14.7 Appeals Committee
The Appeals Committee comprises persons appointed by the Board of Directors of SGX RegCo and approved by the Authority provided that:—(a) no Director, Officer or employee of SGX or any of its related companies may be appointed;(b) a majority are not directors, officers or employees of the members of SGX or its subsidiaries; and(c) a majority are not substantial shareholders of SGX or directors, officers or employees of any substantial shareholder of SGX.
The powers of the Appeals Committee include:—(1) all the powers of the Disciplinary Committee;(2) increasing or reducing penalties, and overturning, varying or upholding any decision of the Disciplinary Committee;(3) hearing appeals in accordance with the Rules; and(4) dealing with such other matters as the SGX RegCo Board gives it (either generally or in a particular case).
The Appeals Committee elects a Chairman from among the members.
The Appeals Committee has a quorum of 3 (including the Chairman) when the meeting proceeds to business but may complete any business of a meeting with 2 members. In the case of an equality of votes, the Chairman will be entitled to a casting vote.
The Chairman will appoint a date, time and place for the hearing. The appellant and the respondent must be given reasonable notice of the hearing.
Members of the Appeals Committee must notify the Chairman before, or during, the hearing of any possible conflict of interest in relation to an appeal. The Chairman will decide whether the member concerned should attend the hearing of that appeal. The Chairman must abstain from hearing an appeal in which he may have a conflict of interest.
The Appeals Committee may adjourn and reconvene its proceedings as it thinks fit. If the parties to an appeal are not attending the hearing, the Appeals Committee may hear the appeal by way of a resolution in writing.
Except where it is expressly provided in the Rules, the Appeals Committee may establish its own procedures.