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For the year ended 31 December 2021

(1) Enforcement Cases and Investigations  
Twelve months ended
31/12/2021
Twelve months ended
31/12/2020
Twelve months ended
31/12/2019
MB GEM Total MB GEM Total MB GEM  Total
Cases

131

(109)

33

(26)

164

(135)

107

(70)

21

(14)

128

(84)

88

(64)

24

(21)

112

(85)

Investigations commenced

43

(26)

13

(7)

56

(33)

56

(26)

12

(6)

68

(32)

-- -- --
Investigations completed

41

(26)

7

(7)

48

(33)

25

(19)

9

(5)

34

(24)

-- -- --
 
The average time for completion of an investigation for the year ended 31 December 2021 was 10.5 months.

In carrying out the Exchange’s regulatory functions, during the year ended 31 December 2021, the Listing Division has made 97 referrals to other law enforcement agencies and regulators.
 
Notes: 
(1) The figures in brackets represent the figures for the six-month period ended 30 June of the relevant year.  
(2)  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.            
(3) An investigation is completed when the regulatory action to be taken is decided. 
(4) The statistics for investigations “commenced” and “completed” during the year are newly published from 2020, no prior figures are disclosed.
   
   
(2) Enforcement Actions and Sanctions  
   
Twelve months ended
31/12/2021
Twelve months ended
31/12/2020
Twelve months ended
31/12/2019
Disciplinary actions commenced

28

(9)

20

(8)

21

(9)

Disciplinary actions concluded

36

(22)

13

(9)

13

(3)

Sanctions/Directions  
Issuers Individuals Issuers Individuals Issuers Individuals
Prejudice statements --

57

(36)

--

8

(7)

--

5

(0)

Public censures

20

(12)

84

(56)

6

(3)

20

(15)

7

(3)

42

(15)

Public statements involving criticism

5

(2)

42

(30)

2

(1)

27

(21)

1

(1)

5

(0)

Private reprimands

0

(0)

12

(6)

0

(0)

4

(3)

0

(0)

15

(0)

Internal control review

6

(4)

--

2

(0)

--

2

(0)

--
Appointment of compliance adviser

2

(1)

--

1

(0)

--

3

(1)

--
Director training --

120

(75)

--

13

(2)

--

52

(15)

Regulatory letters issued by Enforcement

10

(6)

48

(19)

10

(5)

12

(8)

10

(5)

22

(10)

Notes:
(1)  The figures in brackets represent the figures for the six-month period ended 30 June of the relevant year.
(2) 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. 
(3)  “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. 
(4) The figures for “Public censures” exclude those individuals subject to a Prejudice statement.