(1) The Disciplinary Committee shall, as a tribunal of first instance, hear and determine charges brought by the Exchange against a Relevant Person for contravention of any Relevant Rule.

(2) The Disciplinary Committee shall comprise persons appointed by the SGX RegCo Board in consultation with the Authority, and shall not have a member who is, or who within three years of the proposed appointment date was, a director, executive officer or employee of:

(a) SGX; or

(b) a related corporation of SGX.

(3) The Disciplinary Committee shall hear and determine charges by convening a Disciplinary Committee hearing, subject to the following conditions:

(a) a Disciplinary Committee hearing shall have an initial quorum of five members, including the chairman or deputy chairman of the Disciplinary Committee, but may be concluded with a quorum of three members; and

(b) the quorum of a Disciplinary Committee hearing shall comprise at least one member with legal experience and the remaining members with any of the following experience:

(i) corporate finance experience;

(ii) directorship experience in an issuer listed on the Exchange; and

(iii) accounting experience.

(4) The Disciplinary Committee may hear and determine charges against a Relevant Person even if the Relevant Person is no longer a Relevant Person at the time of the Disciplinary Committee hearing, so long as the Relevant Person was a Relevant Person at the time of the alleged contravention.

(5) Charges brought before the Disciplinary Committee shall be decided by a simple majority of votes by its members. In the case of an equality of votes, the chairman of the hearing shall be entitled to a casting vote.

(6) The chairman of the Disciplinary Committee has the following powers:

(a) fixing the date of the hearing;

(b) fixing the timelines for filing of documents for the hearing;

(c) determining if obtaining legal advice is necessary;

(d) determining if confidential information related to the proceedings may be disclosed to a third party;

(e) establishing procedures for the hearing which are not contrary to the Rules;

(f) determining if the composition of the Disciplinary Committee may be varied after the hearing has commenced; and

(g) determining all administrative and procedural matters relating to a hearing.

(7) In the absence of the chairman of the Disciplinary Committee, the deputy chairman of the Disciplinary Committee shall have all the powers of the chairman of the Disciplinary Committee.

(8) The Disciplinary Committee shall be supported by a secretariat which reports to the chairman of the Disciplinary Committee. 

(9) The chairman of the Disciplinary Committee may delegate any of his powers or duties under Rules 703(6), 713(1), 713(2), 713(6) and 714(1) to any member of the Disciplinary Committee or the Disciplinary Committee secretariat.

(10) References to the chairman of the Disciplinary Committee in Rules 703(6), 713(1), 713(2), 713(6) and 714(1) shall refer to the deputy chairman, the member or secretariat who has been delegated the relevant powers of the chairman.

(1) The Appeals Committee shall hear and decide appeals arising from:

(a) decisions of the Disciplinary Committee;

(b) decisions of the Exchange relating to any of the following matters:

(i) removal of an issuer from the Official List under Rules 103, 605(2), 605(3), 605(4), 605(5) and 705(1)(h); and

(ii) rejection of a proposal by an issuer to voluntarily delist under Rule 604; and

(c) the enforcement actions taken by the Exchange under Rule 705(2)(c)(vi) and 705(2)(c)(ix).

(2) The Appeals Committee shall comprise persons appointed by the SGX RegCo Board in consultation with the Authority, but shall not have a member who is, or who within three years of the proposed appointment date was, a director, executive officer or employee of:

(a) SGX; or

(b) a related corporation of SGX.

(3) The Appeals Committee shall hear and determine appeals by convening an Appeals Committee hearing, subject to the following conditions:

(a) an Appeals Committee hearing shall have an initial quorum of five members, including the chairman or deputy chairman of the Appeals Committee, but may conclude with a quorum of three members; and

(b) the quorum of an Appeals Committee hearing shall comprise at least one member with legal experience and the remaining members with any of the following experience:

(i) corporate finance experience;

(ii) directorship experience in an issuer listed on the Exchange; and

(iii) accounting experience.

(4) The Appeals Committee may hear and determine appeals concerning a Relevant Person even if the Relevant Person is no longer a Relevant Person at the time of the Appeals Committee hearing, so long as the Relevant Person was a Relevant Person at the time of the alleged contravention or decision of the Exchange.

(5) Appeals brought before the Appeals Committee shall be decided by a simple majority of votes by its members. In the case of an equality of votes, the chairman of the hearing shall be entitled to a casting vote.

(6) The chairman of the Appeals Committee has the following powers:

(a) fixing the date of the hearing;

(b) fixing the timelines for filing of documents for the hearing;

(c) determining if obtaining legal advice is necessary;

(d) determining if confidential information related to the proceedings may be disclosed to a third party;

(e) establishing procedures for the hearing which are not contrary to the Rules;

(f) determining if the composition of the Appeals Committee may be varied after the hearing has commenced;

(g) determining if an appeal has satisfied the bases for appeal required under Rules 717(4), 717(5) or 717(6); and

(h) determining all administrative and procedural matters related to a hearing.

(7) In the absence of the chairman of the Appeals Committee, the deputy chairman of the Appeals Committee shall have all the powers of the chairman of the Appeals Committee.

(8) The Appeals Committee shall be supported by a secretariat which reports to the chairman of the Appeals Committee.

(9) The chairman of the Appeals Committee may delegate any of the powers or duties under Rules 704(6), 717(7), 718(1), 718(2), 718(6) and 719(1) to any member of the Appeals Committee or the Appeals Committee secretariat.

(10) References to the chairman in Rules 704(6), 717(7), 718(1), 718(2), 718(6) and 719(1) shall refer to the deputy chairman, member or secretariat who has been delegated the relevant powers of the chairman.