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  • Terms of Reference of the Disciplinary Committee

    • DRA-4.1.6

      The powers and functions and limitations thereon of the Disciplinary Committee are as follows:

      (a) To exercise all the powers and functions of the SRO on all disciplinary matters relating to the members and issuers of securities;
      (b) Without prejudice to the generality of the foregoing:
      (i) To exercise all the powers and functions reserved to the Disciplinary Committee in the "Disciplinary Procedures" approved by the SRO's senior management from time-to-time;
      (ii) To convene and conduct hearings of charges against member(s) of an SRO or an issuer(s) of a security and to decide whether those charges are proven or not;
      (iii) To impose such penalty as the Disciplinary Committee may think fit on a member(s) of an SRO or an issuer(s) of a security, against whom charges are so proven, provided that such penalty shall be within the range of penalties set out in the rules of the SRO and the "Disciplinary Procedures" approved by the SRO's senior management from time-to-time;
      (iv) To summon member(s) of an SRO or an issuer(s) of a security and their employees to attend and make representations before the Disciplinary Committee;
      (v) To review the operation of the "Disciplinary Procedures" approved by the senior management from time-to-time on a regular basis and to report with recommendations to the board of an SRO on any proposals for the improvement of those procedures which the Disciplinary Committee considers necessary; and
      (vi) To request a member(s) of an SRO or an issuer(s) of a security or their employees to produce their books and records for inspection by the Disciplinary Committee;
      (c) To liaise with the CMSD as necessary in relation to its powers and duties, or as the CMSD may require;
      (d) To review the provisions of the rules of the SRO relating to the disciplinary matters of a member(s) of an SRO or an issuer(s) of a security from time-to-time and to consider and advise on any amendments to those provisions and to recommend such amendments as it sees fit for the approval of the board of the SRO and the CBB;
      (e) To submit written and/or oral reports to the board of the SRO or to the CMSD regarding its activities and proceedings as and when requested; and
      (f) To conform to any written and/or oral advice (which shall include any direction) that may from time-to-time be prescribed by the board of the SRO or CMSD.
      Amended: April 2020
      Amended: January 2020
      Added: July 2010