​1.  ​Assess the importance of matters
2. 
Study international supervisory measures and standards
3. 
Conduct regulatory impact assessment: Analyze the pros and cons and the costs of compliance
4. 
Seek approval for the measure from SEC Board/CMSB/SEC Office
5. 
Conduct public consultation on the measure: focus group meetings/public hearings
This step ensures that the measure to be taken is appropriate, practical and respectful to stakeholders’ rights
6. 
The proposed rule is considered by the relevant sub-committee
The sub-committee members are representatives from the private sector, external experts.
7. 
Seek approval from SEC Board/CMSB/SEC Office before drafting the notification *
8. 
Draft the notification: Draft notifications shall be authorized by law; the contents shall be clear, practical and consistent with final-considered measure.
9. 
Conduct public consultation on the draft notification: This step ensures that the draft notification is implemented/enforced practically, transparently and effectively.
10. 
Seek approval from SEC Board/CMSB/SEC Office before the notifications become effective * 
11. 
Publicly disclose in the Government Gazette / send the circulars / conduct seminars or dialogues with practitioners to ensure their correct understanding and implementation of the new notifications

 

Note:
     *As appropriate, some step may be skipped depends on the circumstance.