By -Laws of the BEIRUT STOCK EXCHANGE
The Official Gazette - Issue No.51 - 21/12/95
The Ministry of Finance
Implementation of the By-laws of the Beirut Stock Exchange
The President of the Republic,
By virtue of the Constitution,
By virtue of legislative decree No.120 dated 16/09/1983 (Regulations of the Beirut Stock Exchange) as amended by virtue of legislative decree No.30, dated 23/03/1985, and law No.418 dated 15/05/1995,
By virtue of decree No.4808 dated 29/01/1982 (By-laws of the Beirut Stock Exchange) as amended by virtue of decree No.4729, dated 30/03/1988,
After consulting the Council of State (consultation 40-95-96, dated 04/12/1995),
By virtue of a proposal by the Minister of Finance,
decrees the following:
Article 1- The By-laws of the Beirut Stock Exchange shall be implemented in accordance with the text attached to this decree.
Article 2- This decree is published and notified when deemed necessary.
Baabda, December 16, 1995
Signature: Elias El Hraoui
Issued by the President of the Republic
The Prime Minister
Signature: Rafic Hariri
Signature: Rafic Hariri
By-laws of the Beirut Stock Exchange
Article 1- The Beirut Stock Exchange (herein referred to as Stock Exchange) is subject to the provisions of legislative decree No.120 issued on September 16, 1983 and its amendments (herein referred to as the law) and to the provisions of these regulations (herein referred to as By-laws). The Stock Exchange operates in accordance with the provisions of the law under the direction of the Stock Exchange Committee (herein referred to as the Committee), and under the supervision of the Ministry of Finance.
The Administration of the Stock Exchange
The Stock Exchange Committee.
Article 2- The Stock Exchange is run by a committee formed from a Chairman, a Vice-Chairman and eight members appointed by virtue of a decree issued by the Council of Ministers, in accordance with a proposal by the Minister of Finance. The Committee’s mandate is of four years’ duration.
Article 3- The Committee is formed as follows:
1.A chairman, chosen from among experts and specialists.
2.A representative of the Ministry of Finance, appointed Vice-Chairman. If the representative of the Ministry of Finance is a civil servant, he must be of grade one, and work in the Ministry of Finance.
3.Two representatives of the banks operating in Lebanon, chosen from among six candidates whose names are proposed by the Association of Lebanese Banks.
4.Two representatives of the brokers, chosen from among six candidates whose names are proposed by the Brokers’ Association of the Beirut Stock Exchange.
5.Two representatives of Lebanese joint stock companies whose shares are listed on the Stock Exchange.
6.A representative of Lebanese joint stock companies that are members of the Beirut Stock Exchange.
7.A Lebanese or foreign expert, chosen from among specialists and experts in the Stock Exchange’s affairs.
Article 4- The Chairman of the Committee shall be fully dedicated to his duties, and is not allowed to assume any other duties, whether with or without remuneration.
Article 5- The Committee shall elect during its first meeting a treasurer from among its members and shall also elect an alternate treasurer, who shall enjoy all of the former’s powers in his absence or in the event he is unable to perform his duties.
The treasurer shall have the following powers:
·Co-sign with the Chairman or with whoever replaces him all of the checks issued by the Stock Exchange.
·Audit at any time the internal records and accounts of the Stock Exchange, and request any related clarifications, explanations, or documents.
·Participate with the Chairman in the preparation of the draft budget of the following fiscal year, and the quarterly accounts and the draft balance sheet and accounts of the previous fiscal year, in accordance with the provisions of items 11, 12, and 13 of article 25 below.
·And in general, supervise all financial issues.
Article 6- Every member of the Committee who has been sentenced guilty of a crime, a misdemeanor or the offense of drawing a check without funds, or has been declared bankrupt in Lebanon or abroad, shall be considered dismissed. Any member absent himself for three consecutive meetings without a valid reason shall be considered to have resigned.
Article 7- The Chairman of the Committee may be dismissed if he breaks the law or the By-laws or makes a flagrant error, by virtue of a decree issued by the Council of Ministers based on a proposal by the Minister of Finance, and after having consulted the Stock Exchange Committee, which examines the case in his absence.
Article 8- The Vice-Chairman shall exercise the Chairman’s powers in his absence or in the event he is unable to assume his duties.
Article 9- The Committee may be dissolved if it violates the provisions of the law or the By-laws or if it makes a flagrant error, upon the request of the government’s commissioner in the Stock Exchange and a proposal by the Minister of Finance, and by virtue of a decree issued by the Council of Ministers based on a proposal by the Minister of Finance.
Article 10- In the event one of the membership seats is vacated before the expiry of the Committee’s mandate, the Chairman shall notify the government’s commissioner who in turn shall notify the Minister of Finance, so that the vacant seat may be filled, by virtue of a decree issued by the Council of Ministers, and in accordance with a proposal by the Minister of Finance, while taking into consideration the provisions of article 12 of the law.
Article 11- Decisions of the Stock Exchange Committee may be contested at the Civil Chamber of the Court of Appeal in Beirut. The concerned party shall submit his objection within a fifteen-day period as of the date he is notified of the decision, or else face abatement of his rights.
The Activities and Powers of the Committee
Article 12- The Committee shall meet upon the request of its Chairman whenever he deems necessary, and by all means at least once every two weeks. The Chairman should also convene the Committee for a meeting upon the request of the Government’s Commissioner or one-third of the Committee members.
Article 13- The notice, which includes the meeting’s agenda, shall be sent to all members at least three days prior to the date of the meeting, to the address given by each member.
Article 14- In emergency cases, the notice period mentioned above may be reduced to 24 hours.
Article 15- The meeting shall be in any case considered to be duly held without requiring a notice in the event that the Government’s Commissioner and all of the members are present.
Article 16- The meetings of the Committee shall not be considered legal unless attended by at least the majority of its members. Decisions are taken by the majority of the present members. In the event of a tied vote, the Chairman’s vote is a casting vote.
Article 17- The deliberations of the Committee shall be summarized and its decisions recorded in a special register signed by the Chairman and the Secretary of the Committee.
Any member who contests any decision of the Committee may register his objection and motives in the minutes of the meeting, provided he is present at that meeting.
Article 18- Members of the Committee should keep the deliberations secret, and not participate in debating a case in which they have a personal interest.
This does not impede the right of every member to present and discuss issues of a public nature or of principle, without interfering in matters regarding persons or institutions.
Article 19- The procedures of transfer of the Stock Exchange’s administration from one committee to another require the preparation of a general inventory approved by the previous committee, provided that this inventory include the funds of the Treasury, the due amounts, the savings, the registers, the movable and fixed assets. The final account shall be attached to said inventory and approved by the previous committee. A record of transfer shall be drawn up to that end, signed by the new Chairman, the out-going Chairman, and the independent auditor of the Stock Exchange.
Article 20- The Committee runs the Stock Exchange’s affairs, oversees the proper functioning of its operations, and is specifically responsible for:
1.Approving the budget and supervising its implementation.
2.Approving the financial statements of the previous year.
3.Approving contracts covering deals for acquisitions and works exceeding LP 20 million and approving the financial statements prepared in accordance with paragraph 5 of article 25 hereinafter.
4.Drawing up the Stock Exchange staff regulations, which become effective after the approval of the Ministry of Finance.
5.Issuing all of the implementory circulars it deems necessary.
6.Appointing and dismissing Stock Exchange employees whose individual salary exceeds by fourfold the minimum salary on the date of appointment or dismissal, in accordance with the Stock Exchange staff regulations.
7.Taking a decision regarding the suspension of operations in any of the Stock Exchange markets, or regarding any listed security when necessary, regardless of the suspension period, by virtue of article 13 of the law.
Article 21- The Committee is responsible, in accordance with the provisions of the laws and regulations governing the Stock Exchange, for the following:
1.Managing, regulating, and developing the markets mentioned in article 2 of the law.
2.Protecting the interest of the investors trading at the Stock Exchange.
3.Monitoring the activities of the issuing companies, and providing information to the issuers and traders at the Stock Exchange on an equal footing.
Article 22- The Committee may present to the relevant authorities any draft proposal for the amendment of the legislative and regulatory statutes relating directly or indirectly to the Stock Exchange, or any new legislative or regulatory statutes.
Article 23- The Stock Exchange’s funds shall be deposited in accounts with the Central Bank. The management and transfer of these funds require the joint signatures of the Chairman and Treasurer, or their alternates, in accordance with articles 5 and 8 above. The Committee may open a current credit account with one of the commercial banks, provided its balance does not exceed the equivalent of US$ 25,000 in Lebanese pounds.
Article 24- The Committee shall appoint every year an auditor chosen from among certified accountants. He shall be responsible for examining all of the accounts and shall submit an annual report to the Committee, accompanied by all of the financial statements at the end of every year.
Article 25- The Chairman shall exercise the powers granted to him by virtue of the law and the By-laws. He shall examine all ordinary administrative affairs and is responsible for day-to-day administrative affairs. He is in particular responsible for the following:
1.Determining the agenda of and chairing the Committee meetings.
2.Referring cases to the disciplinary board within a maximum period of three days as of the time of his acknowledgment or notification of the violation.
3.Implementing the decisions of the Committee.
4.Appointing and dismissing all Stock Exchange employees whose individual salary does not exceed by fourfold the minimum salary on the date of appointment or dismissal. This is in accordance with the staff regulations.
5.Signing contracts regarding equipment, works and expenses which do not exceed LP 20 million, provided that the Chairman of the Committee presents a detailed statement of these expenses when this amount is reached. This power is renewed by the Committee after approving every detailed financial statement, in accordance with the provisions of item 3 of article 20.
6.Authorizing the payment of all amounts due by the Stock Exchange.
7.Representing the Stock Exchange before courts as a plaintiff or defendant.
8.Signing all documents binding in one way or another upon the Stock Exchange, on behalf of the Committee.
9.Giving warnings in case of violations of the law or regulations.
10.Supervising the execution and the implementation of the provisions of the law, the By-laws and the circulars issued by the Committee, and the proper functioning of operations in the Stock Exchange markets, as administered by its employees and administrative body.
11.Preparing before October 31 of every year the draft budget of the following fiscal year, and presenting it to the Committee.
12.Submitting quarterly accounts to the Committee.
13.Submitting the draft balance sheet and the accounts of the previous fiscal year to the Committee before the end of February of every year.
14.Chairing the disciplinary board.
15.Exercising all other powers entrusted to him by the Committee.
The Secretary General of the Stock Exchange
Article 26 - The Stock Exchange has a Secretary General affiliated to the administrative body, in charge of the Secretariat of the Committee. His powers are defined in the Stock Exchange staff regulations.
Article 27 - The Secretary General prepares the meetings of the Committee and performs the duties of the Committee Secretariat without having the right to participate in the deliberations. He draws up the minutes of these meetings and ensures the follow-up and implementation of the decisions taken during these meetings, under the supervision of the Chairman. He is in charge of giving copies of these minutes to the government’s commissioner.
Article 28 - The Secretary General maintains absolute secrecy with regard to the deliberations which take place within the Committee, and the decisions taken during the meetings.
Article 29 - In the event that the Secretary General is absent or is temporarily not in a position to carry out his duties, any member of the Committee or any staff member appointed by the Chairman may assume the functions of the Secretariat.
The Government’s Commissioner
Article 30- The Government’s Commissioner is appointed by virtue of a decree issued upon a proposal from the Ministry of Finance. The Government Commissioner is entrusted in general with the implementation of the Stock Exchange laws and regulations.
Article 31- The Government’s Commissioner attends the Committee’s meetings in an advisory capacity. He may, if necessary, convene a meeting of the Committee via its Chairman. In the event that the Government’s Commissioner is absent or is temporarily unable to attend the meetings, he may delegate, with the approval of the Director General of the Ministry of Finance, a representative to attend the meetings. In the event that he is permanently unable to attend the meetings, the Committee may directly ask the Minister of Finance to appoint another Commissioner.
Article 32- The Government’s Commissioner can object to all Committee decisions he considers to be in violation of the laws and regulations, and he should justify his objection.
When contesting the decision, he may either ask the Committee to reconsider its decision during which time the implementation of the decision is suspended, or halt the implementation of the decision for one week, during which the issue is referred to the Ministry of Finance for settlement.
Article 33- The Stock Exchange shall put at the disposal of the Government’s Commissioner an office inside its premises to be used especially by him.
Article 34- All correspondence between the Committee and the Ministry of Finance must take place through the Government’s Commissioner. As for correspondence with other public administrations, he shall be notified by means of a copy of it.
Article 35- The Government’s Commissioner may ask the assistance of the Security Forces for the implementation of the laws and regulations within the Beirut Stock Exchange and controlling of violations, whenever they occur.
A record of the minutes of the violations and complaints against the offending parties are submitted to the Chairman of the Stock Exchange Committee.
Rules of Fair Practice
Article 36- Any person working on behalf of the Stock Exchange shall be bound by professional secrecy and staff regulations. All members, employees and intermediaries in the Stock Exchange are bound by absolute secrecy, including banking secrecy.
Article 37- The Chairman, members of the Committee, the Government’s Commissioner and any employee shall refrain from using or disclosing any information obtained while conducting their duties, whether for their personal interest or that of others, either directly or indirectly.
Article 38- It is not authorized to carry out Stock Exchange transactions in which one of the Committee members participates under privileged terms other than those granted to most investors.
Article 39- The Stock Exchange’s staff may not in principle take part in trading operations from which they benefit directly or indirectly without the Committee’s approval. The cases in which this may be approved by the Committee are defined by virtue of a decision by the Minister of Finance, upon a proposal by the Committee.
Members in the Stock Exchange
Article 40- Any joint stock company whose capital exceeds the minimum stipulated by the law is considered a member of the Stock Exchange.
Article 41- Every member in the Stock Exchange shall pay the annual fees stipulated in the present By-laws.
Article 42- Every member who fails to pay the annual fees within the time-limit set by the Committee, shall be subject to a fine equivalent to a maximum of five times the value of the annual fees, according to article 209 hereinafter.
Brokers in the Stock Exchange
Article 43- According to article 7 of the law, the agent in general is called a Broker.
Article 44- While preserving the acquired rights, the agent is any legal entity authorized by the Beirut Stock Exchange’s Committee to carry out sale and purchase transactions within the Stock Exchange.
Article 45- The number of brokers during the two years following the entry into force of these By-laws shall not exceed 32. The Stock Exchange’s Committee is entitled as of the third year to accept three new brokers per year.
Article 46- The right to trade securities on the Stock Exchange is limited exclusively to the brokers, except in the following cases:
3.Transactions between two legal entities, the shares of one of them being listed on the Stock Exchange, when one of the two owns at least 20% of the other’s capital.
Article 47- Every broker shall fulfill all of the conditions imposed, and pay all the due fees and commissions specified by these By-laws. He also must submit, in addition to the documents specified in chapter two below and within the provisions of the law regarding banking secrecy, all of the information and periodic statements of the transactions carried out according to the conditions specified by the Committee by virtue of a decision published in the Stock Exchange official bulletin.
These documents and information must be true, complete and factual on pain of disciplinary sanction. In general, the broker shall clearly undertake to abide by all the provisions of the law, By-laws and decisions issued by the Stock Exchange’s Committee.
Article 48- Brokers allowed to carry out transactions at the Stock Exchange are the following:
1.The individuals accepted by the Stock Exchange’s Committee as brokers before the entry into force of these By-laws, who express within a two-month time limit from the date of entry into force of these By-laws their wish to pursue their activities, provided they abide by the provisions of chapter two below.
2.The legal entities accepted as brokers by the Stock Exchange’s Committee according to the provisions of these By-laws and circulars issued by the Committee.
Article 49- The right of brokerage granted to legal entities cannot be transferred by inheritance.
Article 50- The broker is not authorized to transfer his right of brokerage in the Stock Exchange to any third party.
Article 51- It is prohibited in general to carry out any trading transaction related to securities listed on the Stock Exchange outside the pit, except for the direct transactions carried outside the pit specified in article 48 and the following articles of these By-laws, in addition to the operations specified in article 46 above. The Stock Exchange’s Committee shall be informed of any trading transactions carried outside the pit within six days from the date of said transaction, and the fee shall be paid in double.
Article 52- The brokers may not use in any case the securities delivered to them by their customers in order to carry out any financial or commercial transaction for their personal interest without a written order by their mandatory, on pain of being definitely dismissed off.
Article 53- Brokers who are natural persons may not:
1.Obtain credits from banks or any other natural persons or legal entities against securities whose value exceeds four times their total capital, i.e. net private assets.
2.Serve as chairman of the board of directors of issuing companies whose securities are listed on the Stock Exchange, and may not carry out in their personal capacity or on behalf of their customers, transactions on the securities of the issuing companies in which they are members of the board or linked to said companies by a remunerated job.
Article 54- The Stock Exchange’s Committee, by a circular issued and published in the Stock Exchange official bulletin at least one month before its entry into force, may specify the procedures of the book-keeping to be followed by brokers, the registration of the transactions carried out, as well as the procedures to be followed in this context.
Article 55- The Disciplinary Board may decide to examine the broker’s books and records, whenever there is a dispute between the broker and any of his customers or the regulations are violated, for the needs of evidencing the abidance by the regulations and procedures mentioned in article 54 above.
Article 56- In the event that it appears that the broker did not abide by any of the provisions of this chapter, he shall be automatically referred to the Disciplinary Board, which may take the precautionary step of suspending him from his duties for three days until the settlement of the issue.
Acceptance, Suspension and Dismissal of Brokers
Article 57- Every broker (natural person) having previously been accepted in the Stock Exchange before the entry into force of these By-laws and wishing to remain accepted as such shall submit within two months from the date of entry into force of these By-laws the following documents:
1.A certificate of registration in the Commercial Register, proving that he abides by the provisions of article 22 and following articles of the Lebanese Commercial Law, with a clear statement of the address of his firm of office where he exercises his profession.
2.A bank guarantee upon request, issued exclusively in favor of the Stock Exchange, issued by any bank operating in Lebanon, drawn in accordance with the text determined by the Committee, and covering all of the broker’s responsibilities towards any other broker or the Stock Exchange Administration. The value of this guarantee has been set at LP 200,000,000. This guarantee shall be renewed every year. In the event that the value of this guarantee is reduced for any reason, the broker shall make up said value within a maximum time limit of three days. The broker shall halt his activities in the Stock Exchange until the value of the guarantee is made up. The Stock Exchange’s Committee may request any broker at any time to present an additional guarantee fixed by the Committee to equal a given percentage of the value of the transactions for a specific period, to apply for all the brokers concerned. The broker shall be notified the request for an additional guarantee by registered letter, by telegram with acknowledgment of receipt, or by registered letter delivered personally. The value of the guarantee does not reduce the broker’s responsibility.
3.A letter of commitment to abide by the provisions of the law, By-laws and circulars issued by the Stock Exchange’s Committee, as well as all of its decisions.
4.A letter of commitment to deal with the body authorized by the Stock Exchange’s Committee to carry out the payment and delivery operations, in accordance with article 173 below.
Article 58- The capital of the legal entity wishing to apply for admission as a broker in the Stock Exchange should be equal to or exceed LP 500 million.
Article 59- Each legal entity accepted in the Stock Exchange before the entry into force of these By-laws, and wishing to pursue its activities as a broker, shall submit within two months from the date of entry into force of the present By-laws, the documents mentioned below. Every legal entity meeting the conditions specified in article 58 above and wishing to be accepted as broker, shall submit his application to the Stock Exchange according to the form specified. Said application shall include the following documents:
1.An application for admission duly signed by the legal representative of the legal entity, in accordance with the rules set by the Committee.
2.A certified copy of the company’s By-laws and all of their amendments.
3.A certified copy of the application for registration of the company.
4.A certified copy of the Company’s certificate of registration.
5.A recent official commercial circular of the company.
6.A copy of all of the minutes of company meetings deposited at the secretariat of the commercial register of the last three years in the event the company has been formed for three years or more, or from the period from the date of incorporation to the date of application.
7.A copy of the final reports and accounts of the last three years in the event the company has been formed for three years or more, or from the period from the date of incorporation to the date of application.
8.A letter of commitment to deal with the body authorized by the Stock Exchange’s Committee to carry out the payment and delivery operations, in accordance with the provisions of article 173 below.
9.A bank guarantee upon request, issued exclusively in favor of the Stock Exchange, issued by any bank operating in Lebanon, drawn in accordance with the text determined by the Committee, and covering all of the broker’s responsibilities towards any other broker or the Stock Exchange Administration. The value of this guarantee has been set at LP 200,000,000. This guarantee shall be renewed every year. In the event that the value of this guarantee is reduced for any reason, the broker shall make up said value within a maximum time limit of three days. The broker shall halt his activities in the Stock Exchange until the value of the guarantee is made up. The Stock Exchange’s Committee may request any broker at any time to present an additional guarantee fixed by the Committee to equal a given percentage of the value of the transactions for a specific period, to apply for all the brokers concerned. The broker shall be notified the request for an additional guarantee by registered letter, by telegram with acknowledgment of receipt, or by registered letter delivered personally.
The value of the guarantee does not lessen the broker’s responsibility.
10.A letter of commitment to abide by the provisions of the law, By-laws and circulars issued by the Stock Exchange’s Committee, as well as all of its decisions.
Article 60- The Stock Exchange’s Committee settles at its discretion the application for admission, in light of the documents, the guarantees and the submitted and available information.
Article 61- Any broker who does not present the above-mentioned bank guarantee within the specified time limit, does not made up its value in case it is reduced, or does not present the additional guarantee, shall be liable to a fine equivalent to US$ 500 in Lebanese pounds for every day of delay, in addition to the disciplinary sanctions that may be taken against him, whether in terms of provisional suspension or dismissal.
Article 62- The Stock Exchange’s Committee reserves its right, at any time, to determine and modify the broker’s technical means, provided these means are published in the Stock Exchange official bulletin.
Article 63- The changes occurring in the broker’s file submitted to the Stock Exchange’s Committee shall be notified within a maximum time limit of ten days from the date of publication of the change or its entry into force.
The changes and operations mentioned below shall be subject to the prior approval of the Stock Exchange’s Committee:
·The modification of the company’s legal form;
·The modifications introduced to the capital distribution of the company in the event that said modifications were to directly or indirectly cause the ownership by one person of more than one-half of the capital;
·A membership in any foreign Stock Exchange.
Article 64- Any broker who violates the provisions of paragraph 1 of the previous article shall be liable to a fine equivalent to US$ 200 in Lebanese pounds for every day of delay, in addition to the disciplinary sanctions that may be taken against him.
As for the broker who violates the provisions of paragraph 2 of the previous article, he shall be referred to the Disciplinary Board.
Article 65- The Disciplinary Board may provisionally suspend the broker’s activities for a maximum of three days until the issue referred to it is definitely settled in the following cases:
1.The violation by the broker of the provisions of the law, By-laws or the decisions of the Committee.
2.The violation of the commitments he has made to himself.
Article 66- The Disciplinary Board may dismiss the broker and strip him the right of brokerage in the following cases:
1.The violation by the broker of the major provisions of the law, By-laws or decisions of the Committee.
2.The declaration of the broker’s bankruptcy.
3.The failure to carry out annual transactions exceeding 1ë of the volume of the Stock Exchange annual transactions. In this case, the broker may apply for his re-admission no sooner than one year after the date of his striking off.
Article 67- In the event that a foreign brokerage company wishes to carry out trading operations in the Stock Exchange, it shall establish a subsidiary in Lebanon according to the rules and abide by the provisions of the By-laws and circulars issued by the Committee, particularly those specified in article 59 above.
The Brokers’ Employees
Article 68- Trading operations at the Stock Exchange, including direct transactions, are limited to the persons holding professional cards issued by the Stock Exchange’s Committee.
Article 69- Every broker shall hire at least two persons duly qualified to exercise his activities inside the Stock Exchange premises.
Article 70- The professional card is delivered upon a broker’s passing an exam on professional information. The Stock Exchange’s Committee determines by virtue of a decision the test’s material, organization and modalities of its proctoring.
Article 71- Any broker admitted in the Stock Exchange may present the candidacy of any of his employees for the professional exam mentioned above if the following conditions are fulfilled. The candidate must:
1.be a Lebanese citizen.
2.enjoy full civil capacity.
3.be above 25 years.
4.have not been sentenced with a felony, misdemeanor or with offense of drawing a check without funds, and have not been declared bankrupt.
5.be a holder of at least the baccalaureate (part II) certificate or its equivalent.
6.fulfill any other conditions announced or published in the Stock Exchange official bulletin at least one month prior to the date of the exam.
Article 72- The Committee sets the time validity of the professional cards, which will be automatically renewed in the event all the conditions are still fulfilled.
Article 73- The persons hired by the brokers undertake:
1.to refrain from the direct or indirect use of any of the confidential information obtained through the exercise of their duties.
2.to provide their customers with true and correct information.
3.to abide by the provisions of the law, By-laws and circulars issued by the Stock Exchange’s Committee.
Article 74- The professional card is withdrawn by virtue of a decision of the Committee if the employee violates the provisions of articles 71, 72 and 73 of these By-laws.
Article 75- A new professional exam should be organized if the trading system has been substantially amended.
Article 76- Holders of professional cards are not allowed to carry out directly or indirectly for their own account any Stock Exchange transaction, on pain of losing their card, and their being liable to a fine equivalent to ten times the transaction’s commission.
The Association of Stock Exchange Brokers
Article 77- An association shall be formed from among brokers, aiming at representing them collectively and defending their rights and common interests.
This association shall be called the Association of Stock Exchange Brokers.
Article 78- The brokers association may submit to the Stock Exchange’s Committee any suggestion regarding legislative and regulatory texts relating to the Stock Exchange.
Article 79- The Stock Exchange’s Committee shall be notified of all the documents regarding the Brokers Association as well as all amendments introduced to said documents within a maximum of ten days from the date of publication of the amendment or its entry into force.