If a listed issuer breaches the Main LR, can enforcement action be taken against its directors or directors of the management company where the listed issuer is a collective investment scheme (“CIS”)?

Yes, enforcement action can be taken against a director of a listed issuer or a director of the management company of a CIS, where the listed issuer has breached the Main LR under the circumstances referred to in paragraph 16.13 of the Main LR. In addition, enforcement action can also be taken against a director if he breaches an obligation imposed specifically on him as a director pursuant to the Main LR.