5.7 Sanctions

The sanctions which may be imposed on a person subject to the Rules by the Compliance Committee shall not exceed the following:-

a. the issue of a warning or reprimand;

b. in the case of an individual, disqualification (either indefinitely or for a fixed term) from being a Director or member of a committee or any Committee of the Exchange;

c. in the case of a Member, disqualification (either indefinitely or for a fixed term) of any of its Member’s representatives from being a Director or member of any Committee of the Exchange;

d. a fine of any amount not exceeding the equivalent of 3-year’s of subscription and/or license fees due from the Member, to be paid on such terms as may be prescribed;

e. a recommendation to the Directors that they expel a Member from membership of the Exchange, or in the case of other persons subject to the Rules, permanently remove their right to access the Trading Facilities under Rule 2;

f. in relation to any infringement of Rule 2A, the Exchange may direct the Member to (i) submit statements on periodic basis for such duration and in such form and substance as the Exchange may specify, (ii) cease any increase in positions, (iii) operate its business in such manner and on such conditions as the Exchange may impose, or the Exchange may suspend or terminate the membership of the Member;

g. any combination of the foregoing.


5.7.1 Where a person subject to the Rules is expelled pursuant to Rule 2 or has any or all of his rights of membership suspended, the Directors or the Compliance Committee may make such directions;

a. to the effect that where a person subject to the Rules is expelled, they may reapply for registration with the Exchange at any time after the date specified in the Notice of Sanction. Such reapplication will only be considered if all costs and fines associated with the Notice of Sanction are paid in a timely fashion.

5.7.2 The contravention of any sanction imposed or direction made under or pursuant to Rule 5 may be treated for all purposes as an infringement of the Rules.


5.7.3 The Compliance Committee may order any party to the proceedings to pay costs as it thinks appropriate, including but not limited to, administration costs, costs incurred in the investigation, preparation, and presentation of the case.

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