INDEX
Page No
1.00.00 Powers of the Council 1-1
1.01.00 Definitions utilised in these Bye-laws 1-1
Definitions 1-1
2.00.00 Management of the Exchange 2-1
The
Council 2-1
Executive
Committee 2-1
Committees 2-2
General 2-2
Chief
Executive Officer 2-2
General
Manager 2-2
Salaries
and Other Administrative Expenses 2-3
2.01.00 Bye-laws,
Council Notices & Other Publications 2-3
Bye-laws 2-3
Council
Notices 2-3
Publications 2-3
Annual
Report 2-4
2.02.00 Urgent
Action 2-4
Urgent
Action 2-4
2.03.00 Fees and
other Charges 2-4
Fees
and other charges 2-4
2.04.00 Regulatory
requirements 2-5
Internal
Compliance 2-5
2.05.00 Auditors
of the Exchange 2-5
Appointment
of Auditors 2-5
Audit
of Accounts 2-5
2.06.00 Complaints
and breaches 2-6
Complaints
arising icw the performance of
functions of the Exchange 2-6
Breaches
of the Act and any other regulations
issued thereunder 2-6
2.07.00 Confidentiality 2-6
Chapter
3 Membership
of the Exchange
3.00.00 Membership 3-1
Membership 3-1
Application
for Membership 3-1
Notification
of pending applications 3-2
Approval
of applications for
Membership
and Traders 3-2
3.01.00 Representation of the Member 3-2
.
3.02.00 Compliance
Officer 3-2
3.03.00 Application
Procedure 3-3
Application
- Membership 3-3
Traders 3-3
3.04.00 Rejected
Applications 3-4
Disclosure 3-4
3.05.00 Resignation 3-4
Notification 3-4
Re-admission 3-5
3.06.00 Suspension
and revocation of Membership 3-5
Suspension and revocation of
authority granted
to a trader 3-6
Notification 3-6
Discipline 3-7
3.07.00 Powers of
Investigation 3-7
Power
to request information 3-7
Right
of entry 3-7
3.08.00 Members’
staff 3-7
Compliance 3-7
Register
of Members and Traders 3-8
3.09.00 Conduct of
Business 3-8
Code
of Conduct for Members 3-8
3.10.00 Restrictions
on Members’ Dealings 3-8
3.11.00 Keeping of records 3-9
Members’
clients’ accounts 3-10
Members
not to make false / misleading reports 3-10
3.12.00 Transitory provisions 3-10
3.13.00 Waiver of
Bye-laws 3-10
Application
for Membership
Application
for Traders
Letters
/ Licences re. Members/Traders
A
Code of Conduct for Members
Chapter
4 Trading,
Settlement and Central Securities Depository
4.00.00 General Conditions 4-1
Trading
Sessions 4-1
Trading
restricted to trading sessions 4-1
Access
to trading system 4-1
Installation 4-1
Power
to deny / terminate access 4-2
Trading
regulations 4-2
Instructions
from clients 4-3
Order
Log Book 4-3
Functions
of the Member 4-4
Client
Account Amendment 4-5
Disputes
and irregular deals 4-6
Trading
delays, suspensions and interruption s 4-6
Systems
failure 4-6
Special
Trades 4-7
Records
and reports 4-8
4.01.00 Clearing and settlement procedures 4-8
Clearing
and settlement system 4-8
Accrued
interest 4-8
Client
Contract Note 4-8
Publication
of prices 4-8
4.02.00 Post settlement and registration procedures 4-9
Off-Market
transactions 4-9
Deposit
or withdrawal of securities 4-9
Central
Securities Depository 4-10
Exemption
from issuing share/stock certificates 4-10
Registration
Advices 4-10
New/rights
issues 4-11
Bonus
issue 4-11
Other
obligations 4-11
Trading
Procedures
Central
Securities Depository –
Responsibilities & Services Provided
Client Account Amendment Request
Chapter
5 Admission
Requirements and Disclosure Standards
5.00.00 Admission of Securities to
Listing and Trading 5-1
Authority
to approve admission 5-1
General 5-1
Rejection
of Applications 5-2
Sponsors
and their responsibilities 5-2
Basic
conditions to be fulfilled by an applicant 5-3
5.01.00 Suspension and Discontinuation
of Admission 5-3
5.02.00 Application Procedure 5-4
Application
Procedure 5-4
Documents
to be filed with an application for admission 5-5
Application
procedures for Issuers already having securities
admitted to any of the Exchange’s recognized lists 5-5
5.03.00 Disclosure Requirements 5-6
General 5-6
Company
Announcements to be made to the Exchange
for release to Members of the Exchange 5-6
5.04.00 Fees 5-7
Formal
Application for Admission of Securities to the
Official
List and Any Other Recognized List
Chapter
6 Clearing
and Settlement
6.01.00 MaltaClear
Ownership of Financial Instruments 6-2
Delivery versus Payment 6-2
Insufficient Coverage of
Settlement Funds 6-3
Settlement Cycle 6-3
Registration 6-4
Point of entry into Maltaclear 6-4
Blocking of Sold Balances –
MATS Transactions 6-4
Buyer’s Right of Forward
Transmission –
MATS Transactions 6-4
Participation in MaltaClear 6-5
Responsibilities
of Participants 6-6
Suspension and termination of MaltaClear Participant 6-6
Voluntary termination of
participation 6-6
Penalties 6-7
6.02.00 Approved
Payment Systems – LmClear
Funds
settlement of MaltaClear transactions denominated in
Maltese
Lira through MaRIS (LmClear) 6-8
6.03.00 Approved Payment Systems – NonLmClear
Funds
settlement of MaltaClear Transactions in Non-Maltese
Lira
currencies through CBM Accounts (NonLmClear) 6-10
Opening,
Maintenance and Operations of
Settlement
Accounts 6-10
Payment
of net amounts due by participants 6-11
Payment
of net amounts owed to participants 6-11
Settlement
Finality 6-11
6.04.0
Approved Payment Systems – TBClear
Funds settlement of MaltaClear Treasury Bill transactions 6-12
Penalties 6-13
Participant’s
Direct Debit Authorisation Form
Direct
Debit Agreement
Chapter
7 Off-Exchange
Trade Validation and Reporting System
7.00.00 General 7-1
General 7-1
Access to Off-Exchange Trade
Validation & Reporting
System 7-2
Participation in Off-Exchange Trade
Validation
And Reporting System 7-2
Direct Participation 7-3
Indirect Participation 7-3
Voluntary Termination of Access 7-3
Fees 7-4
Installation 7-4
Power to deny/terminate access 7-5
Systems Failure 7-5
Responsibility of the Exchange 7-6
7.11.00 Procedures 7-7
Validity of Off-Exchange Transactions 7-7
Clearing and Settlement 7-8
Operating Hours 7-8
Procedures 7-9
Reporting 7-9
Registration Advices 7-10
Application
for Direct Participation in the
Off-Exchange
Trade Validation and Reporting System
Registration
Form in respect of Indirect Participation
In
the Off-Exchange Trade Validation and Reporting System