'1. Introduction 1.1 The Listing Committee's powers and functions in respect of disciplinary procedures are contained within Chapter 2A of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited ("Listing Rules"). 1.2 The Listing Committee may impose in its absolute discretion those sanctions which are set out in Rule 2A.09. 1.3 The parties against whom the Listing Committee may impose the sanctions are set out in Rule 2A.10. 1.4 The composition of the Listing Committee is set out in Rules 2A.17 and 2A.18. 2. An Overview 2.1 The Listing Rules have been made pursuant to section 34 of the Stock Exchange Unification Ordinance, which empowers the Exchange to prescribe requirements for the listing of securities and in respect of such other matters as are necessary or desirable for the proper and efficient operation and management of the Exchange. Rule 1.06 of the Listing Rules provides that the Listing Rules shall be interpreted, administered and enforced by the Exchange, whose decision shall be conclusive. 2.2 Rule 2B.02 provides that the Listing Committee may at any time conduct a hearing in relation to any matter relating to or arising out of the Listing Rules and may require the attendance of such persons and the production of such documents as it thinks appropriate. 2.3 Rule 2A.15 provides that "the Listing Committee may from time to time prescribe such procedures and regulations for any review meetings or hearings as it may think fit". Pursuant to this provision the Listing Committee has prescribed a set of procedures for the conduct of disciplinary proceedings (the "procedures"), which may be amended by the Listing Committee from time to time. 2.4 The procedures set out in paragraphs 4 to 6 apply to the conduct of a hearing of the Listing Committee in the first instance ("first instance hearing") where the Listing Division is taking disciplinary action following a suspected contravention of the Listing Rules. The procedures set out in paragraphs 8 to 10 apply to the conduct of a hearing of the Listing Committee on review of a decision of the Listing Committee at first instance hearing ("review hearing") (the "first instance hearing" and the "review hearing" collectively as the "hearing"). 2.5 The hearing is primarily by way of written submissions exchanged in accordance with the procedural time-table. Whilst the procedures allow for limited oral submissions to be made at the hearing, all submissions should, so far as possible, be contained in the written submissions which are delivered to the Listing Committee in advance of the hearing through the Secretary to the Listing Committee (the "Secretary"). This gives the other parties to the hearing fair notice of the case and ensures that the hearing is kept as brief as possible. Given the nature of the tribunal, the Listing Committee discourages lengthy oral submissions and in so far as they are deemed necessary at all, oral 3 submissions should be limited to matters not contained in the written submissions. ......