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  • Licensing Requirements

    • MAE-2.1.1

      A licensed exchange or licensed market operator shall, in respect of every market it operates:

      (a) As far as is reasonably practicable, ensure that the market is fair, orderly and transparent;
      (b) Manage any risks associated with its business and operations prudently;
      (c) Not act contrary to the interests of the public, having particular regard to the interests of the investing public;
      (d) Ensure that access for participation in its facilities is subject to criteria that are fair and objective, and that are designed to ensure the orderly functioning of the market and to protect the interests of the investing public;
      (e) Maintain business rules and, where appropriate, listing rules that make satisfactory provision for:
      (i) A fair, orderly and transparent market in securities and futures contracts that are traded through its facilities; and
      (ii) The proper regulation and supervision of its members;
      (f) Enforce compliance with its business rules and, where appropriate, its listing rules;
      (g) Have sufficient financial, human and system resources:
      (i) To operate a fair, orderly and transparent market;
      (ii) To meet contingencies or disasters; and
      (iii) To provide adequate security arrangements;
      (h) Ensure that it appoints or employs fit and proper persons as its chairman, chief executive officer, directors and key management officers;
      (i) Have a well designed Disaster Recovery Plan in place and the same shall be submitted to the CBB in accordance with Section MAE-2.10;
      (j) Have the capacity, authority, expertise and resources to enforce compliance by its members, shareholders, users and participants with laws, regulations and rules;
      (k) Ensure that the rules and regulations of the stock exchange are clearly expressed, understandable and readily available to anyone who needs to use them;
      (l) Ensure that the rules are applied equally to all participants without favour or discrimination;
      (m) Ensure that there is a system in place to record all trades and capture order entry data for surveillance purposes;
      (n) Ensure that it has a complaints and whistleblowing procedure; and
      (o) Have an operating manual, including the structure of the licensed exchange or licensed market operator;
      (p) Provide to the CBB, for its review and comment, at least 5 business days prior to publishing in the press, the draft agenda for any shareholders meetings referred to in Subparagraph MAE-2.1.1(r);
      (q) Ensure that any agenda items to be discussed or presented during the course of meetings which require the CBB's prior approval, have received the necessary approval, prior to the meeting taking place;
      (r) Invite a representative of the CBB to attend any shareholders' meeting (i.e. ordinary and extraordinary general assembly) taking place. The invitation must be provided to the CBB at least 5 business days prior to the meeting taking place; and
      (s) Within a maximum of 15 calendar days of any shareholders' meetings referred to in Subparagraph MAE-2.1.1(r), provide to the CBB a copy of the minutes of the meeting.
      Amended: July 2016
      Amended: April 2016

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