- Laws of Fiji

Last Updated: 24 June 2022

[COM 271] Disciplinary actions by the securities exchange271

271

(1) Where a securities exchange reprimands, fines, suspends or expels, or otherwise takes disciplinary action against a member of the securities exchange or a listed company, it must within 7 days give notice to the Reserve Bank in writing, giving particulars including the name of the person, the reason for and nature of the action taken.

(2) The Reserve Bank may review any disciplinary action taken by a securities exchange under subsection (1) and, on its own motion, or in response to the appeal of an aggrieved person, may affirm or set aside the decision of the securities exchange after giving the member of a securities exchange or listed company and the securities exchange an opportunity to be heard.

(3) Nothing in this section must preclude the Reserve Bank, in any case where a securities exchange fails to act against a member of the securities exchange or a listed company, from itself, suspending, expelling or otherwise disciplining the subject person, but before doing so the Reserve Bank must give the member of the securities exchange or a listed company and the securities exchange an opportunity to be heard.