Which of the following is NOT a delegated regulatory committee of the SFC?

• A. Takeovers and Mergers Panel
• B. Investor Compensation Fund Committee
• C. Academic & Accred. Advisory Committee
• D. Market Conduct Panel

Answer: (D)

The key idea here is which panels are actually entrusted with regulatory decision-making under the SFC. Delegated regulatory committees are bodies that the SFC assigns formal regulatory powers to, handling matters like enforcement, hearings, or governance within its statutory remit. The Academic & Accreditation Advisory Committee, in contrast, is focused on academic matters and accreditation processes rather than exercising regulatory decisions under securities laws. The other three—Takeovers and Mergers Panel, Investor Compensation Fund Committee, and Market Conduct Panel—are all aligned with regulatory functions within the SFC’s framework, dealing with takeovers, investor protection funding, and market conduct respectively. Therefore, the one that is not a delegated regulatory committee is the Academic & Accreditation Advisory Committee.