1.0 | Introduction |
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1.1 | Pursuant to Rule 16.26
of the Listing Requirements, the Exchange will determine the procedures
applicable to any enforcement action taken under Chapter 16 of the Listing
Requirements. |
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1.2 | Parts
I and II of this Guidance Note set out the procedures and requirements relating
to a full and expedited enforcement proceeding respectively. |
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1.3 | Pursuant to Rule
16.27 of the Listing Requirements, any person who is dissatisfied with a decision
resulting from an enforcement action taken may appeal against such decision in
the manner as may be prescribed by the Exchange from time to time. Part III of
this Guidance Note sets out the procedures
and requirements relating to the appeal procedure. |
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1.4 | Part IV of this Guidance
Note sets out the oral representation that may be requested by a person in an
enforcement proceeding. |
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1.5 | For the avoidance of
doubt, the Exchange is not bound by legal rules of evidence and procedure in
any enforcement proceedings under the Listing Requirements. |
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PART
I FULL ENFORCEMENT PROCEEDING |
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2.0 | Requisite Notice |
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2.1 | When the Exchange proposes to take an enforcement action against a person under the Listing Requirements, the Exchange will serve the person a written notice specifying the nature and particulars of the breach the person is alleged to have committed ("Requisite Notice"). |
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3.0 | Response to Requisite
Notice |
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3.1 | A person may submit to the Exchange a written response to the Requisite Notice ("Response") within the time stipulated in the Requisite Notice. |
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4.0 | Notification of decision |
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4.1 | After the conclusion of an
enforcement proceeding, the Exchange will notify the person in writing of the
decision including the penalty imposed (if any). |
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PART
II EXPEDITED ENFORCEMENT
PROCEEDING |
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5.0 | Procedures
relating to an expedited enforcement proceeding |
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5.1 | The Exchange may initiate expedited enforcement
proceedings under this Part II against a person whom enforcement action is
proposed to be taken, instead of proceedings under Part I, in circumstances the
Exchange deems fit, such as in respect of a breach of the Listing Requirements
which does not typically attract a penalty beyond - |
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| (a) | a reprimand; or |
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| (b) | a
fine of more than RM 10,000.00. |
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5.2 | In an expedited enforcement proceeding, the Exchange will notify the person against whom the enforcement action is proposed to be taken, in writing, of the breach and penalty imposed on that breach ("Determination"). |
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5.3 | The person must, within the time specified in the
Determination, inform the Exchange in writing whether or not the person agrees
with the Determination. A person is deemed to have agreed with the
Determination if the person does not respond within the specified time. |
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5.4 | If the person agrees or is deemed to have agreed with
the Determination, the person must give effect to the penalty imposed.
Enforcement action will be recorded as having been taken against the person
upon the expiry of the specified time. |
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5.5 | If the person does not agree with the Determination,
the matter will proceed under Part I. The person may submit a written response
to the Determination as if the Determination is a
Requisite Notice under Part I. In deliberating the matter, the Exchange is not
bound by the Determination and may impose a higher penalty based on the facts
or evidence presented during the proceeding under Part I. |
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6.0 | No
limitation |
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6.1 | Nothing in this Part prevents the Exchange from
proceeding with the full enforcement proceeding under Part I for any breach of
the Listing Requirements. |
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PART III APPEAL |
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7.0 | Notice of appeal |
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7.1 | If a person appeals against a decision referred to in Part I above, the person must within the time stated in the notification of decision given under Part I, give to the Exchange a notice in writing ("Notice of Appeal") that - |
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| (a) | identifies the decision against which the appeal is
made; and |
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| (b) | sets out the ground(s) of the appeal together with
representations to justify the ground(s) relied upon. |
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8.0 | Deliberation
of appeals |
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8.1 | A person may produce evidence that was not presented
at the initial enforcement proceeding if - |
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| (a) | the evidence was not available at the time of the
initial enforcement proceeding; and |
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| (b) | the evidence would have been likely to have had a
determining influence upon the decision appealed against. |
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8.2 | The person must produce the new evidence as stated in
paragraph 8.1 above when submitting the Notice of Appeal. |
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8.3 | The Exchange may produce new evidence arising from the
Notice of Appeal submitted by the person. |
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8.4 | The Exchange may affirm, vary or set aside the
decision appealed against. |
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9.0 | Notification
of decision on appeal |
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9.1 | After the conclusion of an appeal, the Exchange will
notify the person in writing of the decision of the appeal and such decision is
final. |
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PART
IV ORAL REPRESENTATIONS |
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10.0 | Request for oral representations etc. |
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10.1 | The Exchange may allow
an oral representation, submission or attendance of witnesses for any
proceedings commenced against a person under this Guidance Note. |
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10.2 | The person against
whom the enforcement action is taken may only request for the oral
representation, oral submission or attendance of witnesses if it has submitted
– |
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| (a) | a Response as
required in Part I; or |
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| (b) | a Notice of Appeal as
required in Part III. Back to Top |