If a decision is made to institute proceedings in the Disciplinary Committee the first step will be for the head of Legal, or a person authorized by him, to prepare and present the matters to be handled by the Committee as well as institute the proceedings. The party to preceedings will receive a copy of all relevant documents which have been sent to the Committee. Such documents include an outline of the course of events, as relevant for the matter and according to the understanding of the Exchange, with referrals to the relevant rules and a statement explaining why the preliminary assessment of the Exchange is that the party has violated the rules.
The party to preceedings shall be provided with the possibility to express its views regarding all material issues which come up in connection with the handling of the matter which the Party is related to. Such views shall be sent within a specific deadline. If such a deadline is perceived as unreasonable for some reason the party could contact Nasdaq Iceland to discuss alternatives.
Taking into account the written evidence available, the Disciplinary Committee can decide conclude a matter without taking action or to decide upon such sanctions that are set forth in the rules applicable for issuers, members and certified advisers. Such sanctions include non-public reprimands, public reprimands, monetary fines, removals from trading, termination of membership or trader authorization and termination of certified adviser status.
When the Disciplinary Committee has reached a decision, it will be sent to Nasdaq Iceland in written form. Nasdaq Iceland will without undue delay forward it to the party to preceedings and will also inform the party of the timing of an announcement, if relevant. This normally means that the issuer or member will be informed of the decision one day before its publication. Announcements of decisions taken by the Disciplinary Committee are handled by the Exchange and takes place by dissemination of a market notice.