Read the untranslated law here: https://www.vestnesis.lv/ta/id/93900
Riga Stock Exchange rules and trading rules approved Riga Stock Exchange Council of 31 august 2004, shall enter into force on 27 September 2004 provisions 1. Riga Stock Exchange members and trade rules (hereinafter rules) aims to provide financial tools of the trade agenda AS "Riga Stock Exchange (hereinafter Exchange) regulated markets, membership status, and cancellation procedures and other activities of stock issues so to promote exchanges, regulated markets and the activities of the members of the Alliance NOREX exchanges compliance standards and operating principles. The rules are designed in accordance with the financial instruments market law article 28.
2. Glossary (definitions and abbreviations) incorporated the transaction automatically (Automatically Matched trade) — a deal that runs through the book, the Task automatically task alignment.
Automatic task alignment (Automatic Order Matching) — the buying and selling of automatic alignment task, when the task book task entered into a financial instrument price, volume and other conditions of the transaction meets the above task book contains transactions entered for the task.
Automated trade (Automated Trading): enter the task, it changes and cancellation of the registration of tasks trading system, using software that automatically brings together a large number of tasks that correspond to the programmed particular (specific).
Automatic routing of tasks (Automatic Order Routing)-Member client created task and automatic logging electronic trading system via the internet or other network connections that are created between the Member and the client.
Member (Member) — a legal person that has been granted the status of a member of the stock exchange and the stock exchange has concluded the contract of participation.
Stock broker (exchange trader), a Member of an employee who is entitled to participate in the Stock Exchange's trade system organised on behalf of the Members.
Stock Exchange (Exchange days): a day in which you do business (in which the stock market trade) regulated stock exchange markets.
Stock Exchange announcement (Exchange notice) — in a statement entered into the systems by which information is passed to the members or the market as a whole.
Stock exchange rules-Riga Stock Exchange developed and approved the rules governing membership, membership activities, conclusion of transactions on the stock exchanges in regulated markets and settlement on stock exchange transactions concluded or registered, as well as other matters, in accordance with the law on the financial instruments market stock exchange has to be regulated to ensure open and regular conclusion of transactions in financial instruments.
Package deal: a direct deal, which is being closed for a number of financial instruments that are equal to or greater than the prescribed standard stock Lot number.
Price interval (Spread), the interval between the highest bid and lowest sales prices to the instrument in question is specified in the task.
Member State: the Member State of the European Union or the European economic area country.
The deal (trade) agreements concerning the financial instrument for the purchase or sale of which is executed as a composite transaction or automatically registered as direct deal.
Transaction time (the time of the trade): the time during which automatically compatible deal incorporated (matched) or direct transaction is registered (concluded).
Fixed income instruments market (Fixed-income market), market segments where trading in fixed income instruments.
The inner transaction (Internal Trade) — direct transactions that are concluded between the Member and the client or between two Member's customers.
Financial instruments (hereinafter also – instruments) (instrument), transferable securities and other financial instruments that are included and are traded on regulated stock exchange markets.
Equity market (Equity market), market segments where the emission of trade in shares, warrants, instruments, investment fund units (parts) and other similar financial instruments.
The quotation step (Tick size) — the lowest possible price change, two separate task book entered tasks.
Commission-financial and capital market Commission.
Law-financial instruments market law and other legislation governing the financial instrument for the public circulation, the organizer of the regulated market and the market created activities and other related issues.
Best price: low price, which is specified in the sales of financial instruments or the highest price that is specified in the purchase of financial instruments.
Best request (best Bid) — request for the best financial instrument shall be determined taking into account the relevant task in the book purchase tasks in which the specified amount of financial instruments is one Lot or higher.
The best offer (the best Ask) — the best deal for a particular financial instrument shall be determined taking into account the relevant task book sales objectives in which the specified amount of financial instruments is one Lot or higher.
Lote (Round Lot): the minimum number of instruments by which the transactions concluded (automatically joined task or outright transactions) the price taken into account in determining the last fixed-price.
Not a Lot (Odd Lot) — the number of instruments, which is less than a Lot.
Pre-trade session (pre-trading session) — the period of time the trading day before the trading session, in which the task book can enter tasks and be registered direct transactions as well as make other Pre-trade session permitted.
Post-trade session (post-trading session) — the period of time after the trading day trading session in which changes may be made to tasks or transactions or cancel them and which may be registered in direct transactions as well as make other post-trade session permitted.
The last fixed-price (the latest Paid price) – last marketing system sealed the deal price for one Lot or registered (reported) transaction price, if the nature of the transaction is a standard.
Public market information — information about the market, obtained and compiled, taking into account the trade data in the system (stock information published on trade and other market related conditions), which is distributed and is available for free to all interested parties.
Standard Lot — the minimum number of Lots defined by those buying and selling tasks that peacekeepers must enter the market order book.
SAXES: the electronic trading system, which provides for conclusion of transactions with financial instruments, equity and fixed income instruments in the market.
Technological equipment (Technology equipment): a Member of the information system, which includes the sistēmprogramm, applications, utilities, sistēmfail, computer, network, hardware, and other equipment which is used for member access to the trading system, and to carry on business and settlement.
Direct operation (Manual trade) — agreement on the regulated market of a stock exchange of financial instruments included in the purchase or sale, for which the parties to the transaction agree outside task book and which is to be registered in the stock exchange according to the requirements of this regulation.
Market (market), stock exchange regulated market financial instruments operating on the basis of certain financial instruments into the quotation, trade, and settlement of payments.
Maintainer of the market (market maker), a member who, by contract, is committed to providing specific financial instrument trading more actively (liquidity), trading during the day when you enter task book buying and selling tasks, at least for the amount of the relevant financial instruments to the standard prescribed for the Lot.
Market segment (Sub-market), the market share, operating under the same trade rules.
The launch of the auction trade (the Opening Call Auction) — the period of time during the trading day, where Pre-trade session entered tasks or task book existing tasks are completed (matched) on the calculated equilibrium price, i.e. the price, formed when overall demand can be met with total offerings.
Trading (Trading Session) — the time period in which the trading day, performs automatic tasks matching and outright transactions are recorded, as well as other trading session permitted.
Trading day (Trading hours) — the period of time the stock market day where pre-trade session, trading session and post-trade session.
Trading system (Trading System), electronic systems (hardware, software and associated communications systems), which is administered by the stock exchange and the stock exchange trade with instruments regulated markets. The Stock Exchange provides the trade with a trading system, SAXES.
The average transaction price (average Traded price), the weighted average price of all books in the same task registered transactions.
Order (Order): a binding offer to buy (purchase tasks) or sell (sales) of financial instruments according to the conditions which a member has indicated the task book enter task.
Task book (Order book), the trading system of purchase and sale entered into a task tracking system, which is created for a specific instrument, in which the instruments concerned are included (if it is necessary and possible) information on billing, pricing (decimal number), Lot size, minimum amount of transaction etc. 3. General questions 3.1. applying the rules and procedures for amending these provisions regulate 3.1.1 activities of stock exchange Members organized in regulated markets and other related matters. Regulations and their amendments are available in stock on the website on the internet.
3.1.2. provisions are binding on the Members of the date when it has been granted the status of a Member and the Member has signed a membership agreement. The amendments to these regulations are binding on the stock exchange and the members without the prior approval of the members, subject to compliance with this provision in paragraph 3.1.3.
3.1.3. the Exchange is making amendments to these rules in the following order: 1) prior to the amendments to the rules of the stock exchange shall inform the securities market professional participants of the Association and the Association of commercial banks of Latvia, as well as other professional associations (if necessary) on the planned amendments. This person not later than 10 days after the stock exchange notification may request that a stock exchange (explanations) provides advice on planned amendments;
2) if professional association representatives not requested clarification (advice) on the planned amendments to the stock exchange and the draft amendments shall be prepared not later than 30 days before the amendment approval sends it professional association representatives, as well as to the Commission;
3), amendments to the regulations shall enter into force on the date set by the Council of the stock exchange, but no earlier than the day following the publication of the amendment to the law on the financial instruments market.
3.1.4. In emergency situations, if they have led to significant changes in the market, the legislative changes, court decisions, the decisions of the public authorities or similar circumstances, after the Commission's prior consent to the receipt of stock exchange may decide that the amended Regulations shall enter into force without prior harmonisation of the rules in paragraph 3.1.3. In this case, the stock exchange immediately after the approval of amendments to the regulation shall inform the securities market professional participants of the Association and the Association of commercial banks of Latvia, as well as other professional associations (if necessary).
3.1.5. the Stock has the right laid down in these rules, the rights and obligations of the Exchange to transfer to another company, which has the appropriate qualifications and experience of the transferred duties and undertakes to ensure that the stock exchange regulated market activity and manage marketing system, or in the case of a merger, joint venture. Such grants shall enter into force not earlier than 4 weeks after the date when the stock market has received the Commission's approval and sent the members a notice of such assignment. Companion in these terms the rights and obligations laid down have the right to put another person, including a membership reorganization case only with the prior authorisation of the stock exchange.
3.2. Technical regulations 3.2.1. Stock trading system uses a trading system trade SAXES for equity and fixed income instruments in the market. These provisions are applicable only to trade in stock exchange regulated markets and the financial instruments listed.
The stock exchange may issue individual documents that are provided on the technical descriptions, SAXES as well as provide more detailed information on the use of a trading system.
Connection trade system 3.2.2. Member connection trade system provides data transmission networks, in line with the procedures laid down. Stock Exchange may designate the specific data transmission network suppliers. All changes concerning ad hoc network must consult with the professional associations that rule 3.1.3. second and third subparagraph. A member shall bear all costs related to the Member's data transmission network construction and operation.
Members of the technological equipment 3.2.3. Connection to a trading system can also be made using the stock exchange (s) certified computer application (s). Exchange ensures that members are available on the list of certified computer applications.
3.2.4. the Member is responsible for the installation of suitable technological equipment for connection to the system of trade and communication with it. Technical equipment must comply with the requirements laid down by the stock exchange. It is the duty of members to develop applications and modes in accordance with stock exchange protocols your computer connection trade system (transaction, session and Access Protocol) and continually adjust applications and modes to ensure that technological equipment on the trading system, which is designed to always respect these provisions.
3.2.5. the technological equipment of members must act according to the requirements and so that it can be connected and maintain connections sales system.
3.2.6. A member shall bear all costs of technological equipment and its installation on the premises of the Member, including costs associated with the communication with the trading system.
3.2.7. The members of the inspection system of technological equipment (electronic connection), which is intended to connect to the trading system, before making a connection check the test environment. Testing is carried out in the stock exchange and in accordance with the instructions issued by the stock exchange. Before making connections to the stock exchange shall have the right to verify the functionality of the equipment and technology of electronic connection Members trading system. Stock Exchange may request that a member take part in such checks.
3.2.8. the basis for Stock checks, Members have the right to verify the functionality of the technology equipment and electronic Member connection trade system when Members have started trading trading system. Stock Exchange may require the presence of the members of such checks. In addition, the Exchange may require the same Member to perform these checks. Testing is carried out in accordance with the instructions issued by the stock exchange.
3.2.9. the Member may request the stock exchange to carry out technological equipment Members check the test environment. Stock Exchange may charge fees for such testing. The stock exchange shall give reasonable assistance to Members in relation to Member tests.
3.2.10. Stock Exchange shall have the right to trade during the day and outside this time to check the functionality of the systems. Stock Exchange may require the presence of the members of such checks. Testing is carried out in accordance with the instructions issued by the stock exchange. Member in good time before such checks receives notice of the trade system, which would affect the Member's everyday activities.
3.2.11. Each party has the obligation to keep records of the tests carried out by the party concerned for at least 3 months after the test.
3.2.12. Except in accordance with the provisions of paragraph 3.2.9. charged fees, tests of each of the parties involved (stock exchange and member) shall bear its own costs incurred in connection with the tests carried out, etc. Members may 3.2.13. start trading only after a stock has shown that comrade technological equipment meeting the requirements of this regulation.
Members of the technological equipment defects or deficiencies in 3.2.14. If, on the basis of tests carried out or otherwise, finds that a Stock Exchange Member's equipment or Technological connection electronic trading system does not operate satisfactorily or companion equipment design Technology in a way that shows that are not, or it is not possible to apply the rules of the stock exchange shall inform the Member in writing, stating the defects or deficiencies identified. Member of the shortcomings noted defects or deficiencies are listed within the prescribed time limits, determined by observing the prevention of fault or lack of time objective. The stock exchange shall have the right to provide that the technical equipment or the part thereof should not be used until the fault is fixed, or lack thereof.
3.2.15. Members security ensures that the Technological equipment is designed, developed and deployed in a manner that respected the authority control, traceability and physical security standards. Technological equipment must be designed in such a way that would prevent the unauthorised access to the trading system, and it must be possible to retrospectively track individual registration, the origin of the trading system. Technological equipment has to be placed in premises that are not accessible to unauthorized persons. Stock Exchange may impose additional security arrangements.
3.2.16. Members must immediately inform the stock exchange if a significant breach of security measures or there are significant security measures risk that could affect the Member's connection to the trading system, any other Member's connection to a trading system or trading system.
Trading systems and technological equipment of Member changes
3.2.17. Stock Exchange shall have the right to make changes to the trading system, for example, to change the stock of computer equipment (hardware) and its placement, change computer programs (software) and to change the Protocol for data transmission systems.
3.2.18. Exchange inform its members before making changes to the trading system. Significant change when necessary change member's technological equipment, the notification shall contain a description of the changes planned for testing time and date of entry into force of the relevant amendments. Stock exchange trading system and members introduced changes, amendments and modifications to the period set by the stock exchange and in accordance with the procedure approved by the stock exchange.
3.2.19. Stock Exchange shall, if requested by all its members, you can trade the system changes to create a group of experts composed of representatives of the professional participant of securities market Association, the Association of commercial banks of Latvia and other professional associations (if necessary). The Group of experts shall evaluate and make proposals for the implementation of the planned changes and the procedures, deadlines, and other important conditions to ensure that the change, amendment or modification of the implementation is according to the stock exchange, and other market participants ' interests.
3.2.20. the Member undertakes to comply with Stock Exchange issued timely instructions on trading system changes, hence the change of the technological equipment of the members. Following the instructions of the Members of the stock exchange technology equipment moves to expose system tests in accordance with the provisions of paragraph 3.2.7 and 3.2.8.
3.2.21. Member is allowed to transform their technological equipment, which is connected to the trading system. For changes that affect or hinder the trade system, must be notified to the stock exchange. Stock Exchange may require change in the testing of equipment in accordance with the provisions of point 3.2.7 and 3.2.8. Members may request to change the test equipment in accordance with the provisions of paragraph 3.2.9.
3.2.22. Stock Exchange or each Member the same shall bear its own costs incurred in connection with the changes.
Trading system and lack of defects correction 3.2.23. has the right to close the stock exchange trading system or restrict trade in it, if it is necessary the defects or failures. Such work should preferably be scheduled outside of the trading days. Exchange inform members about taking such measures if the defects and deficiencies are required to make a trade during the day.
Trading systems use 3.2.24. Members shall ensure that unauthorised persons do not directly or indirectly access trading system. Member shall ensure that its employees follow a trading system of access procedure, secret passwords and the staff shall not in any case gets passwords to unauthorized persons. If a member suspects that access procedures for the systems have become aware of the unauthorized person shall immediately inform the stock exchange.
3.2.25. The system contact your member of staff shall be appointed by one or more contacts responsible for technical equipment and Member Member connection trade system, and their task is to examine and administer Exchange requests for technological equipment of Members and connections. Members will be notified in writing to the designated Exchange contact names and the substitution of such persons provided written notice of newly established parties.
3.2.26. Member responsibility members are responsible for all actions taken using the electronic connection Members trading system, irrespective of whether such activities are carried out with or without the authority of Members.
3.3. information from the Stock Exchange's trade system 3.3.1. Stock Exchange shall have the right to the use of information that is placed in the trading system of the respective members to describe the activities of the Members. The stock exchange has an exclusive right to the trade system and the information it collects, including the exclusive rights to such information of all kinds, publication, distribution, and reproduction. The stock exchange shall have the right to publish and distribute such information to the public.
3.3.2. The members shall have the right to use the trade system existing in the information received via the Member's electronic connection trade system and for the sole purpose of carry trade exchange (No public market information). In addition, only Members of the internal users can use and receive such information.
Internal users are Member brokers, staff involved in Member's internal billing and accounting operations staff involved in technological equipment monitoring Members that directly connected to the trading system, as well as other employees, who may be directly related to the trade of financial instruments, including staff involved in membership marketing risk control and analysis. For internal users are not regarded as Members of other employees or the employees of a company that is in the same group (the Group) with the membership. A member of the resident list, which contains the internal users, and at the request of the stock exchange following the stock market.
3.3.3. A member of the information systems, which are not mentioned in point 3.3.2 of these rules (that is, information that is not directly related to closed or transactions) may be spread systematically processed or raw, wholly or in part, after it has entered into a separate contract with the stock exchange or a stock exchange designated by the legal or natural person.
The systematic dissemination of information is a copy of the information or regular manufacture and information frequently from the regular or frequent issue or distribution, including real time information statement and such regular or frequent updates.
3.3.4. Members may distribute only the public market information. On the public market information is the information that the stock exchange has published its homepage on the internet.
3.3.5. Exchange if the conditions it determines, have the right to determine the connection trade system where members may distribute information and to provide guidelines for such distribution.
3.3.6. the Member is responsible to ensure that third parties who currently have or will have access to the Members of the future technological equipment, including information from the trading system, is aware of the provisions of this chapter and that they undertake to comply therewith.
3.4. intellectual property rights 3.4.1. Stock Exchange undertakes to continuously maintain copyright, license and other rights to use the trade system used in the software. Members shall have the right to use the trade system, subject to any restrictions laid down in these provisions and requirements, but this right may not transfer the Member to another person, except that rule 3.1.5. in the case referred to in paragraph 1 and in order, and this is no exception.
3.4.2. the intellectual property rights to these rules, described the operation of the regulated market, documentation on the marketing system, related agreements, classification, publications, statistical data, and all other documents drawn up by the stock exchange, as well as the right to any changes or amendments to the stock belongs to. In addition, the stock exchange holds the intellectual property rights to the information from the stock exchange trading system or other sources that are written or otherwise prepared the stock exchange as well as stock from time to time created indicators and classifier.
3.4.3. Members may use the trade marks which are the property of the stock exchange, just as the stock market products and service marks.
3.4.4. For special use of the aforementioned trademarks and intellectual property rights, members should be concluded with a stock exchange or other owners separate contracts that govern the rights and obligations related to the specific trademark or intellectual property rights.
3.4.5. the rights granted in these terms do not grant the right to participation in the management of the stock exchange, ownership or joint ownership rights to the trading system or any of its parts, with the trading system related documents, indicators, classification, publications, market data, statistics and other documents drawn up by the stock market.
3.4.6. If a third party has submitted a claim against a member, on the grounds that a member is in breach of third party intellectual property rights trade system resulting from the use of or if the Member otherwise learns that are at risk of the Exchange or a stock exchange represented the rights of the proprietor, a member must be in writing, without delay inform the stock exchange. These rules apply if the member becomes aware of the infringement of intellectual property rights belonging to the stock market or stock exchange represented the owner. Third-party claims against the members of infringement of intellectual property rights or the look of the stock exchange owner to the person's account and an exchange agreement with the Member, are entitled to represent members of a third party claim. The stock exchange and the owner has the right without the consent of the Members, but the knowledge that a member may not cause damage, initiate proceedings with any third party.
Member shall ensure that it holds all necessary licenses and rights to use technological equipment that Members need the connection and communication with the trading system.
3.5. Membership fee members pay a membership fee in accordance with the Stock Exchange Council table of charges. If the stock exchange wants to increase certain fares, such changes shall take effect not earlier than 30 calendar days after the notification is sent to the members.
3.6. Emergency measures when circumstances 3.6.1 or events that might significantly affect the Stock's ability to maintain regular and continuous market (such as anxiety, communication break or technically breaks), Exchange may take the following measures: 1) terminate trading;
2) restrict trade;
3) delay or closure of trade;
4) to limit the number of connections one electronic companion;
5) General to limit the number of transactions or tasks or to one digital connection;
6) limit the number of transactions or tasks or in one or more electronic pieslēgumo;
7) to close one or more electronic connections.
These measures may take in relation to the entire trade system, specific markets or market segments, specific tools, automatic alignment system of tasks, automated trading, or specific members.
Technical breaks 3.6.2. The following provisions shall apply to the marketing of technical breaks.
3.6.3. If you disabled members, which represents 75% or more of the stock exchange trade volume, it is considered that it is not possible to maintain a well functioning Stock Exchange stops trading and trade or hinder trade.
3.6.4. If you have disabled members, representing 25% or less of the stock exchange trade volume, it is considered that it is possible to maintain a well-functioning trade, and trade is not disrupted, as well as the commercial launch is delayed.
3.6.5. where are disabled members, representing 25% or more of the stock trade, but not more than 75%, the stock exchange shall assess whether it is possible to maintain a well-functioning trade and adopt appropriate decisions.
3.6.6. Member is deemed to no longer have access to the trading system, if all Members have been turned off the electronic connection to a trading system.
188.8.131.52.6.3. these provisions, referred to in point 3.6.5 trade, Exchange uses the statistical data on the volume of transactions executed Members of the previous month.
3.6.8. start a Trade is not disrupted or trade are not interrupted if the power supply is disrupted or terminated Member's premises. If trading volume has decreased due to the power outage, it is not taken into account when deciding on a technical break.
Marketing resume resume Trade when 3.6.9. Members representing 75% of trade, have at least one electronic access trading system, and the stock market is that it is possible to maintain a successful trade.
Before the resumption of trade members have the option to cancel the existing tasks. Trade resumed from the same State it was in before the disruption of trade. Stock Exchange may decide to resume the trade without tasks task book, with or without the auction, auction, equivalent to the launch of the auction Trade.
The trade date of renewal 3.6.10. If the stock exchange has stopped trading, without taking into account the duration of the break, or prevented the start of trading on more than one hour, the Exchange may impose trade date extension. The extension may not exceed the commercial break or delay time, but the trade session extension may not be shorter than 15 minutes. Stock Exchange immediately placed a notice on the extension of the trading system or the duration of the extension.
3.6.11. Stock before the emergency measures, inform members of such measures, if the measures would hinder the execution one does not include the substantial risk of loss in any way. In such situations, the stock exchange as soon as possible inform the members of the emergency measures. If possible, Members shall inform their customers.
3.6.12. Stock Exchange shall inform members as soon as the emergency is lifted and trading system is working properly. If the marketing activities have been suspended, resumption of the trade may not be faster than 10 minutes from the moment of notification of a decision, if all members are not informed quickly enough before resuming.
3.7 privacy and information obligations of membership obligations of confidentiality 3.7.1. Members shall ensure that its staff and the persons engaged in the provision of services, it is bound by the obligation of confidentiality and that they not disclose unauthorized or used information about business conditions or other circumstances, obtained during the term of the Member of the stock exchange. Confidentiality obligation applies, not taking into account that is terminated or completed services.
3.7.2. If the Member has mistakenly given to another Member of the information provided, the Member shall immediately inform the stock exchange. Member performs all stock exchange orders with respect to such information. The following information shall be considered confidential and must not be used.
Member's obligation to provide information on reasoned 3.7.3. a written request for information to the Stock Exchange gives Members a member client accounts and transactions, which the Exchange deems necessary in order to monitor and ensure compliance with those provisions and to fulfil its functions in accordance with the financial instruments market law and these rules. The following information is provided by the Stock Exchange Board.
3.7.4. the Member shall immediately inform the stock exchange about the circumstances which result in the Member can not comply with the requirements of this regulation.
3.7.5. the Member shall immediately inform the stock exchange, if the Member's financial situation worsens to the extent that there is a risk that the Member will no longer be able to meet its obligations under these terms, or if there are circumstances that can cause the same effect.
3.7.6. Member shall submit its annual report to the stock exchange, as well as without delay exchange information about changes to the data provided in the application for Membership (changes in the composition of the Management Board, auditors, marketing manager of Exchange, etc.).
Stock obligations concerning confidentiality of the Exchange and stock exchange 3.7.7. employees, and people who have other forms of relationship with the stock exchange, must not be allowed to disclose or use the information for commercial or personal circumstances in relation to stock exchange operations. Confidentiality obligation applies without regard to termination and completion of the provision of services. But the Stock has the right and obligation to provide information to the Commission, which monitors the stock market, or other persons, that the stock market is obliged to provide information in accordance with the law and these rules.
3.7.8. Stock Exchange to disclose information of this provision 3.7.7. persons referred to in paragraph 1, other than the Commission, which monitors the stock, only if that person is subject to a similar obligation of confidentiality.
3.8. The limitation of liability and Stock 3.8.1 shall not be responsible for losses incurred by this provision in paragraph 3.8.2 under such circumstances, if the Member or their duties are carried out with due diligence.
3.8.2. Member and stock shall not be responsible for losses due to force majeure or other accidental (emergency) events.
It is considered that the circumstances of force majeure or other random events exist, if a party entirely or partially unable to meet their obligations under these regulations, or if it may be considered unreasonable burdensome local or foreign law, in relation to national or foreign government institutions, the institution of the Member State rules or other measures, utilities, fire breaks, water damage, telecommunications interruptions, strikes, blockades, lock-on , natural disasters, war or other similar conditions beyond the control of the party. Strikes, blockade, boycott, lockout and are considered incidental (emergency) events also in cases where the Member or the stock market is the measure of an object or perform the following steps.
3.8.3. If the Member or that referred to in paragraph 3.8.2 conditions wholly or partially unable to perform the obligations laid down in these rules, it can be postponed until the conditions cease to exist. If the Member or the stock exchange can not make or receive payments in these rules the conditions referred to in paragraph 3.8.2, the parties are exempted from the obligation to pay interest.
3.8.4. the Member and shall not, in any event, the Exchange is not responsible for loss of data, lost profits, or loss of income or other indirect or consequential loss.
3.8.5. subject to the provisions referred to in paragraph 3.8.1., Exchange is not responsible for damages resulting from or in connection with the public or non-public market information dissemination. The stock exchange shall not have the obligation to notify or to correct errors in a public or non-public market information, except the stock exchange considers that such notification or correction is justified and considered important members.
3.8.6. subject to the provisions referred to in paragraph 3.8.1., Exchange cannot in any event be responsible for damages resulting from or related to any emergency measures which the stock exchange made in accordance with the provisions of point 3.6.
3.8.7. Loss claim may reduce or waive the claim of injury, if the injured party through their actions caused or contributed to the occurrence of such damage or if it is not, directly or indirectly, reduced their losses.
3.9. Applicable law and dispute resolution 3.9.1. Applicable law and dispute resolution procedures determined by the law of the Republic of Latvia pursuant to the provisions referred to in Chapter 9.
3.9.2. all disagreements or disputes between Members and Exchange in connection with the interpretation and enforcement of the rules dealt with in accordance with the legislation of the Republic of Latvia and mutual agreement.
3.9.3. If the parties cannot resolve the dispute, by mutual agreement, any disagreement or dispute between members of the stock exchange and the stock exchange trade dealt with in accordance with the law of the Republic of Latvia in the stock exchange arbitration or the Association of commercial banks of Latvia Court of arbitration (if the Member is a credit institution).
4. the members of the Stock Exchange 4.1 General questions about membership and trade Exchange 4.1.1. Exchange transactions, taking into account the types of financial instruments, may enter into equity market or fixed income securities market. Each of these markets are divided into several segments.
4.1.2. The provisions of this chapter apply to all organized stock markets and market segments, if one further these rules otherwise.
4.1.3. Doing business with stock markets organised included instruments, in addition to the Members mentioned in these rules must also comply with specific trade requirements that are defined in the Stock Exchange Board approved trading rules. Trade regulations under these provisions, in addition to the following questions are: 1) the trading day structure (pre-trade, trade and post-trade session duration);
2) trading system a specific principle of operation and function parameter description (for example, calculation of equilibrium prices, different task processing conditions);
3) special conditions of direct reporting of transactions, as well as direct transaction types and conditions that do not apply this rule 5.6. the requirements of point;
4) quoted step (allowable price increase of instruments) (tick size);
6 standard lots);
7) price fluctuation range to individual financial instrument or the types of regulated markets, as well as the conditions under which you can cancel the provisions fixed price fluctuation area;
8) block the transaction limit;
9) task, task conditions and submission of enforcement order (priority);
10) stock for additional services, provided through the trade system procedure;
11) information about the trading system transactions and transaction statistics principles;
12) other technical parameters, requirements or restrictions relating to business.
4.1.4. the trade regulation and its amendments in line with the Stock Exchange members and the professional associations of these provisions in paragraph 3.1.3.
4.1.5. the trade regulation and amendments to the Charter shall enter into force on the Stock Exchange Board deadline, but not sooner than 10 days after their publication (insertion) Stock Exchange website on the internet. To ensure regular and appropriate market law (action), in exceptional cases, the Board of the stock exchange may not follow these rules 4.1.4. point and determine that Charter amendments shall enter into force for a shorter period, shall inform immediately the Commission and the members.
4.1.6. The stock immediately, but not later than the next working day after the approval of the amendments of the statute or, forward to the Commission electronically or amendments to the Statute, as well as members of the Charter or by-laws for the approval and amendment of information that these amendments can be consulted.
4.2. Membership status of 4.2.1. transactions in the trading system can only be a member, subject to the exception referred to in paragraph 4.2.2. A member can become an investment brokerage firm or a credit institution that is entitled to provide investment services in Latvia or in the Member State and in accordance with the financial instruments market law is eligible to become a member of the stock exchange, which monitors the activities of the relevant national supervisory authority and meeting the requirements set out in these provisions.
4.2.2. The stock Board can grant access to individual market segments of the public Treasury, the Bank of Latvia or any other country of similar authorities. That person is obliged to comply with the requirements of this regulation if the contract between that person and the stock market is not a certain additional restrictions and special person, specific requirements apply.
4.2.3. in order to become a member, the applicant shall submit the application to the specified pattern Stock, which adds the specified application documents. The information supplied in the application and then add documents determined by the Board of the stock exchange. Decision on the membership status of the Exchange Board shall adopt within 30 days from the submission and receipt of documents specified therein.
The NOREX Alliance within the membership can become a member, if the following conditions are fulfilled: 1) to the applicant possesses a valid license for the provision of investment services to its country of registration (including has the right to execute the customer's orders on transactions with financial instruments);
2) applicant has taken legal steps to become a member of the stock exchange, which can be evidenced by appropriate notification to the supervisory organ or any other document attesting to the procedures established by the commencement of the provision of investment services in Latvia or in the Member State;
3) the applicant has signed the membership agreement.
4.2.4. Member may initiate an action only after the stock exchange on which the contract of Participation and stock Board in certain entry fee payment.
4.2.5. the Member according to the information in the application may run on one or several markets or market segments. If the Member wishes to also act as a market support to one of the markets in financial instruments, it should enter into an appropriate agreement with the issuer of the stock or the issued instruments Member wants to be the maintainer of the market. Member not later than on the next trading day after the conclusion of the contract with the issuer shall submit information to the stock exchange on the following conclusion of the contract and those terms of the contract, which is important to the stock market, could control the maintainer deal with these regulations and market requirements laid down for uzturētaj.
4.2.6. the membership share capital must not be less than 730 000 euros or its equivalent in local currency at the rate of the Bank of Latvia. Member shall ensure that its organization structure, information systems, risk management procedures and other necessary internal control procedures comply with the law on the financial instruments market, stock exchange rules in these and other requirements.
4.2.7. the Member may initiate trading in some of the markets only after the achievement of the following requirements: 1) has at least two Members of staff who have passed the qualifying examination the stock broker and the broker's stock gained status;
2) Member has received the approval of the Members of the stock exchange technology equipment compliance with the requirements of the systems, and the trade has been made a member of the system and software (computer) system connection;
3) member is the Latvian Central Depository participant or has entered into an agreement with a person who is entitled and shall undertake to ensure the financial instrument for the settlement of the transactions concluded by Members;
4) membership has opened and there money in the checking account in a credit institution (bank), which the Latvian central depository is designated as the operator of settlement or uses the services of a credit institution which has a current account in the Latvian Central Depository designated credit institution;
5) Member has complied with the provisions of another stock exchange requirements that must be followed in carrying out the settlement of stock exchange transactions concluded or registered.
4.2.8. Each Member is assigned an identification code used by a member of the business marketing system. In special cases, the Stock of one Member can be assigned a number of identification codes, which identify the specific transaction or market, where transactions are carried out (for example, transactions in any of the markets or market segments, direct business transactions or automatically aligned). The stock exchange shall have the right to grant to one Member, the members of which must be used when carrying out transactions on behalf of customers.
4.2.9., doing business on the trading system, performance and respect the rules of the Exchange and trade regulations requirements of the task, the task execution and settlement procedures. Member responsibility for non-compliance with the provisions of these rules is fixed 7 and 8 the chapter and is applicable to all transactions carried out by the members (i.e., both transactions conducted on behalf of the client and to the client's account, and a member in the name and for the account of the transactions).
4.2.10. the Member is entitled, on its own initiative to terminate the operation of the stock exchange. To abort the operation, a member of the stock exchange no later than 30 days before the termination of the planned stock exchange submitted a written submission. The members are suspended on the last working day of that has passed the 30-day period. The day when a member loses membership status, all transactions where ongoing member is one of the parties to the transaction are completed when cash and settlement of financial instruments, but the tasks submitted to the stock exchange is canceled.
4.2.11 involving the exchange of notes. If that Member does not meet the requirements of these regulations, the Board of the stock exchange may decide to revoke the status of membership without prior notice. If the circumstances so require and to protect transactions involved parties from possible losses, the Stock Exchange's Board may require a member to execute trading system registered tasks.
4.3. Stock brokers 4.3.1. name of Member exchange transactions shall be entitled to close the Member's employer with whom a member has entered into a contract of employment and which is listed in the order of the Board has acquired the Broker's qualifications. A member of staff is also a person who has concluded a contract of employment with a Member State registered investment company or a credit institution which is a Member of the group with one (Group) company.
4.3.2. the Member is responsible for their own actions, which is the brokerage made using the Member access to the trading system provided for in cases where a member is not authorized to perform this action.
Broker ensures that any trade transaction entered in the system meet the requirements of the rules. Members shall ensure that all the tasks, what in the name of the Broker Members enter the trading system, you specify the Broker's personal identification code.
4.3.3. the Member must make sure that the employee who wants to become a Broker, has the appropriate qualifications and experience to successfully carrying out the tasks, and the Broker or employee shall meet the following requirements: 1) the employee is at least 6 months work experience in the market of financial instruments;
2) employee has mastered the economy, financial market or financial analyses that can be documented to assure you (for example, by submitting the appropriate education identity document or a copy of the employer's characteristics);
3) has mastered the knowledge of the stock exchange and the rules;
4) has successfully passed the stock exchange organised brokers qualifying examination (test), to operate a trading system.
4.3.4. the Members of the staff member's application that conforms to this provision the requirements of 4.3.3, stock broker is registered with the register, whether the Broker is entitled to do business in all markets, or in a particular market segment. Application for registration of a Broker Member prepares, in line with the model approved by the Executive Board.
The broker, which is registered in one of the exchanges within NOREX Alliance registers, can be included in the register of the stock brokers, not taking into account the provisions of point 4.3.3.
Broker is assigned a personal user identification (ID) and the password that confirms the Broker's rights and provides access to the trading systems for the respective market segment.
Broker is prohibited from transferring to a third party your identification code (ID).
The first three months after the start of operations of Stock Broker can implement enhanced monitoring of Brokerage transactions of the trading system.
4.3.5 a member shall immediately notify the stock exchange for the termination of an employee who is a Broker, or about the conditions that result in long-term Broker (longer than one month) it is not possible to participate in the trade and to perform his duties.
4.3.6. The Broker, who more than a year not switch business trading system, loses access rights trading system. The stock of such fact shall be notified to the Broker concerned and the Member of staff is the Broker.
4.3.7. In exceptional cases, when there is sufficient justification for the stock exchange, Stock Exchange Management Board may decide on individual brokers requirements did not apply.
4.4. The stock exchange trading day trading session structure (pre-trade, trade and post-trade session) and the time schedule according to which has access to the trading system, the trading statement, which is available on the website on the internet stock exchange.
4.5. requirements for entering Task Members shall ensure that, when you enter tasks in the trading system and formulating procedures for the performance of tasks by a member shall in their own name and on their own account, a member intentionally will create the conditions that would affect another trading system the entered tasks.
4.6. Pricing requirements to tasks and transactions entered on 4.6.1 Task book tasks and transactions in the trading system is automatically aligned the or statement is filed a trading system, should be reflected in the relevant financial instrument on the current market value. Member enter tasks and conclude transactions trading system with the aim to fulfill them.
The current market value is the price of the transactions, subject to prudential assessments, most accurately reflect the true price of the instrument. Determining the current market value, are taken into account the following factors: price changes in the instrument in the current and the previous trading day, the instrument's price fluctuations and changes in the prices for similar (similar) tools, if necessary and justified, and also takes into account other conditions that allows more accurate to determine the current market value.
4.6.2. the tasks that the task is entered, and the transactions automatically aligned the or for which the notice is given to the trade system, the price may be the price movement of the area. Price fluctuations in the area of financial instruments are permissible price change limits a single trading session. Price fluctuation range in all stock market segments is 15% from the previous trading session at the financial instrument specific weighted average prices, unless the trade rules, taking into account the market segment specific requirements or different types of financial instruments, not another price fluctuations. The Board of the stock exchange, after trading the conditions laid down in the Statute, is entitled to one or more financial instruments to suspend or to increase the price movement of the area.
4.6.3. Members must not engage in unfair transactions and manipulation of the markets include instruments, including enter tasks automatically (execute) compliant transactions or transactions concluded to announce who, alone or together, can significantly affect the pricing structure, supply and demand, and with no commercial justification, or which results in other companion is impeded or denied access to the trading system.
This requirement means that it is prohibited to take, for example, the following: 1) do business with the aim of those involved in financial transactions tools immediately dispose of the minimum price laid down, or the terms and conditions of the transaction provides that the rights will be limited to transactions with these financial instruments or otherwise facilitating the removal of a financial instrument from the publicly traded;
2) to promote the alignment of the task automatically or to enter into a deal with target to the buyer and seller were one and the same person;
3) enter a task or automatically align the task (to enter into a deal) with the purpose to influence a member owned or controlled by another person in financial instrument price to a specific point in time (for example, before the end of the year or the end of the month) would change the value of the financial instrument;
4) suggest another person enter a task or contribute to the alignment task automatically (involved in the transaction), with the aim of creating another person under more favourable conditions (price) to the appropriate financial instruments for sale or purchase;
5) to buy a task, which could affect the price of financial instruments, entering tasks in the book on their own account or for account of a third party to conduct transactions with financial instruments over positioning tasks automatically (engaging in transactions) before entering the relevant tasks;
6) to perform any other actions or engage in transactions that do not meet the good and fair trade practices.
4.6.4. If Exchange finds that any of the trading system tasks or entered into transactions meet this provision in paragraph 4.6.1 and 4.6.2 characteristics set the stock Board can decide to declare void and cancel relevant tasks or determine that the transaction is not taken into account in determining the last fixed-price.
Stock exchange shall immediately inform the Member concerned of the decision taken. In some cases, if it is required for the safe functioning of the market, the stock exchange has the right to place a statement on its website the decision taken on the internet.
4.7. trade stop (short Trading halt-Matching halt) 4.7.1. Exchange in exceptional cases, may decide to restrict the task of automatically matching one or more of the instruments.
The decision of the stock exchange halting trade instrument concerned may accept the case unusual price fluctuations, if the suspect does not ensure equal information to all market participants, or there are other circumstances which affect or are at risk and the law corresponding to the regular conclusion of transactions (trade).
Stopping the trade take place on a shorter time.
If the market included instruments are also included in other regulated markets, the stock exchange has to take the decision on halting trade only in those cases where the stock exchange is the primary market, which started the tools of the trade. The stock exchange shall immediately notify halting trade all those organised by the regulated market which are included in the regulated markets and is listed on the appropriate financial instruments.
4.7.2. Stock Exchange Announces trade stopping by for arresting the reasons and resumption of trade after the stop, insert a corresponding notification to the trading system.
4.7.3. trade stop during the relevant instruments are applied the following limitations and requirements: 1) stops the automatic task alignment;
2 Member Task does not) book entered tasks;
3) is prohibited in the new task entry or changes in existing task, but the task is allowed;
4) Members are obligated to report to the General procedure for the exchange of direct business concluded.
4.7.4. After halting trade deadline trade is restored and are repealed this provision limits laid down in paragraph 4.7.3, as well as the Member must comply with the trading system entered tasks.
4.7.5. The stock exchange shall have the right to take the decision to resume trading with the launch of the auction Trade.
If a financial instrument is included and is traded on other regulated markets, the decision on the resumption of trade with the auction Stock has power to accept only if the stock exchange regulated market is the primary financial instruments regulated market.
4.8. suspension of Trading (Trading halt-suspension) 4.8.1 Stock may decide to suspend trade with one of the included tools on the market, if there's one of the following conditions: 1) not available to market participants the information about financial instruments which, in accordance with the General requirements should be published;
2 is not available to the public) relevant information on the financial instruments of the issuer;
3) if suspension of trading law or circumstances joined, to which it is necessary to stop the trade.
The stock market has taken a decision on the suspension of trading, if the stock exchange regulated market is the primary regulated market on which the instrument was included. On the suspension of trading in a stock exchange shall immediately inform the Organizer to the regulated market regulated markets which is included in the tool.
4.8.2. renewing trade stock exchange as soon as the reasons why the trade was stopped.
4.8.3. immediately place the stock exchange trading system notification about suspension of trading with financial instruments, as well as the reasons for the suspension of trade.
4.8.4. Stock Exchange may provide that the automatic alignment of tasks after the suspension of the trade is carried out after the auction has taken place, which are carried out in accordance with the commencement of the auction Trade regulatory rules.
4.8.5. Members may not conduct transactions on financial instruments, which have stopped trading.
Tasks that you have entered task book before the suspension may be lifted. For direct transactions concluded before the trading suspension, are to be reported immediately after it is restored (resumed).
4.9. Automatic routing of tasks automatic tasks 4.9.1 routing is the process in which Members prepare for the tasks of the customer electronically and automatically routes (introductory) trading system, using an internet connection or other Members and network client connections. Automatic routing of tasks can also be performed using the companion client connection to the stock specially designed software.
4.9.2. for the right to use the automatic routing of tasks (also in the future, AMM), Members must submit a written application to the stock exchange, which also includes Members of the AMM system description. Description must specify at least the following information: (1)) usable in connection between AUM Member and customer description of security measures, including customer identification procedures;
2) order in which client order will be checked before it is automatically routed to the trade system;
3 Members of the AMM) system internal control procedures;
4) procedure that must be followed for the customer using the AMM system description;
5) order in which the Member undertakes to provide the client the AMM system with the systems of the existing information, and information on the agreement between the Member and the client, which includes provisions for the future in this way, the use of the information received.
4.9.3. the Member is responsible for the tasks that are entered using the AMM Members system.
4.9.4. Members shall ensure appropriate technical and administrative management, to which tasks the customer input via AMM system, comply with the requirements of this regulation.
4.9.5. Members must mean sales manager or other person with the appropriate obligations that the stock market can communicate to determine any question arising in connection with the AMM tasks entered the system.
4.9.6. Members must ensure that its clients are not available for the membership information that is not publicly disclosed laws.
4.9.7. Members must immediately notify the exchange of any major changes or amendments to the information concerning the AMM system.
4.9.8. may require a member of the stock exchange recovered with AUM related information.
4.9.9. Members must conclude separate contracts with its customers, which should lay down the procedures and conditions that must be met by the customer entering the trade with AMM system. This agreement should include at least the following provisions: 1) the maximum risk that Member shall be borne if no agreement with the customer, the customer authorizes the Member to check and make the financial instruments or funds blocking (reservations) or the customer's financial instruments account;
2 right) immediately stop the client task that is entered using the AMM system;
3) order in which a member will provide to the client follow that it entered tasks meets the requirements of this regulation and, in the cases specified in the contract, cancel a trading system entered tasks;
4) the right to cancel a membership transactions, which do not comply with this rule, the requirements of paragraph 4.6, or the right to cancel transactions under this provision and paragraph 6.7 5.7;
5) the prohibition to enter the customer trading system tasks that, alone or together, can significantly affect the price of the financial instrument or for which no commercial justification, or as a result of which other members may be delayed or denied access to the trading system;
6) the prohibition to distribute customer trading system available in the public market information;
7) procedure can start and stop the AMM system.
4.9.10. Members shall ensure that the AMM system technological equipment meets the following requirements at least: 1) contains the date and time when the customer task entered the AMM system;
2 Members of the AMM) system automatically rejects the task book entered in the client's task, if the execution of this task is a violation of one or more of the client to set risk limits settlement or transfer of financial instruments. Members of the AMM system must immediately provide the Member with information about the following tasks;
3) Members must be able to assess at any time the total risks which may result from its customers, doing business and using the AMM system;
4) Member has enough available data protection features (firewall), which allows you to access the customer's technical equipment within the same system or a member in accordance with the contract are granted rights to perform client technical equipment and systems connected face-to-face examination.
4.9.11. before the commencement of the AMM system for Member check (test) and it confirms its compliance with the requirements of this regulation. If necessary, the stock exchange has the right to request for system testing. AMM system connecting equipment with a trading system may only be carried out after the stock market has given approval for such a connection.
4.9.12. Technological equipment that will be used for the AMM, can be connected to the trading system through its membership the employee identification (ID), which is responsible for AMM.
4.9.13. AMM can use only those tools that can be automatically aligned transactions.
4.10. the automated trading, receiving 4.10.1 stock exchange approval, you can conduct transactions via the automated trading.
4.10.2. Member procedure for the operation of automated trading, which contain provisions that provide you with the following tasks of the associated risk of Member compliance with limits set, including the limits imposed by membership transactions, transfers and settlement.
4.10.3. Members shall ensure that an engineering equipment used for automated trading, meet this provision in paragraph 3.2.
4.10.4. tasks that are entered using automated trade (hereinafter also – AT), are recorded in the trading system with this type of trade in particular the assigned identification code (the code).
' 4.10.5. Member means sales managers or other employees with the appropriate obligations as the contact, which is competent to provide explanations for all questions related to the AT and who are obliged to follow, to AT run according to this provision the requirements of 4.10 and monitor AT result in tasks. Members can change the contacts for their timely notification to the stock exchange.
4.11. the rules violations of rules, Member sanctions for non-compliance with the provisions of the stock exchange and dispute procedures are laid down in the rules of Chapter 7 "monitoring".
4.12.4. Stock market maintainers can assign a member to act as a market support for one or more of the instruments. To get the right market, the Member must submit an application to the stock exchange, in line with the model approved by the Executive Board. Exchange application looking fifteen (15) working days from the receipt of the application.
4.12.2. Stock Exchange Management Board has the right to set a maximum permissible boundary between buying and selling prices, transactions, opening a market support (the quotation market step size).
4.12.3. A member may withdraw from the market the Stock status of the written submissions, that Member shall prepare, in line with the model approved by the Executive Board. Members are obligated to make the market function of the prosecution for not less than four weeks after the market launch of the function execution, unless the Stock Exchange Board on the request of the Member has not taken a decision to shorten this period.
4.12.4. If the Member does not comply with the market sustain the requirements of the Stock Exchange Board is entitled to take a decision to suspend or cancel the market granted to Member status of the peacekeepers for one or all of the financial instruments in respect of which the Member was authorized to perform the functions of the market.
4.12.5. Exchange your homepage on the internet (trading system) published a list of the instruments, which provide liquidity to the market, including the peacekeepers, who are Members of each of the instruments, and the maintainer of the market for each financial instrument standards a Lot.
5. Equity market 5.1 General issues the provisions of this chapter apply to the following market segments: 5.1.1 stock market segment;
5.1.2. the emission instrument market segment;
5.1.3. the certificate of investment funds (share) market segment;
5.1.4. the warrants market segment.
5.2 method 5.2.1. commercial transactions with financial instruments can close Task book or as outright transactions.
5.2.2. the transactions which the trading session, the members switch between, on their own or on the customer's invoice and that amount is less than or equal to the market segment concerned trade rules limit must be registered as automatically compatible. Stock Exchange, subject to this provision 4.1.3.-4.1.6 point can detect cases where this requirement is not applicable.
5.3 5.3.1 trading day the stock trading day is divided into the following sessions: 1) pre-trade session;
2) trading session;
3) post-trade session.
5.3.2 Pre-trade session Members can enter or change the start of trading on the auction to run tasks provided, as well as to cancel this task.
5.3.3. the trade session: 1) Members can enter tasks in the task, as well as books submitted tasks can change or cancel;
2) task book entered into purchase and sales tasks, in which the price, amount of financial instruments and other conditions being equal, align in a single transaction, making automatic task alignment;
3) Member announces its direct transactions concluded under this rule 5.6.;
4) Member may request to cancel the transaction, subject to the provisions of paragraph 5.7.
5.3.4. Post-trade session: 1) Member may change or Cancel tasks that are entered in the book;
2 member notifies Exchange) on Direct transactions concluded under this rule 5.6.;
3) Member may submit a request to cancel the stock exchange transaction pursuant to this provision, point 5.7;
4) tasks that are expired, delayed tasks and notifications of transactions (trade reports), for which no confirmation of membership involved in the transaction is automatically canceled.
5.4. the task book and tasks each type of instrument 5.4.1 can be traded in one or more of the task book. Task book can be entered in the following tasks: 1) a Lot of tasks — tasks that specify the amount of financial instruments is equal to or greater than the minimum amount for a given instrument has set the rules of trade, and which is determined taking into account the last price fixed by the automatic alignment of the transaction;
2) full Lot of tasks — tasks that financial instrument specified is less than the minimum amount for a given instrument has a set of trade rules.
5.4.2. assignment is a legally binding offer to buy (purchase) or sell (sales) a certain number of instruments under the provisions listed in the tasks to which signifies his or another person's (customer's) behalf (on their own or other person (customer) account).
5.4.3. the Member can enter, change, suspend or cancel the task. The time limit for carrying out these activities are laid down in the rules of trade.
5.4.4. the task must contain the following information: 1) task book identification code;
3) financial instrument number (volume);
4) task type — a purchase or sales order;
5) Investor Category: reference or tasks are entered in the client, on behalf of the issuer or of the members (on the Bill);
6) other tasks necessary information (for example, for transaction, a member of the Insider carried out on behalf of the holder).
The conditions of the task and the enforcement order is defined in the rules of trade.
5.4.5. the task changes are changes in the conditions of a task that is entered in the book of Job (for example, changes in the price or amount). Task changes can affect the performance of the task order (priority).
5.4.6. as a result of the postponement of the task task task book is disabled and cannot be executed as automatically compatible task. The task may begin at a specific time period or until the Member who has entered, the task requires to activate it. The task should not be put off longer than the current day trading session end if trade rules otherwise. Task book can also enter tasks, giving it the status "active" or "deferred".
5.4.7. the abolition of the task means that the job is turned off (deleted) from the task book.
5.4.8. the tasks specified in the price should be in those limits, which are set to trade rules. If the order that the customer has provided to the Member, the transaction price is listed in a different currency (not ls), a member of the Task book enter a task, specify the price in dollars, calculated according to the exchange rate at the moment of entering a task.
5.4.9. the trade session submitted by the customer orders a member executes immediately, but not later than 5 minutes after receiving the customer's order, enter a task in the task book. This requirement may be waived if the customer order is specified by the other transaction's due date. If a member receives almost simultaneously the number of customer orders, which objectively is impossible to meet the time limit specified in this paragraph, a member of the customer orders executed in the order of their submission in the shortest period of time.
If a member of the customer's order is received outside the trading session, a member of the task type in the customer's order book to complete the task as soon as possible.
The task of the members indicates the volume of the instruments of the Member with the client have agreed and which business, customer orders would be executed under the best possible conditions and the best price.
5.5. the tasks of the task book 5.5.1. Task book entered the tasks: 1) the commencement of the auction Trade that takes place at the beginning of trading session;
2) automatic alignment system of tasks that occur during the trading session;
3) auction, which takes place at the end of the trading session and is organized according to the commencement of the auction Trade regulatory rules.
5.5.2. the trade regulations of the stock exchange may determine the specific requirements that must be met, in particular dealing day of trading during the period.
5.6. the direct transaction notification and registration provisions 5.6.1 member in accordance with the provisions of this chapter shall notify the exchange of all direct transactions concluded in the Member has participated in.
5.6.2 a member is deemed to have participated directly in the transaction date, if the Member or on behalf of the client is involved in the transaction that the parties agree on the essential terms of the transaction.
5.6.3. For direct business concluded on the volume of the instrument, which is less than one standard Lot, should also be notified to the stock exchange.
5.6.4 for direct transactions that involve at least two members must be notified to the exchange point in 5.6.5. these provisions. Direct deal that involved only one Member must be registered as an internal transaction this provision in paragraph 5.6.6.
Communication on direct business (hereinafter in this chapter — communication) must provide the following information: 1) task book identification code;
2) indication of whether the Member is involved in the transaction as buyer or seller;
3) transaction price;
4) the number of instruments;
5 Members, which is the transaction), the other party, the identification code (if the transaction is concluded with the participation of two members);
6) transaction date date and time;
7) nature of the transaction according to the regulations on the classification of trade;
8) or transaction is made, the customer or member on behalf of the issuer (if it is possible to identify the counterparty);
9) the transaction settlement date (settlement period) and current performer;
10) other commercial information provided for in the Statute.
5.6.5. If members who have participated in the direct business, communications, information, direct trade is established in the trading system.
Members are obligated to compare the information provided in the notification to the other Members involved in the transaction in a statement. If two members on the information provided in notifications do not match, the members immediately investigates the cause of the error and replace the incorrect (false) statement with a new statement. The Member submitting the notice specified, make sure that the erroneous statement about direct transaction is canceled.
If the trading system for direct transaction entered the first message is not aligned with the other parties to the transaction later entered the notification, the first notification is deleted from the trading system, and the members who are involved in this transaction, you must submit a new notice to the stock exchange.
5.6.6. the Member who has participated in the internal transaction, register it in the trading system, you enter the trading system notification of transactions. The statement indicated the Member type. Direct types of transaction and the procedures for their implementation are set out in the rules of trade.
5.6.7. notifications to Members of direct business in the trading system is to be entered immediately, but not later than 5 minutes after the time of conclusion of the transaction directly, unless the trade regulations in cases where the notice is to be followed by another entry.
5.6.8. the trade regulation may provide that, in specific cases for certain types of direct transactions are not subject to the provisions of paragraph 5.6.1.
5.7. the abolition of Business 5.7.1. Stock may cancel the transaction only after members involved in the transaction request.
Member submitted a request to the Exchange transaction cancellation not later than 30 (thirty) minutes from the transaction, where the transaction is concluded, using the automatic task alignment, or not later than 10 minutes after the registration of the transaction in a direct marketing system.
Post-trade session closed transactions may cancel only the first ten (10) minutes of the session post-trade.
5.7.2. Stock Exchange Board authorized the employee is entitled to extend the period in which you can cancel the transaction if the Member has submitted an application, which contains the rationale for the need for such an extension.
5.7.3. to ensure market continued and safe operation or in other extreme cases, Exchange may decide to cancel one of the transactions, if: 1) can unambiguously conclude that Members, when you enter a task, or a member of the customer giving an order, make a mistake;
2) stock exchange considers that the results of the implementation of the transaction in violation of the law or the rules of the stock exchange requirements;
3) transaction is created to trade or settlement systems disruption (damage) results that are outside the control of the Member.
5.8. Settlement terms Settlement of stock exchange transactions entered into or established in accordance with the provisions of the exchange of cash and settlement of financial instruments.
5.9. Special provisions for stock market segment 5.9.1. the term "shares" in these rules understand financial instruments that ensure participation in the capital of commercial companies (such as shares), and stock certificates.
Automatic task matching 5.9.2. If the stock market traded instrument task book is fixed limit, transactions are performed with the instrument and whose amount is equal or less than the set limit, may only Exercise book as automatically compatible tasks.
Transactions outside the task books Trade session 5.9.3. the price of direct deals, which is a trade session and whose amount is equal to or less than the prescribed limit of Block transactions, you must determine the price range, which is effective immediately at the time of conclusion of the transaction.
5.9.4. If the price interval at the time of conclusion of the transaction directly in the book, in the deal should be closed at the current market price. Trade rules can define specific criteria applicable to the current market price. At the request of the Stock Exchange Member must justify the transaction price in the current market price.
Transactions outside the task books outside the trading sessions 5.9.5. If direct transaction is concluded outside the trading session time and the transaction volume is equal to or less than the prescribed limit of Block transactions, direct transaction price must be trading session price range of the lower and upper boundaries.
5.9.6. If on the closing of trading session Price interval is not specified, the transaction should be closed at the current market price. Trade rules can define specific criteria applicable to the current market price. At the request of the Stock Exchange Member must justify the transaction price in the current market price.
5.9.7. Stock trading regulations in certain types of transactions may provide other restrictive rules, but they can not extend the provisions referred to in section 5.9.
5.10. Special provisions for emission instrument market segment. Emissions instruments this 5.10.1 under the terms are financial instruments, which are rights to buy shares in the subscription or Exchange, and other similar financial instruments.
5.10.2. The trade in emissions instruments is carried out, pursuant to the provisions of paragraph 5.9.2.-5.9.7, unless otherwise provided for in the rules of trade.
5.11. Special provisions for investment certificate (share) market segment business with investment licences (parts) is subject to the Provisions of paragraph 5.9.2.-5.9.7. unless otherwise provided for in the rules of trade.
5.12. Special provisions for Warrants market segment 5.12.1. under the terms of the Warrants are issued by the issuer of the financial derivative instruments, which strengthened the right to acquire the issuer's financial instruments (e.g. shares) at a specific price within a certain time limit.
5.12.2. transactions with warrants may enter into under this rule 5.9.2.-5.9.7. the point, unless otherwise provided for in the rules of trade.
6. Fixed income instruments market 6.1. General questions rule 6.1-6.8, paragraph is applicable to all regulated stock exchange markets of fixed income instruments.
6.2. Marketing techniques 6.2.1. Business with fixed income instruments can perform the task book or as outright transactions.
6.2.2. transactions with fixed income instruments can and should notify about them, subject to the provisions for the direct conclusion of transactions, as well as in the light of the provisions of this chapter, and the Trade in certain exceptions. Member must notify all direct transactions in which he is involved, subject to this provision in paragraph 5.6.
6.3 6.3.1. Trading day trading in fixed income instruments takes place in the same time, some are set to trade in securities, unless otherwise provided for in the rules of trade.
6.4. the task book and tasks 6.4.1. Tasks that the task is entered in a book of business with fixed income instruments are executed according to the rules that determine the direct recording of transactions, unless the trade rules otherwise.
6.4.2. the tasks specified in fixed income instruments price is determined as a percentage of the face value of the instrument. Price adjustment to make the settlement of transactions with fixed income instruments, is performed according to the rules of the Exchange and trade of the procedures laid down in the Statute.
6.5. the book prices entered transactions
6.5.1. A member wishing to do business with a member, who is not entered in the books of the tasks best price, the transaction may be concluded at a price which, at the time of conclusion of the transaction is not worse than the task book entered in the best price.
6.5.2. A member that do business with the members who Exercise book entered the best price, to increase the number of instruments specified in the task (amount), or to make a deal for a greater number of the instrument, if the task is also entered in other roles at that price, and as a result of the increase will not be able to meet them.
6.5.3. If the task is not entered in the book no sales or purchase assignment, the transaction price is determined according to the requirements of the trade rules.
6.5.4. it is forbidden to do business with fixed income instruments, if the task is not registered at the same time in any sales or purchasing tasks.
7. monitoring monitoring 7.1 General 7.1.1. issues with the term "surveillance" of the Exchange rules understood by stock exchange of its operations in accordance with the financial instruments market law and these terms is entitled to make, in order to ensure its members of regulated markets and is complying with the law on the financial instruments market and stock exchange rules. Stock Exchange, within their competences, supervised by Members of the stock exchange transactions with markets in financial instruments, and whether members apply financial instruments market law and these rules, regulations and requirements of trade stock exchange Executive Board decisions.
7.1.2. The stock exchange may set up one or more bodies (committees) supervisory task, fully or partially delegating their supervision duties in these institutions; in this case, the mandate of the Committee and the Organization of the activities detailed in the rules of operation of the Committee.
7.1.3. it is the responsibility of the stock exchange daily to monitor the activities of members and whether they comply with the rules of the stock exchange and legislation governing financial instruments market, the requirements to organize the execution of decisions and orders and organize the decision and order the monitoring of compliance.
7.1.4. to comply with the law on the financial instruments market in certain functions and duties, Exchange within their competence are: 1) the law on the financial instruments market, these rules and any other stock exchange in the cases provided for in the rules and procedures in writing giving reasons, require the members of the information and documents on the activities of the Members market and the provision of investment services with market financial instruments;
2) require from members other information needed to assess a stock that members comply with the financial instruments market law and stock exchange rules and whether their activities comply with the requirements laid down therein;
3) manufactured from members received copies of documents and information and transcripts.
7.1.5. The stock exchange down all of the Exchange Board members, employees and representatives shall not during the term of a certain respect the secrecy of all information received in connection with the implementation of the monitoring activities of the members. This obligation does not apply to information that is publicly available, as well as to the information to be published in accordance with the law or the requirements of the rules.
7.2. the examination 7.2.1. in the case of reasonable doubt of the Exchange may require the Member to carry out internal audit and/or the audit at any time to check for a specific transaction, document or transaction in compliance with the financial instruments market law and stock exchange rules, or other stock exchange requirements, respectively.
7.2.2. A member is bound by a written reasoned request of the stock exchange to produce documents relating to the provision of investment services with regulated stock exchange markets of financial instruments or documents justifying the transactions with financial instruments, as well as other documents examination purpose.
7.3. Orders 7.3.1. Stock Exchange may issue compulsory orders members to avoid the law or stock exchange rules violations discovered in the activities of the Members. The stock market may examine whether the Member has complied with the stock exchange order.
7.3.2. If the Member does not comply with the order, Stock Exchange member may apply sanctions pursuant to Chapter 8 of these rules.
7.3.3. the Member who issued the order Stock, respond in writing to the Management Board of the stock exchange order. If the Member does not agree with the order of the stock exchange, a member of the response letter. The stock market may call upon the members of the representative to discuss the response.
7.3.4. If the Stock Exchange Management Board after consideration of the responses is convinced that the financial instruments market and the interests of investors are adequately protected, even if you do not meet the order requirements, Exchange reverses the order or to partially or completely amended.
7.3.5. Members may challenge the decision, which was adopted after the stock answers, Exchange arbitration proceedings or arbitration of commercial banks of Latvia (if the Member is a credit institution).
7.3.6. the written reply to the submission of the order, the order of contestation or bringing the stock exchange arbitration or arbitration of commercial banks of Latvia shall not relieve the Member from his obligation to run the stock exchange order.
7.4. additional restrictions on the members of the stock exchange may be 7.4.1. impose additional requirements or restrictions members if such additional requirements or restrictions are necessary to ensure the ability of the members according to meet their obligations or to provide the financial instrument for the continuous operation of the market or the protection of the interests of investors. Additional requirements or restrictions on stock exchange may determine, for example, a member of the internal control system of the Organization, qualifications or for stock trading system.
7.4.2. by decision of the Board of the stock exchange may apply restrictions if the Member: 1) Member repeatedly has not fulfilled its obligations to customers or other members of the stock exchange or stock arising from transactions on the stock exchange;
2) member of the law, these regulations or other rules of the stock exchange;
3 the financial situation) creates a reason to believe that there is no adequate protection of members of the client's interests.
8. Penalties the penalties types 8.1 if the Member or its employees violated the law on the financial instruments market or stock exchange rules, a member of the Board of the stock exchange may be applied the following penalties: 8.1.1. warn;
8.1.2. impose fines;
8.1.3. to stop operation of the stock exchange;
8.1.4. to withdraw the status of stock exchange Members.
8.2 alarm 8.2.1. expression of Stock Exchange Board, by its decision may warn him in case there is a violation of the law on the financial instruments market or stock exchange rules, or if the Member, its Board members or employees are not fulfilled, or fail to comply with the relevant stock exchange order.
8.2.2. the stock exchange warned in writing immediately on alert a member expression, and action to be taken to prevent irregularities.
8.3. Finance charge on the Stock Exchange Board 8.3.1. by its decision to impose the fine if the Member of a member, the Board member or employee repeatedly violated the law or the rules of the stock exchange, not comply or does not comply with the order or stock is substantially violated the law on the financial instruments market or stock exchange rules. The Finance Board of the stock exchange may impose if Member activities are jeopardized or other Members of the investor's interest. The Board may also impose fines for every breach found separately.
8.3.2. Stock Exchange Board on this provision 8.3.1. the infringements referred to in paragraph 1 may be subject to a fine of from 50 to 2000 lats. In deciding on the amount of the fine, the Stock Exchange's Board take into account the nature of the infringement, as well as to assess the possible consequences that could arise in a timely elimination of the infringement is not necessary.
8.3.3. Stock Exchange shall notify the members of the imposition of fines and indicates that you want to pay the fine.
8.4. Member transactions on the Stock Exchange Board termination 8.4.1 may prohibit a member to use the trading system and stop the operation of a Stock Exchange Member, if: 1) member does not comply with the order issued by the stock exchange;
2) member does not meet the restrictions, which, in accordance with the rules of the stock exchange 7.4. point is applied to Members;
3) Member has lost the right to provide investment services (license is cancelled);
4) member of the essential or repeatedly violated the rules of the stock exchange or financial instruments market law;
5) Member fails to comply with the rules of the stock exchange or financial instruments market law;
6) after Exchange, the Member's financial situation does not allow you to keep the membership investment activities, without compromising investor, other members and the interests of the stock exchange or without harming them.
8.4.2. the stock exchange shall immediately inform the Member in writing of the decision to suspend the Member concerned or to prohibit the Member to use the trading system on the basis of the cases referred to in paragraph 5.2 of these rules, specifying the conditions under which Members must follow to stock exchange reversed this decision.
8.4.3. the essential amendments to the settlement agreement the conditions that a member with the Latvian Central Depository participants, which is a credit institution, the Board of the stock exchange may apply restrictions on stock transactions, a member may be made, and/or terminate the operation of the Stock Exchange Members to Exchange is satisfied about the ability to meet the members of the stock exchange transactions arise.
8.4.4. the Management Board of the stock exchange may stop the operation of a stock exchange Membership for a period of up to six (6) months. If a member of a stock exchange prescribed period prevents the circumstances on the basis of which the Member State was terminated, Exchange reverses the decision of the Board on the status of Members and restores the Member's right to use the trade system.
8.4.5. Membership termination, based on this rule 8.4.3 of the cases referred to in paragraph 1, shall not relieve the Member from the obligation to pay the participation fee for the period of time when the membership was terminated.
8.4.6. the stock exchange immediately placed a notice in the trade system of the membership termination.
8.5. the withdrawal of the status of Members. the Board of the stock exchange is a 8.5.1 right to revoke membership status if: 1), its Board or Council member or employee is substantially or repeatedly violated the rules of the stock exchange or legal requirements;
2) Member's financial situation does not meet the requirements of the rules of the stock exchange;
3 Members of staff), operating system, trade qualifications do not meet the requirements laid down in these provisions;
4) member does not comply with the decision of the Management Board of the stock exchange or a stock exchange order within a specified period, to reconcile membership in accordance with the rules of the stock exchange or financial instruments market law;
5) Member intentionally provided false information to the stock exchange, membership status, or stock exchange during operation;
6) Member status is suspended for six months, and the Member has not been able to prevent the conditions that caused such a break.
8.5.2. The Stock Exchange Management Board has the right to revoke membership status if the Member six months not used a trading system and make transactions with financial instruments.
8.5.3. Membership status may be revoked if the Member has commenced the process of liquidation or is declared insolvent Members, has launched bankruptcy proceedings, as well as if the decision to terminate the activities of the Members.
8.5.4. Stock Exchange immediately placed a notice on the Stock Exchange's trade system the Member staus of the cancellation of Membership.
8.5.5. The members shall inform, in writing, of the decision to revoke his membership status. Such decision shall specify the grounds for revocation and the rights of Members to request a further review of the decision of the Exchange Board.
9. the decision of the Board of Directors of the stock exchange and the opposition disputes 9.1. Members have the right to challenge the decision of the Board of Directors of the Stock Exchange Member status the status of the cancellation of the suspension or of the Exchange arbitration or arbitration of commercial banks of Latvia (if the Member is a credit institution).
9.2. If the Stock Exchange Board has taken a decision to suspend the activities of Members, Members shall have the right to ask the Board of the stock exchange again to look into the matter, submitting a request for the following reasons.
9.3. If the Management Board of the stock exchange does not change the decision to revoke membership status after the second hearing, the members have the right to submit a claim to arbitration, or the Stock Exchange Arbitration of commercial banks of Latvia (if the Member is a credit institution).
9.4. Any dispute between the Exchange and its members, and between members, which cannot be resolved by agreement of the parties, addressed the stock under the Stock Exchange Arbitration Arbitration Rules or arbitration of commercial banks of Latvia, if at least one of the parties to the dispute is a credit institution. The stock exchange arbitration or arbitration of commercial banks of Latvia the judgments are final and non-appealable.
9.5. If stock unless otherwise specified in the rules, the Member is entitled to submit a claim to arbitration, or the stock of commercial banks of Latvia Court of arbitration (if the Member is a credit institution) on the stock exchange order or decision of the Board of Directors of the stock exchange, under which the penalties applied to the Member within three months of the decision on the imposition of the fine or order date.
10. final question 10.1. provisions shall enter into force by a separate decision of the Council of the stock exchange, but no earlier than the day following that of their publication on the financial instruments market law.
10.2. With the entry into force of these regulations shall lapse following the Riga Stock Exchange rules: 10.2.1. "for members of the stock exchange" (published in the "journal" of Latvia 2004 30 January);
10.2.2. "broker" (published in the "journal" March 26, 2004);
10.2.3. "trading rules" (published in the "journal" of Latvia in 2004 30 January).
Transitional provisions 1. Members who do not conform to those provisions, the requirements to members within six months from the entry into force of the provisions may take the action necessary in order to ensure that these requirements are met.
2. until the establishment of the Arbitration Board of the Exchange and the Stock Exchange arbitration rules for the approval of the Executive Board decisions that have been taken in respect of members, which are not credit institutions, can be a challenge to the Council of the stock exchange within 30 days of adoption of the decision of the Board of the stock exchange. The Stock Exchange's Council's decision may be challenged in a Court of law in Latvia.
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