Which of the following is an independent tribunal or panel related to the SFC?

• A. Securities & Futures Appeals Tribunal (SFAT)
• B. Leverage Foreign Exchange Trading Arbitration Panel
• C. Process Review Panel for SFC
• D. All of the above

Answer: (D)

The question is about independent tribunals or panels that relate to the SFC. The Securities & Futures Appeals Tribunal is a separate, independent body that hears appeals from SFC decisions, providing an impartial avenue for review outside the commission itself. There are other independent mechanisms connected to the SFC as well, such as a Process Review Panel for the SFC, which oversees and reviews SFC processes to support fair and sound governance, and an arbitration panel for leveraged foreign exchange trading disputes, which offers a neutral forum for resolving disputes in that area. Taken together, these bodies illustrate that the SFC operates with independent tribunals or panels in different functions—appeals, process oversight, and dispute resolution—so all of the listed entities are related independently to the SFC.