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(1) A complaint, dispute or any violation arising under this Law shall, before any redress is sought in the courts, be submitted to the Commission for hearing and determination in accordance with this Part.

(2) A matter to which subsection (1) applies shall be submitted in writing to the Director-General of the Commission and where it is not in writing the Director-General shall cause the matter to be reduced into writing.

(3) The Director-General shall cause the matter to be investigated and shall unless he

(a) considers the matter to be frivolous or vexatious; or

(b) can settle the disputed matter or complaint to the satisfaction of parties concerned, refer the matter together with the findings of the investigations to the Hearings Committee within thirty days from the ate of receipt of the written complaint, dispute or violation and shall at the same time inform the complainant or persons concerned of the submission to the Hearings Committee.

(4) Subject to section 8F, the Hearings Committee shall upon receipt of a complaint or any matter under this Part examine and determine the complaint or matter.

(5) The Hearings Committee shall not determine any complaint or matter which is the subject matter of an action before a court unless the parties to the action so agree.[As inserted by Securities Industry (Amendment) Act, 2000 (Act 590) s.9]