1
The trading venue shall appoint an independent appeal body to which application may be made:
a.
when a participant is refused admission;
b.
when a security is refused admission;
c.
when a participant is excluded;
d.
when a security is delisted.
2
It shall govern the organisation of the appeal body and its procedures.
3
The organisation, the procedural rules and the appointment of the members of the appeal body require the approval of FINMA.
4
An action may be brought before the civil court after the appeal procedure has been conducted.