(1) The Exchange may, in its absolute discretion, exercise administrative powers for the purposes of ensuring that the market is fair, orderly and transparent, and that the Exchange does not act contrary to the interests of the investing public, including the powers to:

(a) issue public queries to an issuer;

(b) require an issuer to make specified disclosures;

(c) require any Relevant Person to provide information, documents or electronic records to the Exchange;

(d) withhold any applicable approvals in respect of applications submitted by an issuer; 

(e) require an issuer to appoint compliance advisers, legal advisers or other independent professionals for specified purposes;

(f) waive or modify compliance with a Rule (or part of a Rule);

(g) halt or suspend trading of listed securities of an issuer under Rules 103, 602 and 603;

(h) remove an issuer from the Official List under Rules 103 and 605; and

(i) impose any other requirements on a Relevant Person which the Exchange considers appropriate.

(2) The Exchange may, in Its absolute discretion, exercise investigative and enforcement powers for the purposes of enforcing the Rules, including the powers to:

(a) initiate and conduct investigations against a Relevant Person;

(b) initiate disciplinary proceedings against a Relevant Person;

(c) take enforcement action against a Relevant Person including the following;

(i) issuing a private warning to a Relevant Person;

(ii) issuing a public reprimand to a Relevant Person;

(iii) requiring an issuer to appoint compliance advisers, legal advisers or other independent professionals for specified purposes;

(iv) requiring an issuer to implement an effective compliance programme;

(v) requiring a Relevant Person to perform other remedial action to rectify the consequences of contraventions;

(vi) denying an issuer of facilities of the market, prohibiting an issuer from accessing the facilities of the market for a specified period or until fulfilment of specified conditions;

(vii) requiring an issuer to comply with conditions on the activities undertaken by the issuer;

(viii) halting or suspending trading of listed securities of an issuer;

(ix) removing an issuer from the Official List;

(x) suspending or restricting the activities of an issue manager if the integrity of the market may be adversely affected or if the Exchange thinks it necessary in the interests of the public or for the protection of investors. The Exchange will refer the matter to the Disciplinary Committee within 14 days from the date of suspension or restriction, whereupon the Disciplinary Committee will determine if the suspension or restriction should be lifted or should be continued for a specified period not exceeding three years;

(xi) imposing conditions on the accreditation of an issue manager; and

(xii) imposing any other requirements on a Relevant Person which the Exchange considers appropriate.

(3) Where a Relevant Person does not comply with requirements imposed by the Exchange set out in Part 3 of this Chapter, the Relevant Person shall be deemed to have contravened the Rules.

The Exchange may allow a stay of execution of the sanctions, or an extension of the relevant timelines, which may be subject to conditions imposed by the Exchange, each in its absolute discretion, when:

(1) a Relevant Person has filed a notice of appeal against an enforcement action by the Exchange referred to under Rule 705(2)(c)(vi);

(2) if a Relevant Person requires more time to comply with the sanctions imposed; or

(3) if the Exchange is of the opinion that the circumstances warrant it.

(1) The Exchange may pose queries to an issuer where the Exchange is of the opinion that queries are in the interests of ensuring the market is fair, orderly and transparent. Circumstances where queries may be raised include the following:

(a) where the Exchange is of the opinion that information provided is either incomplete or unclear;

(b) where the Exchange has reason to believe that an issuer has failed to disclose information as required by the Rules;

(c) where the Exchange has reason to believe that there is a possibility that the Rules has not been complied with; or

(d) where the Exchange is of the opinion that it is appropriate to do so.

(2) Upon receipt of a query from the Exchange, an issuer shall respond to the Exchange as soon as possible unless otherwise specified by the Exchange.

(3) The Exchange may require an issuer to announce the Exchange's query to the issuer, the issuer's response to the query, or both.

The Exchange may, in its absolute discretion, conduct an investigation if:

(1) the Exchange has reason to believe that there is a possibility that any Relevant Rule has been contravened by a Relevant Person;

(2) the Authority so directs; or

(3) the Exchange is of the opinion that the circumstances warrant it.

For the purposes of an investigation, the Exchange may require that a Relevant Person comply with one or more the following requests:

(1) to render all reasonable acts of assistance, at the Exchange's premises or elsewhere, including requests for information or written explanations;

(2) to provide copies of documents or electronic records in the possession of the Relevant Person by a specified date which shall be no less than five business days from the date of the request; or

(3) to obtain copies of documents or electronic records which may be reasonably obtained by the Relevant Person by a specified date which shall be no less than seven business days from the date of the request. Where such documents or electronic records cannot be obtained, the Relevant Person shall provide a written explanation to:

(a) indicate why the documents or electronic records cannot be obtained; and

(b) indicate what steps have been taken to obtain the documents or electronic records.

(1) Any Relevant Person complying with a request for information, documents or electronic records from the Exchange shall take due care to ensure that such information, documents or electronic records provided to the Exchange are complete and not false or misleading in any material particular.

(2) Any Relevant Person shall not wilfully make, furnish, authorise, or permit the giving of incomplete, false or misleading information, documents or electronic records to the Exchange.

(1) The Exchange may appoint any person or persons to assist in its investigation ("Exchange Examiner"). The Exchange may delegate all or any of its powers under Rule 709 to the Exchange Examiner. The Exchange Examiner shall report the results of the investigation to the Exchange.

(2) The Exchange may refer any investigations to another relevant investigating authority if the Exchange is of the opinion that the circumstances warrant the referral.