AIM Disciplinary Procedures and Appeals Handbook

AIM Disciplinary Procedures and Appeals Handbook

Part One - Disciplinary actions, proceedings 
and related appeals
Appeals of a warning notice
Introduction
C1. These rules and procedures, together with the rules in the general provisions, apply to an 
appeal of a warning notice before an AEP and any related appeal to an AEAP of that AEP’s
final determination. Unless otherwise directed: (i) appeals before the AEP will be considered 
and determined at a hearing; and (ii) appeals before the AEAP will be considered and 
determined on the papers. 
Mode of referral to the AIM Executive Panel 
Permissible grounds of appeal 
C2. Appeals to the AEP of a warning notice may only be made on one or more of the following 
grounds:
C2.1 that the findings of fact or of breach of the AIM Rules set out in the warning notice 
were unsupported by the information or evidence upon which such findings were 
based; and/or 
C2.2 the findings of breach in the warning notice involved a misinterpretation or erroneous 
application of the AIM Rules by the Exchange. 
Commencement of appeals
C3. An Appellant seeking to appeal a warning notice shall serve notice to the Exchange in 
writing, copied to the Secretary, in the form prescribed in Appendix 1, together with copies of 
any relevant documents upon which the Appellant relies.
C4. The information and documents served pursuant to rule C3 shall together comprise the 
Appellant’s Notice.
C5. The Appellant’s Notice must be served within 15 business days of the warning notice 
being communicated to the Appellant by the Exchange. 
Status of warning notice 
C6. The warning notice under appeal shall remain in full force and effect pending determination of 
the appeal by the AEP and, where applicable, any subsequent appeal to the AEAP.
Convening the AIM Executive Panel 
C7. The Secretary shall take steps to convene an AEP and communicate to the parties the 
membership of the convened AEP and name of the person appointed as Chairman.
C8. The Secretary shall ensure that the Chairman is provided with a copy of the Appellant’s 
Notice. 
Preliminary issues 
C9. The Chairman shall decline to hear an appeal in the event that:
C9.1 the Appellant’s Notice does not disclose any permissible grounds of appeal; and/or
C9.2 the Appellant’s Notice has not been validly served: (i) within the specified 15
business day timeframe for service pursuant to rule C5 or any extended timeframe 
ordered pursuant to rule B3; and/or (ii) in accordance with the general provisions of 
service; and/or

C9.3 the appeal has no real prospect of success. 
C10. The Chairman may decline to hear an appeal in the event that the Appellant’s Notice and 
supporting submissions do not adequately particularise the reasons and material facts upon 
which the Appellant relies as the basis for any pleaded ground of appeal. 
C11. The Chairman shall determine any preliminary issues on the papers. 
C12. The Chairman’s determination pursuant to rule C11 shall be final with no right of appeal. 
Procedural rules of the AIM Executive Panel 
Exchange’s Response 
C13. Provided the Chairman has not declined to hear the appeal, the Chairman shall direct the date 
by which the Exchange may submit any written response to the Appellant’s Notice. The date 
for submission shall not be sooner than 15 business days from the date of the Chairman’s
direction. 
C14. Any written response by the Exchange shall be provided to the Appellant, copied to the 
Secretary, and shall:
C14.1 particularise the reasons upon which the grounds of appeal in the Appellant’s Notice
are opposed and set out the material facts upon which the Exchange relies; and
C14.2 append a copy of any additional relevant documents upon which the Exchange relies.
C15. The information and documents provided pursuant to rule C14 shall comprise the Exchange’s 
Response.
Case management and procedural directions
C16. Unless otherwise directed by the AEP or its Chairman, or by agreement between the parties, 
no party may adduce evidence in any appeal to the AEP which was not previously appended 
to that party’s Appellant’s Notice or to the Exchange’s Response (as applicable). 
C17. There shall be no witness evidence for the purpose of proceedings before the AEP unless the 
AEP or its Chairman is satisfied that there are exceptional circumstances to permit such 
witness evidence.
C18. For appeals to be determined at a hearing the Chairman shall:
C18.1 direct the Secretary to request the parties to provide a list of the dates to avoid for the 
purposes of scheduling any hearing of the appeal. In the event that a party does not 
provide dates to the Secretary within the timescale requested, a hearing date may be 
finalised without further reference to that party’s availability; and
C18.2 direct the date, time, format and venue for any hearing of the appeal by the AEP.
 
C19. In the event that the Chairman directs that the appeal is to be determined on the papers, the 
Chairman shall give directions for the provision of the appeal bundle and the parties’ written 
submissions. 
C20. The date of the AEP’s consideration of the appeal, whether at a hearing or on the papers shall, 
in either case, not be sooner than 15 business days after the date directed for provision of the
Exchange’s Response. 
C21. The AEP or its Chairman may make such other case management or procedural directions 
considered appropriate. 
Appeal bundle
C22. The Exchange shall prepare and provide the Secretary with copies of the appeal bundle that, 
unless otherwise directed by the AEP or its Chairman, shall contain:

AIM Disciplinary Procedures and Appeals Handbook