5.9 Appeal

The Exchange shall appoint persons who shall not be Directors or serving members of the Compliance Committee, to serve on an Appeals Committee and upon such appointment such appointed persons shall be fully authorized to carry out the functions and powers of the Appeals Committee. Appeals Committee shall consist of a Chairman sitting alone or together with one or two other persons who are not prevented from serving on the Appeals Committee by reason of the matters contained in this Rule 5.

The chairman of the Appeals Committee shall be a lawyer.

5.9.1 Within 14 days of receiving notice in writing of a finding or order of the Compliance Committee, or such longer period as the Exchange may in its absolute discretion direct, a defendant or the Exchange, or both may appeal to the Appeals Committee by lodging with the Exchange a notice of appeal in writing and by delivering a copy thereof to any other party.

A notice of appeal shall set out the grounds of the appeal and shall contain a brief statement of all matters relied on by the appellant. The grounds of the appeal may be any one or more of the following:

a. the Compliance Committee misdirected itself; or

b. the Compliance Committee’s decision was:

i. one which no reasonable Compliance Committee could have reached;

ii. unsupported by the evidence or was against the weight of the evidence; or

iii. based on an error of law, or a misinterpretation of the Rules; or

iv. the sanction imposed by the Compliance Committee was excessive or, in the case of an appeal by the Exchange, was insufficient or inappropriate; or

v. new evidence is available and that, had it been made available, the Compliance Committee could reasonably have come to a different decision. This will not apply if the evidence could have been adduced before the Compliance Committee by the exercise of reasonable diligence; but no party may otherwise appeal against the Compliance Committee’s finding of infringement, or order.

5.9.2 In the case of appeal against a sanction, the Appeals Committee may affirm, vary or revoke the sanction. In the case of appeal pursuant to Rule 5, the Appeals Committee may make such order or give such direction as it considers just including, if thought fit, in relation to an appeal pursuant to Rule 5 a direction for a rehearing of the case by another Disciplinary Panel.


5.9.3 On receipt of a notice of appeal, the Exchange will constitute an Appeals Committee from among those persons authorized under Rule 5 above.

An Appeals Committee may adopt such procedure as it thinks fit and just, including without limitation the procedures described in Rule 5. The appellant and the respondent may appear, make representations.

a. The decision of an Appeals Committee shall be final and binding and there shall be no further appeal. The decision shall be notified to the appellant in writing as soon as possible.

b. Rule 5 above shall apply to the Appeals Committee as though the reference therein to the Compliance Committee were to the Appeals Committee.

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