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(1) The Commission may review a disciplinary action taken by a securities exchange under subsection (2) of section 45 and may affirm or set aside a decision of an exchange after giving the member and the exchange an opportunity to be heard.

(2) Subsection (1) does not preclude the Commission, in a case where a securities exchange fails to act against a member of the exchange, from suspending, expelling or otherwise disciplining a member of the exchange but before doing so the Commission shall give the member and the exchange an opportunity to be heard.

(3) A person who is aggrieved by the decision of the Commission under this section may, within one month after notification of the decision, appeal to the High Court.