5.3 Decisions by the Sanction Commission

¹ Under the terms of Art. 9 SESTA, Parties Concerned may challenge decisions by the Sanction Commission regarding the exclusion of participants and traders, as well as the delisting or suspension of securities by submitting an appeal to the Appeals Court within 20 trading days of receiving the decision in question. The appeal must be substantiated.

² Where all other Sanction Commission decisions are concerned, the Party Concerned may file a complaint with the Court of Arbitration within 20 trading days of receiving the decision in question. The complaint must be substantiated.