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For the six months ended 30 June 2022

(1) Enforcement Cases and Investigations  
Six months ended
30/6/2022
Six months ended
30/6/2021
Six months ended
30/6/2020
MB GEM Total MB GEM Total MB GEM  Total
Cases 103 14 117 109 26 135 70 14 84
Investigations commenced 14 1 15 26 7 33 26 6 32
Investigations completed 27 9 36 26 7 33 19 5 24
 
The average time for completion of an investigation for the six months ended 30 June 2022 was 11.8 months.

In carrying out the Exchange’s regulatory functions, during the six months ended 30 June 2022, the Listing Division has made 24 referrals to other law enforcement agencies and regulators.
 
Notes: 
(1) The Cases figures represent cases handled by Enforcement during the reporting period, including those carried over to the relevant period and those not concluded at the end of the relevant period.
(2)  An investigation is completed when the regulatory action to be taken is decided.
   
(2) Enforcement Actions and Sanctions  
   
Six months ended
30/6/2022
Six months ended
30/6/2021
Six months ended
30/6/2020
Disciplinary actions commenced 16 9 8
Disciplinary actions concluded 17 22 13
Sanctions/Directions  
Issuers Individuals Issuers Individuals Issuers Individuals
Prejudice statements -- 16 -- 36 -- 7
Public censures 9 34 12 56 3 15
Public statements involving criticism 4 45 2 30 1 21
Private reprimands 0 22 0 6 0 3
Internal control review 3 -- 4 -- 0 --
Appointment of compliance adviser 1 -- 1 -- 0 --
Director training -- 94 -- 75 -- 2
Regulatory letters issued by Enforcement 11 48 6 19 5 8
Notes:
(1) A disciplinary action is concluded after the hearing/final review and: (i) where a public sanction is imposed, its outcome is published; or (ii) where no public sanction is imposed, the decision letter is issued.
(2)  “Prejudice statements” include sanctions in which, in addition to a public censure, the Exchange makes a statement of opinion under Chapter 2A (GEM: Chapter 3) that the retention of office by that director is/would have been prejudicial to the interests of investors.
(3) The figures for “Public censures” exclude those individuals subject to a Prejudice statement.