[COM 11,165] Obligation to take disciplinary action13 

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(1) If a securities exchange receives a complaint from a listed company, the members of a listed company, a client of a broker or dealer, or a broker or dealer regarding the professional conduct or activities of a broker or dealer who is a member of the securities exchange or against a listed company, it must notify the Reserve Bank within 7 days of the receipt of the complaint.

(2) The securities exchange must as soon as practicable cause an inquiry to be carried out in accordance with its rules and must forward the report of the inquiry to the Reserve Bank within 7 days of the completion of the report.

(3) If a securities exchange fails to take disciplinary action against a member or a listed company in circumstances in which, in the opinion of the Reserve Bank, disciplinary action is warranted, the Reserve Bank may direct the securities exchange to take specified disciplinary action against the person.

(4) A securities exchange must report in writing to the Reserve Bank on the compliance with any penalties ordered by the securities exchange or directed by the Reserve Bank within 14 days of the order or direction.