(1) The Exchange may initiate disciplinary proceeding upon confirmation that an offer under Rule 1411(1) has been rejected. Where an issuer does not respond to a written offer under Rule 1411(1) within the specified period, the issuer shall be deemed to have rejected the offer and the Exchange may initiate disciplinary proceedings thereafter.
(2) Upon compliance with all requirements specified in an offer under Rule 1411, the Exchange shall not initiate any further enforcement or disciplinary proceeding against the issuer in respect of the contraventions stated in the offer. The Exchange shall also not take any further action in respect of contraventions which were taken into consideration. Acceptance of the offer of composition by the issuer amounts to an admission of liability and the issuer will be deemed to have committed the conduct described in the charge and deemed to have waived the right to have the matter dealt with before the Disciplinary Committee.

Added on 7 October 20157 October 2015.