1419
(1) A party may appeal against the decision of the Disciplinary Committee, a decision of the Exchange specified under Rule 1404(1)(b) or an enforcement action by the Exchange specified under Rule 1404(1)(c), by filing a notice of appeal with the Appeals Committee within 14 business days of the relevant decision. An appellant other than the Exchange shall pay a non-refundable administrative fee of $1,500 when filing a notice of appeal.
(2) Where a notice of appeal is filed after 14 business days of the relevant decision, the notice of appeal may only be accepted if the delay is accounted for to the satisfaction of the chairman of the Appeals Committee.
(3) A notice of appeal shall be served on all parties involved, and shall contain the following details:
(a) the date and reference details of the decision;
(b) the Relevant Rule of the decision;
(c) the brief facts relevant to the decision;
(d) a summary of the decision;
(e) the sanction imposed by the Disciplinary Committee, the decision taken by the Exchange or the enforcement action by the Exchange specified under Rule 1404(1)(c); and
(f) a summary of the grounds of appeal which includes:
(i) the specific finding which is subject to appeal; and
(ii) the reasons in support of the appeal against that finding.
(4) An appeal against a decision by the Disciplinary Committee may only be made on the following grounds:
(a) the Disciplinary Committee had acted in bad faith;
(b) there was procedural unfairness in the Disciplinary Committee's determination of the charges;
(c) there is fresh evidence, not previously available, which would likely have affected the decision of the Disciplinary Committee;
(d) the Disciplinary Committee had made a gross error in respect of a finding of fact;
(e) the Disciplinary Committee had made an error in respect of the interpretation of the Exchange's listing rules; or
(f) the sanctions imposed are manifestly excessive or inadequate.
(5) An appeal against a decision by the Exchange referred to under Rule 1404(1)(b) may only be made on the following grounds:
(a) the Exchange had acted in bad faith;
(b) there was procedural unfairness in the Exchange's determination of the matter; or
(c) the Exchange had made an error in respect of the interpretation of the Exchange's listing rules.
(6) An appeal against an enforcement action by the Exchange specified under Rule 1404(1)(c) may only be made on the following grounds:
(a) the Exchange had acted in bad faith;
(b) there was procedural unfairness in the Exchange’s determination of the charges;
(c) there is fresh evidence, not previously available, which would likely have affected the decision of the Exchange;
(d) the Exchange had made a gross error in respect of a finding of fact;
(e) the Exchange had made an error in respect of the interpretation of the Exchange's listing rules; or
(f) the sanctions imposed are manifestly excessive.
(7) An appeal under Rule 1419 may be heard only if leave is given by the chairman. The chairman’s decision on leave is final and not subject to any appeal.
Added on 7 October 20157 October 2015 and amended on 1 August 2021.
1420
(1) Upon receipt of the notice of appeal, the chairman shall determine all pre-hearing administrative issues under Rule 1404(6) and may issue relevant directions to parties to facilitate the hearing.
(2) Upon the resolution of all pre-hearing administrative matters under Rule 1404(6), the chairman shall provide a notice of hearing which includes the following details:
(a) the identity of the members of the Appeals Committee who will be present at the hearing;
(b) the dates and locations of the hearing;
(c) the time parties will be allocated during the hearing;
(d) the procedural rules to be complied with at the hearing;
(e) the disputed issues to be dealt with at the hearing (where necessary);
(f) the witnesses to be called at the hearing (where necessary); and
(g) the exhibits which may be relied upon at the hearing (where necessary).
(3) Upon provision of the notice of hearing under Rule 1420(2), parties shall inform the Appeals Committee within 14 business days of the following:
(a) whether there is any objection to the matters stated in the notice; and
(b) whether the party wishes to attend the hearing, and if so, the particulars of the persons who would be attending the hearing.
(4) Where a party does not respond to a relevant direction issued under Rule 1420(1), the party is deemed to have no objection to the relevant direction, and the Appeals Committee may proceed as it deems fit.
(5) Where a party does not indicate that the party is intending to attend the hearing, the party is deemed to have no intention of attending the hearing and the hearing can proceed in the absence of that party.
(6) Where objections are raised in relation to any pre-hearing issues, the chairman shall determine the issue and inform parties accordingly. The chairman's determination of a pre-hearing issue shall be final.
Added on 7 October 20157 October 2015.