In addition to imposing the sanctions in rule 3.11 when a party has failed to discharge obligations or responsibilities expressly imposed on that party by a specific GEM Listing Rule, the GEM Listing Committee may impose the sanctions in rule 3.11 on any of the parties named in rule 3.10 above, if it finds the party has:-
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| (1) |
failed to comply with a requirement imposed by the Listing Division or the GEM Listing Committee;
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| (2) |
contravened an undertaking given to or breached an agreement with the Exchange in relation to a listing matter; or
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| (3) |
caused by action or omission or knowingly participated in a contravention of the GEM Listing Rules or a requirement referred to in (1) above.
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| Note: |
In respect of parties covered by section 23(8) of the SFO, a sanction may be imposed under rule 3.11B(3) in and only in the circumstances prescribed for disciplinary action in the arrangements agreed from time to time between the Exchange and the relevant professional regulatory body; and, in considering whether a party covered by section 23(8) of the SFO has breached rule 3.11B(3), the Exchange will take into account, among other things, whether such party has knowingly or recklessly facilitated or participated in a breach of the GEM Listing Rules or any undertaking given to or any agreement with the Exchange. |
