| (1) | A person aggrieved by a decision of— |
| (a) | the registrar under a power conferred or a duty imposed upon the registrar by or under this Act; |
| (b) | the enforcement committee to impose an administrative penalty or to require the payment of a compensatory amount; |
| (d) | an exchange to withdraw the authorisation of an authorised user or to direct an authorised user to terminate the access to the exchange by an officer or employee of such authorised user; |
| (e) | an exchange to defer, refuse or grant an application for the inclusion of securities in the list or to remove securities from the list or to suspend the trading in listed securities; |
| (g) | a central securities depository to terminate the participation of a participant or to direct a participant to terminate the access to the central securities depository by an officer or employee of a participant; |
| (h) | an exchange or central securities depository to impose a penalty on an authorised user, issuer or participant, as the case may be, or on an officer or employee of an authorised user, issuer or participant; |
| (i) | the claims officer referred to in Chapter VIII. |
may appeal to the board of appeal on the conditions determined by or under section of the Financial Services Board Act and subject to this section.
| (2) | The board of appeal must conduct its hearings in public. |
| (3) | In an appeal against a decision of the enforcement committee the registrar must act as the respondent. |
| (4) | The registrar may appeal to the board of appeal against a decision of a self-regulatory organisation if the self-regulatory organisation fails to respond to a written request by the registrar to review the decision within a reasonable period. |
| (5) | In deciding an appeal the board of appeal must take into account— |
| (a) | the reasons for the decision appealed against; |
| (b) | the grounds of appeal; |
| (c) | the documentary or verbal evidence submitted or given by any person at the request or with the permission of the board of appeal; and |
| (d) | any other information at the disposal of the board of appeal. |
| (6) | The board of appeal must within a reasonable time— |
| (a) | confirm, amend or set aside the decision appealed against; and |
| (b) | make such award as to costs as it may consider appropriate. |
(7)
| (a) | The decision of the board of appeal is binding on the parties to the appeal. |
| (b) | Neither this Act nor the rules of a self-regulatory organisation may be construed so as to limit the right of any interested person to have a decision of a self-regulatory organisation or the board of appeal reviewed by a court of competent jurisdiction, subject to the obligation on such person to have first exhausted his or her remedies in terms of this Act. |
