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.
1421
(1) The chairman of the Appeals Committee shall determine the manner by which a hearing is to be conducted, having due regard to the notice of hearing issued under Rule 1420(2). A hearing before the Appeals Committee may be heard as a rehearing and evidence not previously considered by the Disciplinary Committee may be adduced.
(2) No member of the Appeals Committee shall participate in a hearing if he has a conflict of interest.
(3) Where the Appeals Committee is of the opinion that the charge is defective, the Appeals Committee may invite the Exchange to amend the charge, or directly amend the charge.
(4) An appellant may withdraw an appeal at any time before the decision of the Appeals Committee by providing a notice of discontinuance to the Appeals Committee. Where a Relevant Person withdraws an appeal under this sub-rule and the Appeals Committee is of the opinion that the conduct of the Relevant Person was unreasonable, the Appeals Committee may order that the Relevant Person pay reasonable costs incurred by the Exchange.
(5) The Exchange and the Relevant Person may be represented by legal counsel at the hearings.
(6) The secretariat of the Appeals Committee must be informed in writing of the name of the legal counsel at least 14 business days before the hearing of the appeal.
Added on 7 October 20157 October 2015.
1422
(1) Upon conclusion of the hearing, the Appeals Committee shall within a specified period of no more than 6 weeks, determine if the proceeded charges have been made out or if the decision of the Exchange is to be upheld and provide a written grounds of decision. In coming to a decision, the Appeals Committee may:
(a) dismiss the appeal;
(b) uphold, reverse or vary the decision of the Disciplinary Committee or the Exchange;
(c) uphold, reverse or vary the specific findings of the Disciplinary Committee;
(d) direct that the Exchange take a specific course of action;
(e) vary the sanctions imposed by the Disciplinary Committee; or
(f) issue any other order which it deems appropriate.
(2) Where the Appeals Committee makes a finding that the charge is made out, the Appeals Committee shall also include in the written grounds, the sanctions to be imposed against the Relevant Person. In imposing sanctions, the Appeals Committee shall have all the powers of the Disciplinary Committee under Rule 1417.
Added on 7 October 20157 October 2015.
1423
(1) The Appeals Committee's written grounds of decision shall be published by the Exchange, unless the sanction imposed involves the issuance of a private warning. Where a private warning is issued by the Appeals Committee, the Appeals Committee shall determine whether the written grounds of decision is to be published, and if so, whether the written grounds of decision is to be published in part or in whole.
(2) Where the Exchange has reason to believe that the requirements imposed or orders issued under Rule 1422(2) have not been complied with, the Exchange may report the non-compliance to the Appeals Committee, and the Appeals Committee may provide a supplemental grounds of decision to impose further sanctions.
(3) Where a fine or order for costs of the proceedings has been imposed against a Relevant Person and the Relevant Person does not make payment within the specified period, the outstanding sum shall be a debt payable to Exchange. The Exchange may commence legal action to recover that debt, subject to any subsequent payments made by the Relevant Person. The Exchange shall be entitled to claim reasonable interest, a month after the payment is due, based on the sum outstanding.
(4) A Relevant Person may apply to the Appeals Committee for an extension of the relevant timelines to comply with sanctions imposed by the Appeals Committee.
(5) A decision of the Appeals Committee shall be final.
Added on 7 October 20157 October 2015.