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 139:Observance of <strong>Rules</strong> <strong>and</strong> <strong>Regulations</strong><strong>Dealing</strong> Member shall:(a)(b)(c)(d)Operate strictly within the provisions of the Investments <strong>and</strong> Securities Act 1999 <strong>and</strong> the <strong>Rules</strong> <strong>and</strong><strong>Regulations</strong> made there under, the <strong>Rules</strong> <strong>and</strong> <strong>Regulations</strong> of <strong>The</strong> <strong>Nigerian</strong> Stock Exchange, theCentral Securities Clearing System practices, conventions, usages <strong>and</strong> other related statutoryregulations as may be applicable from time to time;Render regularly <strong>and</strong> promptly, quarterly Statements of Accounts <strong>and</strong> CSCS Statements to clients togive the true position of each Account;Not enter into any business relationship with a client premised on a guaranteed return to the client.Prohibition against GuaranteesNo <strong>Dealing</strong> Member shall guarantee, directly or indirectly, a customer against loss in any account orin any securities transaction executed by the <strong>Dealing</strong> Member for such customer, or previouslyagreed with the customer on a profit margin.(f)(g)Indemnify <strong>The</strong> Exchange against legal proceedings arising from <strong>Dealing</strong> <strong>Members</strong> professionalmisconduct;Not use the name of <strong>The</strong> Exchange or the privilege of membership of <strong>The</strong> Exchange in activities thathave no bearing with the activities of <strong>The</strong> Exchange.Article 140: Council's Decisions <strong>and</strong> DirectivesAll <strong>Dealing</strong> <strong>Members</strong> shall abide by all decisions, rulings <strong>and</strong> directives of Council <strong>and</strong> any other person orbody of persons authorized by Council in the lawful execution of its powers pursuant to the provisions ofthese <strong>Rules</strong> <strong>and</strong> <strong>Regulations</strong>.Article 141: General ConductA <strong>Dealing</strong> Member shall not do or cause to be done any act, matter or thing, which would adversely affectthe goodwill or public image of <strong>The</strong> Exchange or its <strong>Members</strong>.Article 142:A <strong>Dealing</strong> Member shall at all times act <strong>and</strong> procure or ensure that its Authorized Clerks <strong>and</strong> employees actin the best interest of its clients.