1404
(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) rejection of an application for the extension of time to allow an issuer to restore its percentage of securities in public hands to at least 10% under Rule 724;
(ii) rejection of a proposal by a cash company to meet requirements for a new listing under Rule 1018;
(iii) rejection of an application for extension of time to meet requirements for a new listing under Rule 1018;
(iv) rejection of a resumption proposal under Rule 1304;
(v) rejection of an application for extension of time to submit or implement a resumption proposal under Rule 1304;
(vi) removal of an issuer from the Official List under Rule 1305;
(vii) rejection of a proposal by an issuer to voluntarily delist under Rule 1307;
(viii) rejection of an application to exit from the watch-list under Rule 1314;
(ix) rejection of an application for extension of time to submit an application to exit from the watch-list under Rule 1315; and
(x) rejection of an application for extension of time to complete a business combination under Rule 210(11)(m)(ii).
(c) the enforcement actions taken by the Exchange under Rules 1405(3)(c)(x), (xvii) and (xviii).
(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 3 years of the proposed appointment date was, a director, 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 5 members, including the chairman or deputy chairman of the Appeals Committee, but may conclude with a quorum of 3 members; and
(b) the quorum of an Appeals Committee hearing shall comprise at least 1 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) the fixing of 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 Exchange's listing rules;
(f) determining if the composition of the Appeals Committee may be varied after the hearing has commenced; and
(g) determining if an appeal has satisfied the bases for appeal required under Rule 1419(4), Rule 1419(5) or Rule 1419(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 1404(6), 1420(1), 1420(2), 1420(6) and 1421(1) to any member of the Appeals Committee or the Appeals Committee secretariat.
(10) References to the chairman in Rules 1404(6), 1420(1), 1420(2), 1420(6) and 1421(1) shall refer to the deputy chairman, member or secretariat who has been delegated the relevant powers of the chairman.
Added on 7 October 20157 October 2015 and amended on 15 September 201715 September 2017, 1 August 2021 and 3 September 2021.