5.6 Settlement

The Member and/or the person alleged to have committed the infringement may attempt to settle in good faith the disciplinary proceedings at any stage (including any appeal) with the Exchange. The terms of any settlement shall be agreed between the Compliance Officer and the individual or Member as the case may be and submitted in writing to the Chairman of the Compliance Committee, or in his absence a quorum of this Committee for ratification. Upon ratification the terms of the settlement shall take effect. In the event the settlement is not ratified, the disciplinary proceedings shall continue.

If the Exchange or Member (or person concerned and any associated Member or either of them) should fail to meet a time limit imposed by the Compliance Committee or fail to attend a hearing, the Committee may in its absolute discretion allow an extension of time, adjourn its proceedings or proceed, if necessary in the absence of the Member (or the person and Member, or either of them).

The findings of the Compliance Committee, and particulars of any sanction, shall be notified in writing to the Member concerned (or the person concerned and any associated Member). Such findings and sanction shall be deemed conclusive and binding subject to appeal process.

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