Interim Stock Trading Facility Rules

1. These

Rules may be cited as the Interim Stock Trading Title Facility Rules, 1996.

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What this section does

Statutory power

This section confers or regulates the statutory power described as “These”.

“Rules may be cited as the Interim Stock Trading Title Facility Rules, 1996.”

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Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

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Elements or requirements

Operative requirements extracted from the consolidated text.

1

Rules may be cited as the Interim Stock Trading Title Facility Rules, 1996.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

2. (1)

In these Rules, unless the context otherwise Inter pretation. requires- "applicant company" means a company applying for a quotation as described in rule 65; "approved securities" means securities approved under the rules of the facility to be traded in on the facility; "authorised dealing officer" has the meaning assigned to it in rule 29; "Authority" means the Capital Markets Authority established under the Statute; "buy-in" means buying in by the buyer as described in rule 56 where the seller has not declared the security within five days; "call-over system" means call-over system as set out in rule 32; "dealing day" means dealing day within the meaning of rule 30;

"dealing member" means a person who is a holder of a broker or dealer's licence granted under the Statute and who has been admitted to membership of a facility under these Rules; "Executive Secretary" means the Executive Secretary of a facility referred to in rule 22; "facility" means an interim stock trading facility; "first and second list" mean first list and second list within the meaning of rule 65; "floor" has the meaning assigned to it in rule 30;

"Managing Committee" means the managing committee of a facility referred to in rule 12; "mark-up price" means the price of the security which includes the fee of the broker or dealer; "member" means a member of a facility; "official call over" means a call-over arising out of an emergency meeting under rule 56 or 57; "official list" has the meaning assigned to it in rule 39; "sell-out" means disposal of securities by a seller as described in rule 57;

Statute No. "Statute" means the Capital Markets Authority Statute, I of 1996. 1996. (2) Any term appearing in these Rules and defined in the Statute has the meaning assigned to it in the Statute.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Definition

This section supplies the definitions or statutory meaning governing “(1)”.

“In these Rules, unless the context otherwise Inter pretation. requires- "applicant company" means a company applying for a quotation as described in rule 65; "approved securities" means securities approved under the rules of the facility to be traded in on the facility; "authorised dealing officer" has the meaning assigned to it in rule 29; "Authority" means the Capital Markets Authority established under the Statute; "buy-in" means buying in by the buyer as described in rule 56 where the seller has not declared…”

Primary legislation Source quotation matched

Practical effect

Use this definition when interpreting other provisions that employ the language addressed by “(1)”.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

2

"dealing member" means a person who is a holder of a broker or dealer's licence granted under the Statute and who has been admitted to membership of a facility under these Rules; "Executive Secretary" means the Executive Secretary of a facility referred to in rule 22; "facility" means an interim stock trading facility; "first and second list" mean first list and second list within the meaning of rule 65; "floor" has the meaning assigned to it in rule 30;
"Managing Committee" means the managing committee of a facility referred to in rule 12; "mark-up price" means the price of the security which includes the fee of the broker or dealer; "member" means a member of a facility; "official call over" means a call-over arising out of an emergency meeting under rule 56 or 57; "official list" has the meaning assigned to it in rule 39; "sell-out" means disposal of securities by a seller as described in rule 57;

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

4. An applicant for membership of a

facility shall submit Application for an application addressed to the Executive Secretary of the membership facility, who shall, on receipt, forward copies of the application to the members of the Managing Committee of the facility.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “An applicant for membership of a”.

“facility shall submit Application for an application addressed to the Executive Secretary of the membership facility, who shall, on receipt, forward copies of the application to the members of the Managing Committee of the facility.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

facility shall submit Application for an application addressed to the Executive Secretary of the membership facility, who shall, on receipt, forward copies of the application to the members of the Managing Committee of the facility.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

5. (1) A member intending to object

to the admission of a Objection to candidate or the re-admission of a former member, shall submit admission.

in writing the grounds of the objection to the Managing Committee of the facility prior to the admission or re-admission.

(2)

The candidate or applicant concerned shall be given an opportunity to respond to the objection and to make any representations in relation to it within thirty days from the date of notification of the objection.

(3)

The decision on the application shall be made within ninety days after the receipt of the application.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “(1) A member intending to object”.

“to the admission of a Objection to candidate or the re-admission of a former member, shall submit admission.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

2

(2) The candidate or applicant concerned shall be given an opportunity to respond to the objection and to make any representations in relation to it within thirty days from the date of notification of the objection.
(3) The decision on the application shall be made within ninety days after the receipt of the application.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

6. If an applicant for admission or

re-admission to Rejection of application. membership of the facility is rejected, he or she shall not be considered for membership again until after an interval of twelve months.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “If an applicant for admission or”.

“re-admission to Rejection of application. membership of the facility is rejected, he or she shall not be considered for membership again until after an interval of twelve months.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

re-admission to Rejection of application. membership of the facility is rejected, he or she shall not be considered for membership again until after an interval of twelve months.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

7. (1)

Where a member is suspended or expelled under Effect of expulsion these Rules the member shall forfeit the right to enter the dealing and room of the facility and to trade in any manner whatsoever in suspension.

securities quoted by the facility as a dealing member.

(2)

The Managing Committee shall, immediately, by written notice, notify the Authority of the fact of and the reasons for the expulsion or suspension.

(3)

The Managing Committee may, in such manner as it may think fit, notify or cause to be notified to the public that a member has been expelled or has been suspended or has ceased to be a member of the facility; and the name of that member shall be struck off the register of the facility.

Re 8. A former member expelled under these Rules or any admission (0 other rules of the facility, shall not be considered for re membership. admission to membership until after the expiry of twelve months after the expulsion.

Power of 9. (1) The power of re-admission of former members and admission and re admission of applicants to membership of the facility shall be admission. exercised by the Managing Committee on behalf of the facility.

(2)

The Managing Committee shall report to the Authority within seven days after the rejection of any application for membership or re-admission to membership.

Liability for 10. A person admitted or re-admitted to membership of the subscription and fees on facility shall become liable for the amount of entrance fees, admission or annual subscription and other payments of the facility as fixed re admission. by the Managing Committee.

Resignation 11. (1) A member wishing to resign from the membership of membership. of the facility shall forward to the Executive Secretary a letter tendering the resignation.

(2)

Notice of the intended resignation shall be reported to the Managing Committee at its next ordinary meeting.

(3)

Acceptance of the resignation shall not be considered by the Managing Committee until four weeks have elapsed since the notice of intended resignation was reported to it. (4) During the period referred to in subrule (3), the notice of intended resignation shall be posted in the facility's premises.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1)”.

“Where a member is suspended or expelled under Effect of expulsion these Rules the member shall forfeit the right to enter the dealing and room of the facility and to trade in any manner whatsoever in suspension.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

5

(2) The Managing Committee shall, immediately, by written notice, notify the Authority of the fact of and the reasons for the expulsion or suspension.
(3) The Managing Committee may, in such manner as it may think fit, notify or cause to be notified to the public that a member has been expelled or has been suspended or has ceased to be a member of the facility; and the name of that member shall be struck off the register of the facility.
(2) The Managing Committee shall report to the Authority within seven days after the rejection of any application for membership or re-admission to membership.
(2) Notice of the intended resignation shall be reported to the Managing Committee at its next ordinary meeting.
(3) Acceptance of the resignation shall not be considered by the Managing Committee until four weeks have elapsed since the notice of intended resignation was reported to it. (4) During the period referred to in subrule (3), the notice of intended resignation shall be posted in the facility's premises.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

13. The functions of a Managing Committee are- Functions of

Managing fa,) to maintain good order among the members of the Committee

facility in accordance with the rules of the facility;

(b)

to regulate the transaction of business through the facility; (c) to prevent the commission of frauds and malpractices; (d) to publish the official lists of prices and to determine what securities are to be quoted by the facility; (e) to determine any dispute between members as to whether or not a contract has been fulfilled in accordance with the rules of the facility; (f) to comply with the requirements of the Statute and any directive given by the Authority under the Statute.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “The functions of a Managing Committee are- Functions of”.

“Managing fa,) to maintain good order among the members of the Committee”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

(b) to regulate the transaction of business through the facility; (c) to prevent the commission of frauds and malpractices; (d) to publish the official lists of prices and to determine what securities are to be quoted by the facility; (e) to determine any dispute between members as to whether or not a contract has been fulfilled in accordance with the rules of the facility; (f) to comply with the requirements of the Statute and any directive given by the Authority under the Statute.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

14. For the purpose of carrying out

its functions under rule Powers of Managing 13, the Managing Committee may- Committee.

(a)

intervene in cases where the principal of a dealing member attempts to enforce by law a claim against any member which is not in accordance with the rules and usages of the facility and shall deal with such cases as the circumstances may require; (b) censor, suspend, expel or impose any lesser penalty upon any member who-

(i)

violates any of the rules of the facility; or (ii) is guilty of dishonourable, disgraceful or discreditable conduct; or

(iii)

in its business, acts in a manner detrimental to the interest of the facility or unbecoming of the character of a member of the facility.

Membership 15. Membership of the Managing Committee shall be made of Managing up as follows- Committee. (a) one representative of the Authority; (h) four representatives of the dealing members; (c) two qualified Ugandans of high integrity with relevant knowledge, experience and expertise in the securities industry.

Quorum. 16. The quorum for the transaction of the business of the Managing Committee shall be five, of which three shall be the representatives of dealing members.

Term of 17. The term of office of a person as a member of a office. Managing Committee shall be twelve months or until the next general meeting of the facility; but after the expiry of the term, every member shall be taken to have been re-appointed unless notice of the appointment of another person has been received by the Executive Secretary of the facility from the appointing member.

Termination 18. Any member of a Managing Committee appointed of office. under paragraph (b) or (c) of rule 15, shall ceruse to hold office if- (a) he or she delivers to the Managing Committee a written resignation of his or her appointment; (b) on the advice of the Managing Committee, the Authority removes him or her from office on the ground that he or she is incapacitated by mental or physical illness or is otherwise unable or unfit to discharge the functions of a member of the Committee or is unable to continue as a member of the Committee;

(c)

he or she has been absent from three consecutive meetings of the Managing Committee without leave or good cause;

(d)

he or she is adjudged bankrupt or enters into a composition scheme or arrangement with his or her creditors; (e) he or she is sentenced by a court to imprisonment for a term of six months or more without the option of a fine; or (f) he or she is convicted of an offence involving dishonesty, fraud or moral turpitude; or (g) in the case of a person possessed of a professional qualification, he or she is disqualified or suspended, otherwise than at his or her own request, from practising his or her profession in Uganda or in any other country by an order of any competent authority made in respect of him or her personally.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Offence or consequence

This section creates or governs statutory liability concerning “For the purpose of carrying out”.

“its functions under rule Powers of Managing 13, the Managing Committee may- Committee.”

Primary legislation Source quotation matched

Practical effect

A party alleging or defending liability should test the facts and prescribed consequence against each operative requirement.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

5

(a) intervene in cases where the principal of a dealing member attempts to enforce by law a claim against any member which is not in accordance with the rules and usages of the facility and shall deal with such cases as the circumstances may require; (b) censor, suspend, expel or impose any lesser penalty upon any member who-
(i) violates any of the rules of the facility; or (ii) is guilty of dishonourable, disgraceful or discreditable conduct; or
(iii) in its business, acts in a manner detrimental to the interest of the facility or unbecoming of the character of a member of the facility.
(c) he or she has been absent from three consecutive meetings of the Managing Committee without leave or good cause;
(d) he or she is adjudged bankrupt or enters into a composition scheme or arrangement with his or her creditors; (e) he or she is sentenced by a court to imprisonment for a term of six months or more without the option of a fine; or (f) he or she is convicted of an offence involving dishonesty, fraud or moral turpitude; or (g) in the case of a person possessed of a professional qualification, he or she is disqualified or suspended, otherwise than at his or her own request, from practising his or her profession in Uganda or in any other country by an order of any competent authority made in respect of him or her personally.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

19. The Chairperson of the Managing Committee of the chairperson

facility shall be appointed by the Authority from among the members of the Managing Committee and shall hold office for twelve months or until the next general meeting but shall be eligible for re-appointment.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “The Chairperson of the Managing Committee of the chairperson”.

“facility shall be appointed by the Authority from among the members of the Managing Committee and shall hold office for twelve months or until the next general meeting but shall be eligible for re-appointment.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

facility shall be appointed by the Authority from among the members of the Managing Committee and shall hold office for twelve months or until the next general meeting but shall be eligible for re-appointment.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

20. The Chairperson of a facility shall preside at all chairperson meetings of the Managing Committee of the facililty and in the matfngs absence of

the Chairperson, the members shall elect a Chairperson for the meeting

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “The Chairperson of a facility shall preside at all chairperson meetings of the Managing Committee of the facililty and in the matfngs absence of”.

“the Chairperson, the members shall elect a Chairperson for the meeting”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

the Chairperson, the members shall elect a Chairperson for the meeting

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

21. (1) The Managing Committee may meet

for the dispatch Meetings of business, adjourn, or otherwise regulate its meetings as it thinks fit. (2) The Chairperson of the facility may, at any time summon a meeting of the Managing Committee.

(3)

Where a meeting of the Managing Committee is requisitioned by at least four members of the Managing Committee, the Executive Secretary shall convene a meeting of the Managing Committee.

(4)

It shall not be necessary to give notice of a meeting to any member of the Managing Committee for the time being absent from Uganda.

Executive 22. (1) Each facility shall have an Executive Secretary. Secretary.

(2)

The Executive Secretary shall be the Secretary to the Managing Committee.

(3)

The Executive Secretary shall be appointed by the Managing Committee.

Votes of 23. (1) Each member of a Managing Committee shall have members. one vote.

(2)

Questions arising at any meeting shall be determined by a majority of votes but in case of an equality of votes the Chairperson of the meeting shall have a second or casting vote.

Power to 24. A Managing Committee may appoint sub-committees appoint sub committees. of the Committee consisting of such members of the Managing Committee as it thinks fit and may delegate to any sub-committee so appointed any function of the Managing Committee.

Prohibition 25. In any case where the Managing Committee is satisfied from dealing for that in the interest of the proper regulation of the transaction of specified business on the facility it is desirable to do so, the Managing non members. Committee may, in its absolute discretion and without being bound to state its reasons, issue instructions prohibiting dealing members from transacting any further business, directly or indirectly, for any specified non-member or a class of non members or for anyone acting on behalf of any such non member or class of non-members.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1) The Managing Committee may meet”.

“for the dispatch Meetings of business, adjourn, or otherwise regulate its meetings as it thinks fit. (2) The Chairperson of the facility may, at any time summon a meeting of the Managing Committee.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

5

(3) Where a meeting of the Managing Committee is requisitioned by at least four members of the Managing Committee, the Executive Secretary shall convene a meeting of the Managing Committee.
(4) It shall not be necessary to give notice of a meeting to any member of the Managing Committee for the time being absent from Uganda.
(2) The Executive Secretary shall be the Secretary to the Managing Committee.
(3) The Executive Secretary shall be appointed by the Managing Committee.
(2) Questions arising at any meeting shall be determined by a majority of votes but in case of an equality of votes the Chairperson of the meeting shall have a second or casting vote.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

26. In all matters brought under the

consideration of the Decisions Managing Committee, the decision of the Managing Committee, whether expressed by a resolution or otherwise, shall be carried out by every member concerned.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “In all matters brought under the”.

“consideration of the Decisions Managing Committee, the decision of the Managing Committee, whether expressed by a resolution or otherwise, shall be carried out by every member concerned.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

consideration of the Decisions Managing Committee, the decision of the Managing Committee, whether expressed by a resolution or otherwise, shall be carried out by every member concerned.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

27. The Executive Secretary of the facility

may censor, Failure to comply with suspend, expel or impose any lesser penalty upon any member of Managing the facility who fails to comply with any of the decisions of the Committee's decisions. Managing Committee of the facility.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “The Executive Secretary of the facility”.

“may censor, Failure to comply with suspend, expel or impose any lesser penalty upon any member of Managing the facility who fails to comply with any of the decisions of the Committee's decisions. Managing Committee of the facility.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

may censor, Failure to comply with suspend, expel or impose any lesser penalty upon any member of Managing the facility who fails to comply with any of the decisions of the Committee's decisions. Managing Committee of the facility.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

28. Authorised dealing officers shall attend before

the Authorised dealing Managing Committee when required and shall give such officers to information as may be in their possession as authorised dealing attend and give officers relating to any matter under investigation. information.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “Authorised dealing officers shall attend before”.

“the Authorised dealing Managing Committee when required and shall give such officers to information as may be in their possession as authorised dealing attend and give officers relating to any matter under investigation. information.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

the Authorised dealing Managing Committee when required and shall give such officers to information as may be in their possession as authorised dealing attend and give officers relating to any matter under investigation. information.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

29. Each dealing member shall authorise two

members of Authorised dealing its staff, being holders of dealer's representatives licences, to officers. transact business through the facility on its behalf and they shall be known as authorised dealing officers; but only one authorised dealing officer shall deal on behalf of each dealing member at any one time.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “Each dealing member shall authorise two”.

“members of Authorised dealing its staff, being holders of dealer's representatives licences, to officers. transact business through the facility on its behalf and they shall be known as authorised dealing officers; but only one authorised dealing officer shall deal on behalf of each dealing member at any one time.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

members of Authorised dealing its staff, being holders of dealer's representatives licences, to officers. transact business through the facility on its behalf and they shall be known as authorised dealing officers; but only one authorised dealing officer shall deal on behalf of each dealing member at any one time.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

30. (1) Authorised dealing officers representing the

dealing Dealing room. members shall meet in a dealing room called the "Floor" at such place as the Managing Committee may decide on every Tuesday afternoon from 2:00 p.m. to 4:00 p.m. or such other day and hour as the Managing Committee shall from time to time decide, for the purpose of trading in approved securities. (2) Where the dealing day is a public holiday, the Floor shall be opened for trading in the afternoon of the next business day.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1) Authorised dealing officers representing the”.

“dealing Dealing room. members shall meet in a dealing room called the "Floor" at such place as the Managing Committee may decide on every Tuesday afternoon from 2:00 p.m. to 4:00 p.m. or such other day and hour as the Managing Committee shall from time to time decide, for the purpose of trading in approved securities. (2) Where the dealing day is a public holiday, the Floor shall be opened for trading in the afternoon of the next business day.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

dealing Dealing room. members shall meet in a dealing room called the "Floor" at such place as the Managing Committee may decide on every Tuesday afternoon from 2:00 p.m. to 4:00 p.m. or such other day and hour as the Managing Committee shall from time to time decide, for the purpose of trading in approved securities. (2) Where the dealing day is a public holiday, the Floor shall be opened for trading in the afternoon of the next business day.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

31. (1) Trading in approved securities

on the Floor shall be Dealing hours. limited to the official dealing hours as may be specified from time to time when the Floor is open for the transaction of business.

(2)

There shall be no trading in approved securities on the Floor before or after the official dealing hours. Trading 32. (1) Trading in approved securities on the Floor shall be procedure, conducted under the call-over system. (2) The authorised dealing officers shall assemble at fixed times on the Floor and the Executive Secretary or other official of the facility shall preside over the transactions on the Floor and direct the conduct of business on the Floor. (3) By drawing lots at the beginning of each trading day, positions shall be allocated to the authorised dealing officers from the left of the Executive Secretary or other presiding official of the facility. (4) Quoted securities shall be called-over in alphabetical order by an official of the facility. (5) In a clockwise order from the left of the Executive Secretary or other presiding official of the facility, offers shall be made to the Floor by all those wishing to offer a security as the list of quoted securities is called. (6) The authorised dealing officer making the lowest offer shall indicate his or her size and receive from the remaining dealers bids which shall also be made in a clockwise order from the left of the Executive Secretary or other presiding official of the facility and in the absence of offers, bids may be made to the Floor. (7) Where there are two identical offers or where there is a dispute on two identical bids, the person closest to the left of the Executive Secretary or the presiding official shall be taken to have preference in the transaction. (8) When a buyer and a seller agree on a price, a bargain is completed and the price shall be marked on a price board. (9) Continuous markings shall be made of bargains done during such times as the Floor remains open for trading. (10) Only prices marked shall be considered to be the official prices for the day.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1) Trading in approved securities”.

“on the Floor shall be Dealing hours. limited to the official dealing hours as may be specified from time to time when the Floor is open for the transaction of business.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

(2) There shall be no trading in approved securities on the Floor before or after the official dealing hours. Trading 32. (1) Trading in approved securities on the Floor shall be procedure, conducted under the call-over system. (2) The authorised dealing officers shall assemble at fixed times on the Floor and the Executive Secretary or other official of the facility shall preside over the transactions on the Floor and direct the conduct of business on the Floor. (3) By drawing lots at the beginning of each trading day, positions shall be allocated to the authorised dealing officers from the left of the Executive Secretary or other presiding official of the facility. (4) Quoted securities shall be called-over in alphabetical order by an official of the facility. (5) In a clockwise order from the left of the Executive Secretary or other presiding official of the facility, offers shall be made to the Floor by all those wishing to offer a security as the list of quoted securities is called. (6) The authorised dealing officer making the lowest offer shall indicate his or her size and receive from the remaining dealers bids which shall also be made in a clockwise order from the left of the Executive Secretary or other presiding official of the facility and in the absence of offers, bids may be made to the Floor. (7) Where there are two identical offers or where there is a dispute on two identical bids, the person closest to the left of the Executive Secretary or the presiding official shall be taken to have preference in the transaction. (8) When a buyer and a seller agree on a price, a bargain is completed and the price shall be marked on a price board. (9) Continuous markings shall be made of bargains done during such times as the Floor remains open for trading. (10) Only prices marked shall be considered to be the official prices for the day.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

33. The unit of trading in securities

quoted by a facility Unit of trading. shall be such number of each security as stated in the prospectus.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “The unit of trading in securities”.

“quoted by a facility Unit of trading. shall be such number of each security as stated in the prospectus.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

quoted by a facility Unit of trading. shall be such number of each security as stated in the prospectus.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

34. When an authorised dealing officer has

an order to buy Bids and and an order to sell the same security, he or she shall publicly offers binding. offer the security on the Floor in accordance with these Rules.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “When an authorised dealing officer has”.

“an order to buy Bids and and an order to sell the same security, he or she shall publicly offers binding. offer the security on the Floor in accordance with these Rules.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

an order to buy Bids and and an order to sell the same security, he or she shall publicly offers binding. offer the security on the Floor in accordance with these Rules.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

35. An offer to sell coupled with

an offer to buy back at the Pre arranged same or at a higher price, or vice versa outside the Floor is a trade "pre-arranged trade" and is prohibited. prohibited.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “An offer to sell coupled with”.

“an offer to buy back at the Pre arranged same or at a higher price, or vice versa outside the Floor is a trade "pre-arranged trade" and is prohibited. prohibited.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “An offer to sell coupled with”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

36. No member shall knowingly or without due care, deal in False

market such manner as to amount to any act prohibited by section 83 of prohibited. the Statute.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “No member shall knowingly or without due care, deal in False”.

“market such manner as to amount to any act prohibited by section 83 of prohibited. the Statute.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “No member shall knowingly or without due care, deal in False”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

37. (1)

When a bargain is completed the facts relating to the Bargain slip. transaction namely, the date, the name of the security, the amount and price shall be duly recorded on a bargain slip approved by the Managing Committee and both parties to the bargain shall sign respectively as authorised dealing officers for the buyer and seller. (2) A copy of the bargain slip shall be handed over to the Executive Secretary or other presiding official at the callover. (3) Authorised dealing officers shall enter all bargains in the appropriate market books.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “(1)”.

“When a bargain is completed the facts relating to the Bargain slip. transaction namely, the date, the name of the security, the amount and price shall be duly recorded on a bargain slip approved by the Managing Committee and both parties to the bargain shall sign respectively as authorised dealing officers for the buyer and seller. (2) A copy of the bargain slip shall be handed over to the Executive Secretary or other presiding official at the callover. (3) Authorised dealing officers shall enter all bargains in…”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

When a bargain is completed the facts relating to the Bargain slip. transaction namely, the date, the name of the security, the amount and price shall be duly recorded on a bargain slip approved by the Managing Committee and both parties to the bargain shall sign respectively as authorised dealing officers for the buyer and seller. (2) A copy of the bargain slip shall be handed over to the Executive Secretary or other presiding official at the callover. (3) Authorised dealing officers shall enter all bargains in the appropriate market books.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

38. (1)

Every dealing member shall within forty-eight (48) Contract note. hours after completing a transaction on behalf of a client, forward to the client a contract note setting out, inter alia, the date of the transaction, the number of units of the security bought or sold, the price, the amount of commission and the amount of the statutory duty, if any, to be paid by the client in respect of the transaction. (2) All contract notes shall have printed or written on them the words "subject to the Rules of the Interim Stock Trading Facility".

(3)

All contract notes shall also bear the words "Dealing Member of the Interim Stock Trading Facility" immediately after the signature to them.

Official 39. The lists of the prices in respect of the first list and the lists. second list marked to be known as the "Official Lists-First List or Second list" respectively shall be issued and posted in the facility's premises by the Executive Secretary under the authority of the Managing Committee.

Transactions 40. (1) All transactions entered into by dealing members to be for net prices and shall be for net prices as between the buyer and seller. for cash. (2) An offer to buy or sell at a price named shall be deemed to be for cash.

Fictitious 41. No fictitious transactions , shall be made by or .between transactions prohibited. dealing member? whether or not, they amount to acts prohibited by section 83 of the Statute.

Alteration 42. (1) No alteration of price or amount of security shall be of prices by members. made after a bargain has been completed.

(2)

All securities dealt in by dealing members shall be taken to be fully paid at such prices as quoted in the respective official list.

Dealing 43. A dealing member shall accept full responsibility for all members' responsi transactions through the facility undertaken by its authorised bility for dealing officers. transactions.

Restrictions 44. (1) An authorised dealing officer shall not transact on authorised business for any member other than his or her registered dealing employer nor for an authorised dealing officer of any other officers. member nor for his or her own account.

(2)

The facility shall not recognise in its dealings any other parties than its own dealing members.

(3)

Every bargain whether for the account of the member effecting it or for the account of a principal, must be fulfilled according to the rules and usages of the facility.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1)”.

“Every dealing member shall within forty-eight (48) Contract note. hours after completing a transaction on behalf of a client, forward to the client a contract note setting out, inter alia, the date of the transaction, the number of units of the security bought or sold, the price, the amount of commission and the amount of the statutory duty, if any, to be paid by the client in respect of the transaction. (2) All contract notes shall have printed or written on them the words "subject to the Rules of the Interim…”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

4

(3) All contract notes shall also bear the words "Dealing Member of the Interim Stock Trading Facility" immediately after the signature to them.
(2) All securities dealt in by dealing members shall be taken to be fully paid at such prices as quoted in the respective official list.
(2) The facility shall not recognise in its dealings any other parties than its own dealing members.
(3) Every bargain whether for the account of the member effecting it or for the account of a principal, must be fulfilled according to the rules and usages of the facility.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

45. An authorised dealing officer shall not

accept Dealing instructions or adopt procedures which would in any way or for ^ye°f any purpose override his or her duty to execute each transaction to the best advantage of his or her client according to his or her judgement at the time of dealing

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “An authorised dealing officer shall not”.

“accept Dealing instructions or adopt procedures which would in any way or for ^ye°f any purpose override his or her duty to execute each transaction to the best advantage of his or her client according to his or her judgement at the time of dealing”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “An authorised dealing officer shall not”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

46. No application to annul a bargain

on the facility shall be inviolability entertained by the Managing Committee except upon a specific ofbarsains- allegation of fraud or wilful misrepresentation or upon prima facie evidence of such material mistake in the bargain as in its judgement renders the case one which is fitting for its adjudication

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Scope rule

This section defines when and how “No application to annul a bargain” applies.

“on the facility shall be inviolability entertained by the Managing Committee except upon a specific ofbarsains- allegation of fraud or wilful misrepresentation or upon prima facie evidence of such material mistake in the bargain as in its judgement renders the case one which is fitting for its adjudication”

Primary legislation Source quotation matched

Practical effect

Confirm that the matter and forum fall within this section before applying the Act's remaining provisions.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

on the facility shall be inviolability entertained by the Managing Committee except upon a specific ofbarsains- allegation of fraud or wilful misrepresentation or upon prima facie evidence of such material mistake in the bargain as in its judgement renders the case one which is fitting for its adjudication

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

47. A member shall not attempt to enforce by law any claim Legal

against another member arising out of or connected with the bidden85

facility's business without the consent of the Managing Committee.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “A member shall not attempt to enforce by law any claim Legal”.

“against another member arising out of or connected with the bidden85”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “A member shall not attempt to enforce by law any claim Legal”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

48. (1) All disputes between members not

affecting the Disputesnot general interest of the facility which arise out of the facility's business shall be referred to the arbitration of a member or interest.

members of the facility agreed by the members concerned; and the Managing Committee shall not adjudicate on such disputes unless arbitrators cannot be found or are unable to come to a decision.

(2)

The decision of the Managing Committee shall be final as to whether a dispute affects the general interest of the facility and how it shall be dealt with.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “(1) All disputes between members not”.

“affecting the Disputesnot general interest of the facility which arise out of the facility's business shall be referred to the arbitration of a member or interest.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

(2) The decision of the Managing Committee shall be final as to whether a dispute affects the general interest of the facility and how it shall be dealt with.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

49. (1) Jf a non-member makes any claim or complaint claims or

against a member, it shall be considered in the first place by the Managing Committee whether the claim or complaint is fitting members.

for the adjudication bf the Managing Committee.

(2)

When the Managing Committee decides in favour of adjudication, the non-member shall, prior to the case being heard by the Managing Committee, sign a form of reference issued by the Managing Committee in such form as may be determined by the Executive Secretary from time to time.

Compromise 50. No dealing member shall compromise with or accept forbidden. any payment on account from any other dealing member in connection with any transaction not in accordance with the rules of the facility.

Advertising 51. Subject to the Statute and to any regulations made under permitted. it, a dealing member may advertise for securities market business or, for that purpose, issue circulars or business communications to persons other than its own principals or, with the prior consent of the Managing Committee, issue on behalf of a principal, circulars to holders of a security of a company offering to acquire the security; except that it shall not consider any holder of the security as its principal by reason of the issue of the circular.

Prospectuses 52. A member shall not, without the consent of the and circulars. Managing Committee, allow its name to appear as a member in any prospectus relating to, or circular issued in furtherance of, any offer of a security in respect of which no application for quotation has been made to the Managing Committee or, where such an application has been made, it has been refused or deferred or quotation has been suspended or cancelled by the Managing Committee.

Require 53. (1) The names of all partners or directors of any firm or ments for company under which a dealing member carries on stock trading business documents. business on the facility shall be printed on all letter-heads, contract notes or other documents used by the member in the transaction of that business. (2) Every dealing member shall have printed on all letter-heads or other documents used by the member in the transaction of the stock trading business the words, "Dealing Member of the Interim Stock Trading Facility".

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1) Jf a non-member makes any claim or complaint claims or”.

“against a member, it shall be considered in the first place by the Managing Committee whether the claim or complaint is fitting members.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

(2) When the Managing Committee decides in favour of adjudication, the non-member shall, prior to the case being heard by the Managing Committee, sign a form of reference issued by the Managing Committee in such form as may be determined by the Executive Secretary from time to time.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

54. (1)

An authorised dealing officer shall not transact with Private dealings any other authorised dealing officer any business intended to be with concealed from his or her employer. authorised dealing officers. (2) All bargains shall be booked in the name of a dealing member.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “(1)”.

“An authorised dealing officer shall not transact with Private dealings any other authorised dealing officer any business intended to be with concealed from his or her employer. authorised dealing officers. (2) All bargains shall be booked in the name of a dealing member.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

An authorised dealing officer shall not transact with Private dealings any other authorised dealing officer any business intended to be with concealed from his or her employer. authorised dealing officers. (2) All bargains shall be booked in the name of a dealing member.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

55. No dealing member shall, without the

prior consent of Business for defaulting the Managing Committee, transact business for a client who has clients. failed to fulfill his or her obligation to another dealing member.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “No dealing member shall, without the”.

“prior consent of Business for defaulting the Managing Committee, transact business for a client who has clients. failed to fulfill his or her obligation to another dealing member.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “No dealing member shall, without the”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

56. (1) When securities are not delivered within five

(5)

Buying-in days after the bargain, the buyer shall have the right to cause the securities to be bought-in and any .loss occasioned by doing so shall be borne and settled by the seller.

(2)

It shall, however, be at the discretion of the Executive Secretary, if, owing to difficulty in obtaining the securities to be bought-in, the price to be paid is excessive or the securities are unobtainable • in the open market, to call an emergency meeting of the Managing Committee which shall then decide upon a mark-up price on which the difference due by the seller to the buyer shall be determined.

(3)

Securities bought-in shall continue to be bought-in until a bargain is done unless the Executive Secretary otherwise determines.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “(1) When securities are not delivered within five”.

“(5) Buying-in days after the bargain, the buyer shall have the right to cause the securities to be bought-in and any .loss occasioned by doing so shall be borne and settled by the seller.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

3

(5) Buying-in days after the bargain, the buyer shall have the right to cause the securities to be bought-in and any .loss occasioned by doing so shall be borne and settled by the seller.
(2) It shall, however, be at the discretion of the Executive Secretary, if, owing to difficulty in obtaining the securities to be bought-in, the price to be paid is excessive or the securities are unobtainable • in the open market, to call an emergency meeting of the Managing Committee which shall then decide upon a mark-up price on which the difference due by the seller to the buyer shall be determined.
(3) Securities bought-in shall continue to be bought-in until a bargain is done unless the Executive Secretary otherwise determines.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

57. (1) When securities have been duly

tendered and not Selling-out paid for within five (5) days in conformity with the terms of the sale, the seller shall have the right to cause the securities to be sold-out and any loss occasioned by so doing shall be borne and paid by the buyer.

(2)

It shall, however, be at the discretion of the Executive Secretary, if owing to difficulty in disposing of the securities to be sold out, the price to be obtained is inadequate or such securities are un-saleable in the open market, to call an emergency meeting of the Managing Committee and the Managing Committee shall then decide on a making-up price on which the difference due by the buyer to the seller shall be determined.

(3)

Securities sold-out shall continue to be sold-out until a bargain is done, unless the Executive Secretary otherwise determines.

Procedure 58. The Executive Secretary shall buy-in or sell-out on buyingin or securities at the official call-over of the facility at any time selling-out. during the hours of business on the day on which notice is given or the next call-over day according to the instructions of the member on account of whom the buying-in or selling-out is to be effected.

Permitted

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “(1) When securities have been duly”.

“tendered and not Selling-out paid for within five (5) days in conformity with the terms of the sale, the seller shall have the right to cause the securities to be sold-out and any loss occasioned by so doing shall be borne and paid by the buyer.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

2

(2) It shall, however, be at the discretion of the Executive Secretary, if owing to difficulty in disposing of the securities to be sold out, the price to be obtained is inadequate or such securities are un-saleable in the open market, to call an emergency meeting of the Managing Committee and the Managing Committee shall then decide on a making-up price on which the difference due by the buyer to the seller shall be determined.
(3) Securities sold-out shall continue to be sold-out until a bargain is done, unless the Executive Secretary otherwise determines.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

59. No transactions will be allowed

on the Floor in any transactions securities other than securities for which permission for quotation has been granted by the Managing Committee.

Delivery 60. (1) The seller of a security shall make or tender delivery of the stock or share certificate within a reasonable time but not later than one month after the day on which the transaction has been made.

(2)

Delivery shall in all cases be made or tendered at the office of the dealing member effecting the purchase on a business day before bank closing time on that day.

(3)

When an official certificate of registration of a security has been issued, the Managing Committee will not, unless bad faith is alleged against the seller, take cognizance of any subsequent dispute as to title until the legal issue has been decided.

Regularity 61. The seller of a security is responsible for the genuineness of documents. and regularity of all documents delivered.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “No transactions will be allowed”.

“on the Floor in any transactions securities other than securities for which permission for quotation has been granted by the Managing Committee.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

2

(2) Delivery shall in all cases be made or tendered at the office of the dealing member effecting the purchase on a business day before bank closing time on that day.
(3) When an official certificate of registration of a security has been issued, the Managing Committee will not, unless bad faith is alleged against the seller, take cognizance of any subsequent dispute as to title until the legal issue has been decided.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

62. (1) A dealing member taking up

a security deliverable Furnishing of names. of by instrument of transfer, shall, at the time of the transaction or within forty eight (48) hours after that time, furnish the seller with the full name, address and description of the transferee, that name being that of a person competent and willing to accept transfer.

(2)

A dealing member who unreasonably refuses to comply with subrule (1) shall be liable for any loss occasioned by the refusal.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “(1) A dealing member taking up”.

“a security deliverable Furnishing of names. of by instrument of transfer, shall, at the time of the transaction or within forty eight (48) hours after that time, furnish the seller with the full name, address and description of the transferee, that name being that of a person competent and willing to accept transfer.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

(2) A dealing member who unreasonably refuses to comply with subrule (1) shall be liable for any loss occasioned by the refusal.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

63. Any dealing member delivering a security

deliverable Preparation of transfers. by instrument of transfer and having received a name, shall enter that name and the consideration given by the buyer in the instrument of transfer; and any dealing member who unreasonably refuses to do so shall be liable for any loss occasioned by so refusing.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “Any dealing member delivering a security”.

“deliverable Preparation of transfers. by instrument of transfer and having received a name, shall enter that name and the consideration given by the buyer in the instrument of transfer; and any dealing member who unreasonably refuses to do so shall be liable for any loss occasioned by so refusing.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

deliverable Preparation of transfers. by instrument of transfer and having received a name, shall enter that name and the consideration given by the buyer in the instrument of transfer; and any dealing member who unreasonably refuses to do so shall be liable for any loss occasioned by so refusing.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

64. (1)

A dealing member shall charge his or her client Fees and commiss commission in respect of every bargain made on his behalf and ions. in respect of every service for which a charge is prescribed, at the rate according to the scale determined, subject to the Statute and any regulations made under it, by the Managing Committee.

(2)

Any dealing member found to have charged more than any rates fixed by the Managing Committee shall be liable to a fine not exceeding one million shillings or to expulsion or suspension or both as may be determined by the Managing Committee.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1)”.

“A dealing member shall charge his or her client Fees and commiss commission in respect of every bargain made on his behalf and ions. in respect of every service for which a charge is prescribed, at the rate according to the scale determined, subject to the Statute and any regulations made under it, by the Managing Committee.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

(2) Any dealing member found to have charged more than any rates fixed by the Managing Committee shall be liable to a fine not exceeding one million shillings or to expulsion or suspension or both as may be determined by the Managing Committee.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

65. (1)

There shall be two lists of the facility, namely the Listing of securities. first list and the second list. (2) Each list shall specify all securities which have been admitted for quotation on that list.

(3)

Any company seeking quotation for its securities on the facility on the first or second list shall submit an application through a dealing member to the Managing Committee in such form and manner as the facility may, from time to time and with the approval of the Authority, determine.

(4)

Any company which intends to apply for quotation for new securities which do not rank pari passu with the class of securities already quoted, shall submit its prospectus through a dealing member to the Managing Committee for approval before publication.

(5)

The approval of the Managing Committee of the prospectus shall be subject to prior written clearance of the prospectus by the Authority.

(6)

All applications for quotation on the first list shall contain the following information- (a) audited financial statements for the past five years; and if the statement in respect of the last financial year is older than six months, it shall be accompanied by an up-dated statement prepared by the auditors of the applicant company and certified by a responsible officer of the applicant company; (b) details of share conditions, namely, classes of shares, subscriptions and options outstanding, where applicable; (c) earnings and dividend information for the past ten years; (d) the total number of shareholders at the time of application, indicating the paid up and unpaid up shares held by them. (6) All applications for quotation on the second list shall contain the following information-

(a)

audited financial statements for the past three years or since the incorporation of the applicant company if not three years old and if the statement in respect of the last financial year is older than six months, it shall be accompanied by an up-dated statement prepared by the auditors of the applicant company and certified by a responsible officer of the applicant company; (b) details of share conditions namely, classes of shares, subscriptions and options outstanding, where applicable; (c) earnings and dividend information for the past five years or, where the applicant company has been in existence for less than five years, since its formation; (d) the total number of shareholders at the time of application, indicating the paid-up and unpaid-up shares held by them.-

(7)

The applicant company shall undertake to submit to the Managing Committee six copies of all financial statements released to its shareholders.

(8)

The applicant company shall undertake to notify the Managing Committee immediately following a declaration of dividends.

(9)

The applicant company shall also certify that there are no restrictions on transfer of its shares except as provided by law. (10) Copies of the following documents shall be submitted to the Managing Committee- (a) the memorandum, articles of association and other regulations of the applicant company; (b) a certified copy of the certificate of incorporation;

(c)

a certified copy of the certificate entitling the applicant company to commence business;

(d)

any reports required by law to be placed before a meeting of shareholders.

(Il)

The facility may, with the prior approval of the Authority, from time to time modify or vary the listing requirements in relation to the first list or the second list of the facility.

(12)

All modifications and variations to the listing requirements under subrule (11) shall be published in such manner as required by the Authority.

Auditor's 66. An applicant company shall attach to its application for quotation, written evidence regarding the operation and effectiveness of the auditor's report in relation to the applicant company covering such period prior to the submission of the application and such matters as the Managing Committee may specify from time to time.

Disclosure 67. Rules 65 and 66 shall be without prejudice to any other information, requirements relating to prospectuses or disclosure of information imposed under the Statute or any regulations made under it.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1)”.

“There shall be two lists of the facility, namely the Listing of securities. first list and the second list. (2) Each list shall specify all securities which have been admitted for quotation on that list.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

12

(3) Any company seeking quotation for its securities on the facility on the first or second list shall submit an application through a dealing member to the Managing Committee in such form and manner as the facility may, from time to time and with the approval of the Authority, determine.
(4) Any company which intends to apply for quotation for new securities which do not rank pari passu with the class of securities already quoted, shall submit its prospectus through a dealing member to the Managing Committee for approval before publication.
(5) The approval of the Managing Committee of the prospectus shall be subject to prior written clearance of the prospectus by the Authority.
(6) All applications for quotation on the first list shall contain the following information- (a) audited financial statements for the past five years; and if the statement in respect of the last financial year is older than six months, it shall be accompanied by an up-dated statement prepared by the auditors of the applicant company and certified by a responsible officer of the applicant company; (b) details of share conditions, namely, classes of shares, subscriptions and options outstanding, where applicable; (c) earnings and dividend information for the past ten years; (d) the total number of shareholders at the time of application, indicating the paid up and unpaid up shares held by them. (6) All applications for quotation on the second list shall contain the following information-
(a) audited financial statements for the past three years or since the incorporation of the applicant company if not three years old and if the statement in respect of the last financial year is older than six months, it shall be accompanied by an up-dated statement prepared by the auditors of the applicant company and certified by a responsible officer of the applicant company; (b) details of share conditions namely, classes of shares, subscriptions and options outstanding, where applicable; (c) earnings and dividend information for the past five years or, where the applicant company has been in existence for less than five years, since its formation; (d) the total number of shareholders at the time of application, indicating the paid-up and unpaid-up shares held by them.-
(7) The applicant company shall undertake to submit to the Managing Committee six copies of all financial statements released to its shareholders.
(8) The applicant company shall undertake to notify the Managing Committee immediately following a declaration of dividends.
(9) The applicant company shall also certify that there are no restrictions on transfer of its shares except as provided by law. (10) Copies of the following documents shall be submitted to the Managing Committee- (a) the memorandum, articles of association and other regulations of the applicant company; (b) a certified copy of the certificate of incorporation;

4 further items remain in the statutory text above.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

69. The facility shall- Compensa

tion fund and fidelity (a) establish such compensation fund as may be insurance.

required by the Authority for the purposes of granting compensation to investors who suffer pecuniary loss from the failure of a dealing member or its authorised dealing officers to meet its contractual obligations; and

(b)

require a dealing member and its authorised dealing officers to carry and maintain a professional fidelity insurance cover in respect of the business of dealing in securities on the facility as may be required by the Authority.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “The facility shall- Compensa”.

“tion fund and fidelity (a) establish such compensation fund as may be insurance.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

(b) require a dealing member and its authorised dealing officers to carry and maintain a professional fidelity insurance cover in respect of the business of dealing in securities on the facility as may be required by the Authority.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

70. The facility shall, as required by

the Authority, arrange Central depository for the provision of central depository, clearing and settlement services. services to the facility in accordance with a scheme approved by the Authority.

LEO KIBIRANGO, Chairman, Capital Markets Authority.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “The facility shall, as required by”.

“the Authority, arrange Central depository for the provision of central depository, clearing and settlement services. services to the facility in accordance with a scheme approved by the Authority.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

About this Act

Full text of the Act

Part I

1. These

2. (1)

Part II

4. An applicant for membership of a

5. (1) A member intending to object

6. If an applicant for admission or

7. (1)

Part III

13. The functions of a Managing Committee are- Functions of

14. For the purpose of carrying out

19. The Chairperson of the Managing Committee of the chairperson

20. The Chairperson of a facility shall preside at all chairperson meetings of the Managing Committee of the facililty and in the matfngs absence of

21. (1) The Managing Committee may meet

26. In all matters brought under the

27. The Executive Secretary of the facility

28. Authorised dealing officers shall attend before

Part IV

29. Each dealing member shall authorise two

30. (1) Authorised dealing officers representing the

31. (1) Trading in approved securities

33. The unit of trading in securities

34. When an authorised dealing officer has

35. An offer to sell coupled with

36. No member shall knowingly or without due care, deal in False

37. (1)

38. (1)

45. An authorised dealing officer shall not

46. No application to annul a bargain

47. A member shall not attempt to enforce by law any claim Legal

48. (1) All disputes between members not

49. (1) Jf a non-member makes any claim or complaint claims or

54. (1)

55. No dealing member shall, without the

56. (1) When securities are not delivered within five

57. (1) When securities have been duly

59. No transactions will be allowed

62. (1) A dealing member taking up

63. Any dealing member delivering a security

64. (1)

Part V

65. (1)

Part VI

Part VII

69. The facility shall- Compensa

70. The facility shall, as required by