​​[ As at 8 May 2013 ]

BURSA MALAYSIA SECURITIES BERHAD

PRACTICE NOTE 30
ENFORCEMENT PROCEEDINGS & RELATED MATTERS

 

DetailsCross References
Effective date:8 May 2013Paragraphs 16.26, 16.27 & 16.29

 

1.0Introduction
1.1Pursuant to paragraph 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.
1.2Parts I and II of this Practice Note set out the procedures and requirements relating to a full and expedited enforcement proceeding respectively.
1.3Pursuant to paragraph 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 Practice Note sets out the procedures and requirements relating to the appeal procedure.
1.4Part IV of this Practice Note sets out the oral representation that may be requested by a person in an enforcement proceeding.
1.5For the avoidance of doubt, the Exchange is not bound by legal rules of evidence and procedure in any enforcement proceedings under the Listing Requirements.
PART IFULL ENFORCEMENT PROCEEDING
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​​2.0Requisite Notice
2.1When 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").
​​3.0Response to Requisite Notice
3.1A person may submit to the Exchange a written response to the Requisite Notice ("Response") within the time stipulated in the Requisite Notice.
​​4.0Notification of decision
4.1After the conclusion of an enforcement proceeding, the Exchange will notify the person in writing of the decision including the penalty imposed (if any).
PART IIEXPEDITED ENFORCEMENT PROCEEDING
​​5.0Procedures relating to an expedited enforcement proceeding
5.1The 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 -
(a)a  reprimand; or
(b)a fine of more than RM 10,000.00
5.2In 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"). 
5.3The 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.
5.4If 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.
5.5If 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.
​​6.0No limitation
6.1Nothing in this Part prevents the Exchange from proceeding with the full enforcement proceeding under Part I for any breach of the Listing Requirements.
PART IIIAPPEAL
​​7.0Notice of appeal
7.1If 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 -
(a)identifies the decision against which the appeal is made; and
(b) sets out the ground(s) of the appeal together with representations to justify the ground(s) relied upon.
​​8.0Deliberation of appeals
8.1 A person may produce evidence that was not presented at the initial enforcement proceeding if -
(a)the evidence was not available at the time of the initial enforcement proceeding; and
(b)the evidence would have been likely to have had a determining influence upon the decision appealed against.
8.2 The person must produce the new evidence as stated in paragraph 8.1 above when submitting the Notice of Appeal.
8.3The Exchange may produce new evidence arising from the Notice of Appeal submitted by the person.
8.4The Exchange may affirm, vary or set aside the decision appealed against.
9.0Notification of decision on appeal
9.1After the conclusion of an appeal, the Exchange will notify the person in writing of the decision of the appeal and such decision is final.
PART IVORAL REPRESENTATIONS
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10.0Request for oral representations etc.
10.1The Exchange may allow an oral representation, submission or attendance of witnesses for any proceedings commenced against a person under this Practice Note.
10.2The 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 –
(a)a Response as required in Part I; or
(b)

a Notice of Appeal as required in Part III.

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