For the purpose of enabling Compliance Committees to be constituted, the Board of Directors of the Bureau shall appoint a panel of not less than seven persons who shall be senior managerial employees of the Bureau and/or members of the Bureau’s Board of Directors including associate directors (and such panel is hereinafter referred to as the “Panel”).
2. Members of the Panel shall be appointed for such period as the Bureau’s Board of Directors may specify and shall be eligible for reappointment.
3. Upon the nomination of The Association of Banks in Singapore, the Board of Directors of the Bureau shall appoint two members of the Panel as chairman and deputy chairman of the Panel (and such chairman and deputy chairman are hereinafter referred to as the “Panel Chairman” and “Panel Deputy Chairman” respectively).
4. In the event of the absence, incapacity or inability to act (owing to conflict of interest or otherwise) of the Panel Chairman, the functions of the Panel Chairman shall be performed by the Panel Deputy Chairman or (in the event of the absence, incapacity or inability to act of the Panel Deputy Chairman) by another member of the Panel appointed by the Board of Directors of the Bureau upon the nomination of The Association of Banks in Singapore.
5. Whenever, in the opinion of the Panel Chairman, a Compliance Committee is required to:
5.1 make a determination (whether on a Disputed Information Notice, a Complaint or otherwise); or
5.2 oversee the general application of this Code and the operational integrity of the Bureau (including a review of the Bureau’s operations log and all reports entered therein), the Panel Chairman shall forthwith constitute a Compliance Committee and the Panel Chairman shall constitute a Compliance Committee for the purposes of Rule 5.2 not less than once every three (3) months.
6. A Compliance Committee constituted pursuant to Rule 5 shall consist of the following appointed by the Panel Chairman:
6.1 a chairman, being a member of the Panel (who may be the Panel Chairman or the Panel Deputy Chairman and is hereinafter referred to as the “Compliance Committee Chairman”);
6.2 a member of the Panel; and
6.3 another member of the Panel or (if no other member of the Panel is available for appointment) a senior managerial employee of the Bureau not personally involved in the subject-matter of the Compliance Committee’s work.