Rules and Regulations Governing Dealing Members - The Nigerian ...

RULES AND REGULATIONS GOVERNING DEALING MEMBERSArticle 122: ConsequencesAny Member or Dealing Member, who fails, in relation to a transaction in an Eligible Security, to comply withthese Rules 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 Dealing 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 Dealing 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 Members inter se, Members and clients, andMembers and Management.Article 126: Zero-Tolerance PolicyThe Exchange shall operate a zero-tolerance policy on proven professional misconduct.Article 127: Adjustments on Dealing Member's RecordsAny adjustments to a Dealing Member's trading records kept by The Exchange can only be made after adispute has been reported and a decision made by The Exchange. Any such decision shall be final andconclusive and binding on the parties involved.Article 128: Admissibility of Computer RecordsThe computer records of transactions maintained by The Exchange are admissible evidence of transactionsof Dealing Members.Article 129: Professional MisconductWhere a prima facie case of professional misconduct has been established against a Dealing Member, such amember shall be immediately suspended.Article 130: Investigation PanelThe Exchange shall constitute an Investigation Panel and appoint officers or employees to investigatecomplaints made against Dealing Members in respect of a breach of any provisions of these Rules andRegulations and any other relevant legislation.