on regulating transactions with unique packages
securities within the multilateral system of trading
Stock Exchange of Moldova
in the Official Gazette
Article No. 564
Effective Date: 15/04/2016
After reviewing regulation on the organization and execution of transactions with securities in single packages of the multilateral trading system of the Stock Exchange of Moldova presented to the coordination of the National Commission of Financial Market, pursuant to article 3, article 8 b) and letter t), art. 21 (1), Article 25 para. (2) of Law No. 192-XIV of 12.11.1998 "on the National Commission of Financial Market" (republished in Oficial, 2007 nr.117-126 BIS), Article 1. (2) - (4), Article 5 and Article 74 of Law # 171 of 11.07.2012 "on the capital market" (Official Gazette of the Republic of Moldova, 2012 nr.193-197, art.665)
National Securities Commission FINANCIAREHOTĂRĂŞTE
1. Accepted rules on the organization and execution of transactions with securities in single packages of the multilateral trading system of the Stock Exchange of Moldova, approved by the Stock Exchange of Moldova through the records No.11 / 15 of 09.10.2015 No. .12 / 15 of 12.11.2015 and no. 01/16 of 01/02/2016 (attached).
2. This decision shall enter into force from the date of publication.
COMMISSION VICE NATIONAL FINANCIAL MARKET Iurie FILIP
N. 16/7. Chisinau, April 8, 2016.
Moldova Stock Exchange (minutes no. 11/15 of 10 September 2015
report no. 12/15 of 12 November 2015
minutes no. 01/16 of 1 February 2016)
REGULAMENTprivind organization and execution of transactions with packages of securities
unique within the multilateral system
trading facility (MTF) of the Stock Exchange of Moldova
This regulation on the organization and execution of transactions with securities in single packages of the multilateral trading facility (MTF) of the Stock Exchange of Moldova (hereinafter - Regulation) Rules was developed based multilateral trading facility (MTF ) of the Stock Exchange of Moldova, system operator, approved and modified by the Board of MSE (minutes no. 05/15 of 11 March 2015 minutes no. 08/15 July 1, 2015, minutes no. 10 / 15 of august 6, 2015, minutes no. 11/15 of 10 September 2015).
1. General concepts
1.1. This Regulation is the basic normative act governing the organization of negotiations and conducting transactions with unique packages in the multilateral trading facility (MTF) of the Stock Exchange of Moldova (hereinafter - MSE) and is mandatory for execution by all participants in the trading process.
1.2. This Regulation shall be approved by the Board
MSE 1.3. The terms used in this Regulation have the meanings set of rules MTF and the following meanings:
unique package - securities admitted to trading on the MTF conducted according to the principle: sell-buy all or nothing;
Transaction execution - delivery fulfillment of obligations by the seller of securities and payment of funds to the buyer;
Parties to the talks - Members MTF, fulfilling the present Rules and Regulations MTF;
Participant in the negotiations - Contact - Member of MTF performing stock transaction of securities with unique package and account on behalf of his client in the name and on their own;
Participant in the negotiations - the buyer - Member of MTF performing transaction of purchasing securities with unique package and account on behalf of one or more customers and / or on their own;
Makler - the person empowered to conduct negotiations with unique packages;
A Day - the day negotiations;
Negotiations outcry - how to conduct negotiations with unique packages in accordance with the principles of publicity, transparency and equality of all participants;
Negotiations outcry principle - to sell at a maximum price.
1.4. For the purposes of these Rules, all times indicated are to be considered as calendar days, except separate set of rules.
2. Participants in the negotiations with unique packages
2.1. Participants in the negotiations with unique packages are members of MTF which conclude transactions in their own name and on behalf of clients and / or in the name and on their own.
2.2. Participants in the negotiations will participate in transactions through stockbrokers accredited.
2.3. Participants in the negotiations - buyers, arranging transactions of purchasing securities with unique package to the account multiple clients and / or on their own, must respect the following rules:
- for every single package exposed to auction participant in negotiations - the buyer may be represented by one agent scholarship;
- The total amount of securities the participant in the negotiations wants to buy them on their own and / or on behalf of several customers, should be equal to the amount of securities put up for auction as a single package;
- Orders the purchase of a single package on your own and / or on behalf of several clients, can be received and executed by the participant in the negotiations - the buyer within a maximum purchase price.
2.4. Participants in the negotiations will ensure that the securities put up for auction with unique packages on a depositary account opened with NSD / central depository.
March. Preparing negotiations
3.1. The request to participate in negotiations with unique packages to be submitted to the MSE by stockbrokers no earlier than the day A-30 and no later than three working days before the day of the negotiations start, 12.00, and demand for the sale of a single with a value exceeding EUR 1 000 000.00 lei - not later than five working days before the date of commencement of negotiations 12.00.
3.2. The request shall indicate the date of commencement of negotiations and the validity of the request. According to the validity applications can be of two types:
- simple application with validity period not exceeding 10 days, or
- application with validity extended to match potential buyer at an acceptable price (application PP). For applications PP, by the deadline for simple request, commencing during prolonged exposure, during which the MSE will effect reduction in three stages price with an interval of 10 days, and if no potential buyers after the price reduction three times, the securities will negotiate the price offered by the buyer.
3.3. The request also indicated the initial sale price in accordance with orders received from the customer, which for PP requests can not be less than:
a) the last price recorded as a result of transactions in the MTF within 12 months preceding the application date, but in the absence of that price,
b) nominal (fixed) securities.
3.4. Based on applications will BVM plans, negotiations with respect to the chronological order of registration applications unique to selling packages under the registration number.
3.5. MTF negotiations plan members can learn in the trading room on the MSE website and / or to receive the appropriate department of MSE 3.6
. Applications for sale will be recorded in the Register of applications, which will be held manually and will include information contained in the application and:
- filing date;
- Unique registration number of the application.
3.7. After filing a copy of the application will be returned MTF Member's signature of the person who recorded it and a copy will remain on
MSE 3.8. MSE application for registration will be charged a registration fee of 100 lei.
3.9. The application may be revoked no later than 12.00 of the day A-1.
3.10. The request for negotiations is presented by issuing application form (Annex no. 1 to this Regulation). If the application does not contain all necessary information or are inconsistent with the registration application may be refused.
4.1. Venue negotiations with unique packages MSE is trading room of auctions take place every day starting at 11:00, except weekends and bank holidays. If necessary during the auction may be amended by order of the President of MSE
4.2. To participate in negotiations MTF Member List must register to participate in negotiations on the appropriate date, which shall include the following information: individual code of the Member's broker-MTF, date and time, signature stockbroker. Participants in the negotiations recording from 9.00 till 10.45 hours. Registered member handed him a galley with its registration number.
4.3. Negotiations with unique packages of securities in the MTF is conducted in the following order established:
- Makler negotiations are opened by announcing the opening of negotiations to date;
- Makler announces stock position number in plan negotiations and the terms of sale;
- Stockbroker interested in acquiring the unique raises tablet, announced the price which it intends to provide;
- Part of the agreement is considered stockbroker who offered the maximum price at which the obligation to buy;
- If after repeating three times the price proposed, no one gives another price Makler announces "no., Price, three, Sold!"
- Stockbroker, which provided maximum price announced by Makler, it will be considered part of the agreement;
- The phrase "no., Price, three, Sold!" Means the participant number written on the board, the price offered and the words "three, Sold!" Shall mean the definitive establishment of agreement between the parties;
- Whether a missing packet counter offer to purchase, Makler proceeds following the announcement of the plan negotiation positions;
- If the purchase offer is received from several participants, will conduct negotiations in order Makler price increase. After each bid the price increase Makler will start a new count;
- Fixing agreement between the parties by Makler by stipulating the basic conditions of the transaction in the registration card (Annex no. 2 to these Regulations).
4.4. Negotiations with unique packages for the applications PP is conducted under the following special conditions:
- PP demand is included in Plan C at an initial price negotiations in accordance with paragraph 3.3. of this Regulation;
- If within 10 days the unique package has not been sold at the price of C, MSE will change in terms of price negotiations as follows:
The plan includes price negotiations with the first reduction C1, which will be equal:
a) price C decreased to 20% according to the application submitted by the participant in the negotiations BVM-seller no later than 12.00 on the last day of exposure to securities at the price C, but if lack of demand participant in the negotiations - sales,
b) the price of C minus 20%.
Position at this price plan will be included in negotiations for a period of 10 days to search for potential buyer. If no buyer price will be applied C1 second price reduction C2, which will be equal:
a) with C1 price decreased to 20% according to the SEM application submitted by participant-seller negotiations not later 12.00 on the last day of exposure to securities at the price C, but if the participant in the negotiations lack of demand - sales,
b) with C1 price minus 20%.
With this price plan position will be included in the negotiations for a period of 10 days. If no buyer at the price of the second cut (C2) in the plan will be included negotiations with third price reduction C3, which will be equal:
a) price C2 decreased to 20% according to the application submitted to the MSE by participant-seller negotiations no later than 12.00 on the last day of exposure to securities at the price C, but if the participant in the negotiations lack of demand - sales,
b) price minus 20% C2.
With this price plan position will be included in the negotiations for a period of 10 days.
Within each price reduction negotiations will be conducted in the manner set out in paragraph 4.3. of this Regulation;
- If during the process for price reduction in three stages, the securities were not sold, the position will remain in plan negotiations without price indication initially for a period of five days and negotiations will be conducted with obligatory presence of participant-seller negotiations, as follows:
If there is a potential buyer, negotiations begin with the price offered by the buyer (price Cx). Makler will announce this price and the seller will agree to sell its securities at this price. If you are more willing to purchase securities of a single set of negotiations will be conducted in accordance with section 4.3. of this Regulation. If the seller agrees not to the price offered by the purchaser, he notifies price, less the negotiations are not possible. If the buyer does not agree with the price announced by the seller, the parties' agreement is considered unfinished. If the buyer accepts the conditions of your question, it raises tablet and starts counting Makler for fixing agreement of the parties. Where are more willing to purchase securities of a single set of negotiations will be conducted in accordance with section 4.3. of this Regulation;
- Is established by agreement of the parties Makler by stipulating the basic conditions of the transaction in the registration card (Annex no. 2 to this Regulation);
- Participant in the negotiations, the seller is entitled to apply for the withdrawal of a single set of negotiations, but not later than 12.00 the day preceding the date of withdrawal;
- Securities offered for sale, but not claimed and withdrawn from the negotiations may be repeatedly exposed for sale as a single package in the MTF established by this Regulation;
4.5. Makler has the right to request a stockbroker or on its own initiative, briefly interrupt the negotiations to clarify information about the securities put up for auction, make observations of participants in the negotiations, to make announcements general at the beginning and / or at the end of negotiations and announce negotiations during short breaks (no more than 5 minutes).
4.6. Makler announces the end of their negotiations.
4.7. At the end Makler conclude negotiations and sign-participants in the negotiations with buyers registration card.
4.8. Makler functions are exercised by the President of the trading session, which also coordinates and ensures the correctness of negotiations with unique packages of securities under this Regulation. MSE President has the right to intervene in the operational conduct of the negotiations, including to interrupt within its jurisdiction.
May. Registration and execution of transactions
5.1. MTF basis for registration of the transaction with unique packages of securities will serve registration card signed by the participant in the negotiations - the buyer and authenticated by Makler.
5.2. Registration card will be perfect accordance with Annex. 2 to this Regulation: one copy for each party and one for MSE 5.3
. After negotiations, but not later than the day A + 1, participants in the negotiations transaction record MTF Department's direct transactions in accordance with the Rules MTF MTF Joined transaction is considered day 5.4 T.
. Settlements transactions with unique packages of securities shall be made in accordance with the Rules NSD / central depository.
6.1. Any dispute related to the registration or execution of transactions with unique packages of securities will be settled amicably between the parties. In case of impossibility to reach a consensus, the dispute shall be resolved by the Arbitration Commission of the BVM or in court.
6.2. MTF member is responsible for the veracity of the information in the application, within the deadline of requests presentation on the MSE and proper execution of client orders.
6.3. To breach this regulation will apply BVM Disciplinary Committee Members MTF appropriate sanctions.
6.4. Modifications and additions to this matter for the Council Regulation on the President's proposal BVM BVM with subsequent acceptance of NCFM
6.5. This Regulation shall be accepted by the NCFM and enter into force upon publication.