Rules and Regulations Governing Dealing Members - The Nigerian ...
Rules and Regulations Governing Dealing Members - The Nigerian ...
Rules and Regulations Governing Dealing Members - The Nigerian ...
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RULES AND REGULATIONS GOVERNING DEALING MEMBERSArticle 122: ConsequencesAny Member or <strong>Dealing</strong> Member, who fails, in relation to a transaction in an Eligible Security, to comply withthese <strong>Rules</strong> where applicable, shall be liable to disciplinary action by Council.Article 123: Transfer FormsWhere an investor is buying securities of a company for the first time, the <strong>Dealing</strong> Member shall lodge atransfer form with the Registrar of that company within 5 working days of the transaction.Article 124: Contribution to the Trade Guarantee FundEvery <strong>Dealing</strong> Member shall contribute to the Trade Guarantee Fund an amount as prescribed by Councilfrom time to time in accordance with the guidelines for the operations of the Fund to facilitate settlement oftransactions.Article 125: Power of Adjudication by CouncilCouncil shall have power to adjudicate on disputes between <strong>Members</strong> inter se, <strong>Members</strong> <strong>and</strong> clients, <strong>and</strong><strong>Members</strong> <strong>and</strong> Management.Article 126: Zero-Tolerance Policy<strong>The</strong> Exchange shall operate a zero-tolerance policy on proven professional misconduct.Article 127: Adjustments on <strong>Dealing</strong> Member's RecordsAny adjustments to a <strong>Dealing</strong> Member's trading records kept by <strong>The</strong> Exchange can only be made after adispute has been reported <strong>and</strong> a decision made by <strong>The</strong> Exchange. Any such decision shall be final <strong>and</strong>conclusive <strong>and</strong> binding on the parties involved.Article 128: Admissibility of Computer Records<strong>The</strong> computer records of transactions maintained by <strong>The</strong> Exchange are admissible evidence of transactionsof <strong>Dealing</strong> <strong>Members</strong>.Article 129: Professional MisconductWhere a prima facie case of professional misconduct has been established against a <strong>Dealing</strong> Member, such amember shall be immediately suspended.Article 130: Investigation Panel<strong>The</strong> Exchange shall constitute an Investigation Panel <strong>and</strong> appoint officers or employees to investigatecomplaints made against <strong>Dealing</strong> <strong>Members</strong> in respect of a breach of any provisions of these <strong>Rules</strong> <strong>and</strong><strong>Regulations</strong> <strong>and</strong> any other relevant legislation.