SUMMARY
This document sets the Complaints Policy by which Shanghai Ganglian E-commerce Holdings Co., Ltd. (herein referred to as “Mysteel”) ensures that its administration of the Mysteel Index (“Mysteel Index” or “the Index”, herein referred to Mysteel Ferrous, Non-ferrous, Energy and Petrochemical, Agricultural product, and Construction material Index) is compliant with Principle 16 of the IOSCO Principles for Financial Benchmarks (“the Principles”) regarding the establishment and publication of a written complaints policy by which stakeholders may submit complaints concerning the representativeness of a benchmark, the application of benchmark methodology and other administrator decisions in relation to a benchmark determination.
Mysteel is committed to providing a high-quality service to all Index users and stakeholders and will handle any complaints promptly, diligently and impartially in accordance with this Policy.
SCOPE
This Policy covers complaints, defined as any expression of dissatisfaction regarding the provision of, or failure to provide, an Index administration service. A complaint may be from or on behalf of a stakeholder and may for example concern:
-
whether a specific Index determination is representative of the underlying Interest it seeks to measure
-
the application of the Mysteel index rules and procedures in relation to one or more specific Index determination(s)
-
other decisions made by Mysteel as administrator in relation to an Index determination.
This Policy does not cover:
-
matters that have already been fully investigated according to the procedures set out in this Policy, unless new evidence has become available that will materially impact an earlier decision
-
concerns about possible wrongdoing or malpractice relating to an Mysteel Index which will be handled in accordance with the Mysteel whistleblowing policy
-
general commentary, non-specific criticism or queries generated by market or individual speculation that Mysteel receives with respect to its Index administration activities or the Indices themselves.
Where Mysteel considers that a complaint should be handled by another entity, it will relay the complaint to that other entity and inform the complainant promptly in a final response explaining why the complaint has been forwarded, and providing the contact details of the entity to which the complaint has been forwarded.
COMPLAINTS PROCESS
Mysteel will accept complaints made in writing to the Mysteel Compliance Department. To make a complaint, please e-mail the compliance officer of the Mysteel Index Management Committee via Mysteel Compliance Department: complaints@mysteel.com, or at the following postal address:7th Floor(A65), Shanghai Ganlian E-Commerce Holdings Co., Ltd, 68 Yuanfeng Road, Baoshan District, Shanghai, 200444, P.R. China.
To assist its investigation of complaints, Mysteel requests that complainants set out the subject of the complaint, supply as much information and detail as possible, and if appropriate and if the complainant wishes, inform Mysteel as to the action the complainant believes should be taken to resolve the complaint.
In the course of its investigation of a complaint, Mysteel may request further information from the complainant and/or from others. Mysteel encourages complainants to respond to any such requests as soon as possible, as Mysteel may not be able to continue to review the complaint until it receives the requested information.
Mysteel will as far as possible protect the confidentiality of the complaint but cautions that it may become necessary for Mysteel to contact third parties for information. While Mysteel will in the latter circumstances seek to avoid identifying the complainant it will, where this is not possible, seek the prior written consent of the complainant. Mysteel cautions that where such consent is not provided, it may be prevented from completing its review of the complaint.
COMPLAINT HANDLING
-
Mysteel will, on receipt of a complaint, follow the following complaints handling process:
-
Mysteel will within two business days of its receipt of the complaint, respond in writing to the complainant to acknowledge the complaint and confirm that it is considering it.
-
Mysteel’s Index Management Committee will oversee the investigation of each complaint carefully, diligently and impartially, selecting an appropriate person or persons to carry out an investigation. In some cases, the investigation may be undertaken by a member of the Mysteel Compliance Department or senior member of staff who was not directly involved in the matter giving rise to the complaint. The complaint may be raised to the Mysteel Index Management Committee for its input and guidance.
-
Mysteel will decide whether it considers the complaint to be justified and in the affirmative case decide what remedial action is appropriate (see ‘REMEDIES’ section below for details).
-
Mysteel will respond to the complainant as soon as possible with its decision and supporting explanation. If Mysteel cannot respond to the complainant within twenty-eight days of receiving the complaint, then it will write to the complainant to explain why and inform when it expects to be able to complete its analysis and provide a response.
-
A complainant that is dissatisfied with the Mysteel response may within twenty-eight days request a review of Mysteel’s response by the Information Committee of Shanghai Ganglian E-Commerce Holdings Co., Ltd.
-
The Information Committee will within twenty-eight days of its receipt of a review request, conclude its review and issue the final Mysteel response to the complainant.
-
A Complaints Register will be maintained, recording full details of every complaint received, of all communications (internal and external) regarding the complaint, how it was considered and of any remedy implemented.
REMEDIES
Where a complaint is upheld, Mysteel will accept responsibility, explain what went wrong and why, and implement the remedial changes required.
The concrete remedy selected will be proportionate and appropriate to the shortcoming identified. Remedies can include but are not limited to:
-
An apology and explanation of what happened and/or went wrong
-
A review or change in a decision on the service given to a complainant
-
Providing the service requested by the complainant
-
Implementing a change of procedures to prevent future similar failings
-
Considering (and if approved, informing stakeholders and implementing) a change to the relevant Mysteel Index Methodology
-
Additional training of or supervision of staff
COMPLAINTS OVERSIGHT
A summary of every complaint, the conclusion of the investigating staff and where relevant, its resolution, will be provided to the Mysteel Index Management Committee at its periodic meetings, who will consider any additional actions that may be required as a result of complaints received.
The Index Management Committee will satisfy itself that:
-
Each complaint has been investigated thoroughly.
-
Any necessary remedies have been applied, including if necessary, adjustments to the Mysteel Index values, to internal processes or to the Mysteel Index Methodology.
-
That where appropriate any remedies applied have been communicated to all stakeholders.
-
A suitable explanation has been given to the complainant.
-
A suitable summary of the complaint, investigation and its outcome has been passed to the Information Committee.
-
That the Complaint Register’s contents are stored for at least five years.
ANNUAL REVIEW
This Policy will be reviewed on at least an annual basis to ensure it remains appropriate and consistent with industry standards. It will also be reviewed each time there is a change in the regulatory environment or significant business changes. The Mysteel Index Management Committee will approve each new version of this Policy, and arrange for new versions to be published as required.