Whole Section

  • 7.12 Penalty

    • 7.12.1 Period for Payment of Penalty

      A penalty imposed by the Disciplinary Committee or the Appeals Committee shall be paid within fourteen (14) calendar days from the date of notice, or such longer time as the chairman of the Disciplinary Committee or the Appeals Committee (as applicable) permits.

    • 7.12.2 Consequence of Penalty Not Paid Within the Stipulated Time

      (a) If the penalty remains unpaid seven (7) calendar days after the deadline, the Member's access to the Markets or the Approved Trader's or Registered Representative's registration (as the case may be) shall be suspended. The suspension resulting from non-payment of a penalty ends upon full payment of the penalty.
      (b) Where a penalty has been imposed against a Person and the Person does not make payment within the specified period, the outstanding sum shall be a debt payable to the Exchange. The Exchange may commence legal action to recover that debt, subject to any subsequent payments made by the Person. The Exchange shall be entitled to claim reasonable interest, a month after the payment is due, based on the sum outstanding.

      Amended on 3 June 20193 June 2019.