MP079 Provisions for withdrawing modifications

Proposer Simon Trivella
Lead Analyst Bradley Baker
Date raised 10/07/2019
StageWith Authority
Implementation date Unknown
Latest update Change Board voted on 22 January 2020 to recommend that the Authority approve this Modification. This has been now been submitted to the Authority for decision.

What is the issue?

The provisions in SEC Section D ‘Modifications Process’ are built around the key principle that any SEC Party can raise a proposal to change the SEC, and that each proposal should undergo due process for a solution to be developed and for this to be determined upon. As such, SECAS and the Panel must allow any proposal into the process and ensure it receives a fair assessment.

The SEC does contain provisions for the Proposer to withdraw their proposal prior to final decision, if they no longer wish to progress it (for example it is identified that the issue can be resolved without a change to the SEC, or if it is clear the proposal is not likely to succeed). However, this power is limited to the Proposer; SECAS, the Panel nor their Sub-Committees cannot close a modification prior to decision.

The full Draft Proposal can be found here

Does this issue affect your company? Send us your comments to SEC.change@gemserv.com

We have yet to receive any comments on this proposal. Any comments we do receive will be published on this page.

What SEC documents are affected?

SEC Section D 'Modification Process'

Timeline

10 Jul 2019
Draft Proposal raised
23 Jul 2019
Presented to Change Sub-Committee
13 Sep 2019
Converted to Modification Proposal
02 Oct 2019
Presented to Monthly Working Group
16 Oct 2019
to
07 Nov 2019
Refinement Consultation

Modification documents

MP079 MRC responses
13/01/2020
MP079 Modification Report Consultation
16/12/2019
MP079 Refinement Consultation responses
11/11/2019
MP079 Legal Text
16/10/2019
MP079 Refinement Consultation
16/10/2019
MP079 October Working Group Summary
10/10/2019
DP079 Problem Statement v1.0
12/09/2019
No files
No files
No files
No files
No files

If you believe there is a problem with this modification, please let us know HERE.