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  • DRA-4.2 DRA-4.2 Disciplinary Appeals Committee

    • DRA-.4.2.1

      The decisions passed by the Disciplinary Committee of an SRO referred to in section DRA-4.1 may be appealed to the Disciplinary Appeals Committee (DAC).

      July 2010

    • DRA-4.2.2 DRA-4.2.2

      The Disciplinary Appeals Committee, consisting of a minimum of three members, must be established and constituted by a Resolution of the Board of the SRO. The Disciplinary Appeals Committee must not have a member who is, or who within three years of the proposed appointment date was a director, officer or employee of the SRO or a related corporation of the SRO. The constitution and membership of the Disciplinary Appeals Committee must be approved by the CBB.

      Amended: April 2020
      Added: July 2010

      • DRA-4.2.2A

        The Disciplinary Appeals Committee members must comprise of persons with qualification in the area of law, finance, accounts, economics, management or administration and experience in financial services, including the securities market or any other relevant field. At least one member of the Disciplinary Appeals Committee must be legally qualified.

        Added: April 2020

      • DRA-4.2.2B

        Prior to appointing a person as a member of the Disciplinary Appeals Committee, the SRO must obtain and assess the following information:

        (a) a declaration that the person has not been involved in any act of fraud, dishonesty or found guilty of any economic or other offence excluding minor traffic offence;
        (b) a declaration that the person has not been disqualified by a court, regulator or other competent body; and
        (c) disclosure regarding the nature of association with securities market including names of family members (spouse, father, mother, sons, daughters, brothers or sisters) associated with securities market.
        Added: April 2020

    • Terms of Reference of the Disciplinary Appeals Committee

      • DRA-4.2.3

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

        (a) To exercise all the powers and functions relating to the referrals against the decisions of the Disciplinary Committee of the SROs; and
        (b) Without prejudice to the generality of the foregoing:
        (i) To convene and conduct hearings of cases referred to it and to decide whether those referrals have been made on satisfactory grounds;
        (ii) To summon members of SROs and issuers of securities and their representatives or employees to attend and make representations before the Disciplinary Appeals Committee;
        (iii) To request members of SROs and issuers of securities or their representatives or employees to produce their books and records for inspection by the Disciplinary Appeals Committee;
        (iv) To remit the case back to the Disciplinary Committee for reconsideration where fresh evidence put up on referral is allowed; and
        (v) To dismiss the charges referred to it or to uphold the verdict of the Disciplinary Committee and, as the case may be, to impose the same or substitute a lesser or a greater penalty to that imposed by the Disciplinary Committee.
        Amended: April 2020
        Added: July 2010

      • DRA-4.2.4

        Decisions of the Disciplinary Appeals Committee must be submitted to the CBB, in writing, as soon as possible after the conclusion of the proceeding.

        Amended: April 2020
        Added: July 2010