An application for concluding a section membership agreement must include the
documents and certificates listed in Regulations on Section Membership.The Board of Directors shall issue a board decision on granting section membership
and on concluding a section membership agreement with the applicant within thirty
(30) days after receipt of an application that abides by all the conditions in
full, containing also all other documents that may have been requested by the
CEO to verify the good reputation of the applicant in business circles. A section
membership agreement takes effect at the date specified in the board decision.
(onset of section membership)
In respect of a submitted application for section membership, the Trading Committee
has the power to issue an opinion, and the Exchange shall notify the Trading Committee
on all applications for section membership and, should the Trading Committee request
so, shall make available the documentation received with the application to the
If an application fails to conform to the provisions of law or to a condition
required by an exchange rule, the Board of Directors shall instruct the applicant
in writing within thirty (30) days to submit any missing documents and shall identify
the inadequate documentation item by item.
Applicants must deliver missing documents to the Exchange within ten (10) exchange
days of the receipt of the instructions specifying the inadequate documentation.
After missing documents are received or upon the expiration of the deadline specified
above, the Board of Directors evaluates the acquisition of a section membership
based on the documents available to it.
The period for evaluating an application for a section membership agreement restarts
on the date the applicant submits missing documents.
In the event that an applicant who is already a member of a section applies for
a membership agreement in another section, the applicant does not need to resubmit
any documents it had submitted for the earlier procedure, provided such documents
are still in effect.