The most direct power of stock exchanges to enforce compliance obviously pertains to those standards which are also incorporated in the listing requirements. For instance, in the Australian model only those recommendations of the Code which are also part of the listing rules are subject to regular surveillance and enforcement by the ASX16 , whereas others recommendations are to be observed on the CoE basis. The NYSE can also enforce compliance with its Corporate Governance Listing Standards through a letter of reprimand or de-listing as the Standards are mandatory for listed equities 17 , having been approved by SEC. Likewise, the.
