Clause 62

Where a clearing house reprimands, fines, suspends, expels or otherwise takes disciplinary action against a member of the clearing house, 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 imposed 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 clearing house under subsection (1) and may affirm, modify or set aside the decision of the clearing house after giving the member and the clearing house an opportunity to be heard.

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

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