2.8 Appeals

2.8.1           If the Directors reject an application for membership or refuse to approve a change in business particulars notified to the Exchange under Rule 2, impose sanctions on a Member under Rule 2, make a decision under Rule 2 in respect of status, rights or obligations of a Member or expel a Member, the applicant or Member may, within 14 days of receiving notice of such decision, request the Directors in writing to reconsider the matter.


2.8.2           The applicant or Member may make such representations and supply such information and supporting documents as it may consider relevant and may request to meet with the Directors for that purpose. No request or representation may be made under this Rule in respect of any determination made or step taken under the default rules.


2.8.3           The Directors shall within 28 days of receiving the applicant or Member’s written request for reconsideration consider any representations, information and documents placed before them and shall confirm, amend or revoke the decision in respect of which the request has been received. The Exchange shall forthwith notify the applicant or Member of the outcome.


2.8.4           Within fourteen days of receiving such notice from the Exchange the applicant or Member may serve notice on the Exchange of its intention to appeal against the Directors’ decision. With such notice it shall lodge with the Exchange the sum of $5,000 towards the legal costs of the appeal, which sum shall be returned to the applicant or Member if its appeal is successful. The appeal will be to the Compliance Committee of the Exchange.


2.8.5           The Compliance Committee may adopt such procedure as it deems appropriate in hearing the appeal but shall give both the appellant and the Directors reasonable opportunity to make representations to it. The Compliance Committee may as it thinks fit either confine the appeal to a review of the Directors’ decision or hear the matter afresh. It shall have power to order costs to be paid by either party.


2.8.6           The Compliance Committee shall notify its award, with reasons, to the Directors and to the appellant. The Directors shall within 28 days serve notice on the appellant confirming, amending or revoking their decision accordingly.


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