Clause 20

Where a securities exchange or futures exchange reprimands, fines, suspends, expels or otherwise takes disciplinary action against a member of the securities exchange or futures exchange, it shall immediately inform the Authority in writing of the name of the member, the reason for, and nature of, the action taken, the amount of any fine and the period of any suspension.

The Authority may, on its own motion or on application by an aggrieved person review any disciplinary action taken by a securities exchange or futures exchange under subsection (1) and may affirm, modify or set aside the decision of the securities exchange or futures exchange after giving the member and the securities exchange or futures exchange an opportunity to be heard.

Nothing in this section shall preclude the Authority, in any case where a securities exchange or futures exchange fails to act against a member, from suspending, expelling or otherwise disciplining a member of the securities exchange or futures exchange, but before so doing the Authority shall give the member and the securities exchange or futures exchange, as the case may be, an opportunity to be heard.

Any person who is aggrieved by the decision of a securities exchange or futures exchange or the Authority under this section may, within 30 days after it is notified of the decision, appeal to the Minister whose decision shall be final.