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Rulebook of the Bucharest Stock Exchange

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Rulebook of the Bucharest Stock Exchange The Bucharest Stock Exchange Rulebook Approved by R.N.S.C. Decision No.720/17.05.2007 RRULEBOOK OF THE BBUCHAREST SSTOCK EEXCHANGE 2 The Bucharest Stock Exchange Rulebook Approved by R.N.S.C. Decision No.720/17.05.2007 TTABLE OOF CONTENTS DEFINITION OF TERMS PART 1 THE REGULATED SPOT MARKET TITLE I: PARTICIPANTS Chapter I General Provisions ……………………………………………… 19 Chapter II Procedures Regarding the Granting of the Participant Status and the Permission to trade on the BVB …………………………………. 19 Section 1 Investment Firms ………………………………………………….. 19 Section 2 Credit Institutions ….……………………………………………… 21 Section 3 Access to the BVB system from Authorized Participant Branches ……………………………………….. 21 Chapter III Withdrawal of Access to the BVB trading system ………………….. 21 Section 1 Withdrawal of Access to The BVB Trading System- On Request …………………………………………………… 22 Section 2 Withdrawal of Access to the BVB Trading System- As a Result of a RNSC or BVB Sanction ………………… 22 Section 3 Withdrawal of Access to the BVB Trading System- As a Result of the Participant’s Inactivity ……………….. 23 Chapter IV Participant Obligations ……………………………………………….. 23 Section 1 Exchange Tied Agents Obligations ……………………………… 23 Section 2 Obligations Concerning the Participants’ Activity…... ………. 24 Section 3 Obligations Concerning Notifications to the BVB …………… 25 Section 4 Obligations Regarding Participant Fees ………………………. 26 3 The Bucharest Stock Exchange Rulebook Approved by R.N.S.C. Decision No.720/17.05.2007 Chapter V 26 Sanctions for Illegal Acts Committed to the BVB Legal Scheme ….. Section 1 General Considerations ………………………………………….. 26 Section 2 Illegal acts against the BVB Legal Scheme ……………………. 27 Section 3 Sanctions ……………………………………………………….…... 28 General Provisions 28 Administrative-Disciplinary Sanctions 28 Patrimonial Sanctions 29 Section 4 Identifying, Registering and Investigating Illegal Acts. Sanction Procedure. Contesting the Sanctioning Decision……… 29 Identifying and Registering Illegal Acts 29 Investigating an Illegal Act 30 Time interval for issuing a sanction 31 Notifying an Offence 31 Identifying an Appropriate BVB Sanction 32 Issuing Sanctions 32 Contesting the Sanctioning Decision 33 Section 5 Implementing Sanctions ………………………………………….. 34 The Sanctioning Procedure 34 Time Interval for Implementing a Sanction 34 Notifying the RNSC 34 Publishing the Sanction Decision 34 Section 6 The BVB Registry Certificates …………………………………… 35 Section 7 Rehabilitation ……………………………………………………… 35 Section 8 Preventive Measures………………………………………………. 36 TITLE II: ISSUERS AND FINANCIAL INSTRUMENTS Chapter I General Provisions ……………………………………………………. 37 Chapter II Admission to Trade …………………………………………………… 38 Section 1 Admission to the Equity Sector ………………………………….. 38 Tier 1 Shares Admission Requirements 38 Tier 1 Rights Admission Requirements 39 Documents Requested for the Tier 1 Shares Admission 39 Documents Requested for the Tier 1 Rights Admission 40 Tier 2 Shares Admission Requirements 40 4 The Bucharest Stock Exchange Rulebook Approved by R.N.S.C. Decision No.720/17.05.2007 Tier 2 Rights Admission Requirements 41 Documents Required for the Tier 2 Shares Admission 41 Documents Requested for the Tier 2 Rights Admission 41 Tier 3 Shares Admission Requirements 41 Tier 3 Rights Admission Requirements 41 Documents Required for the Tier 3 Shares Admission 41 Documents Required for the Tier 3 Rights Admission 42 International Shares Tier Admission Requirements 42 International Rights Tier Admission Requirements 42 Documents requested for the International Shares Tier Admission 42 Documents Requested for the International Rights Tier Admission 44 Section 2 Admission to the Debt Sector ……………………………………. 44 Tier 1 Corporate Bonds Admission Requirements 44 Documents Requested for the Tier 1 Corporate Bonds Admission 45 Tier 2 Corporate Bonds Admission Requirements 45 Documents Requested for the Tier 2 Corporate Bonds Admission 46 Tier 3 Corporate Bonds Admission Requirements 46 Documents Requested for the Tier 3 Corporate Bonds Admission 46 Municipal Bonds Tier Admission Requirements 46 Documents Requested for the Municipal Bonds Tier Admission 46 Treasury Bonds Tier Admission Requirements 46 Documents Requested for the Treasury Bonds Tier Admission 46 International Bonds Tier Admission Requirements 46 Documents Requested for the International Bonds Tier 47 Admission Other Credit Securities Tier Admission Requirements 48 Documents Requested for Other Credit Securities Tier Admission 48 Section 3 Admission to the Collective Investment Undertakings Sector... 49 Shares Tier Admission Requirements 49 Fund Units Tier Admission Requirements 49 Documents Requested for the Shares Tier Admission 49 Documents Required for the Fund Units Tier Admission 50 Section 4 Admission to Trade Procedure …………………..……………… 50 Rights Admission Procedure 50 Financial Instruments Admission 51 5 The Bucharest Stock Exchange Rulebook Approved by R.N.S.C. Decision No.720/17.05.2007 Chapter III Upgrading and Downgrading ………………………………………... 52 Section 1 Upgrading Requirements ……………………………………….... 52 Section 2 Upgrading Documents ………………………………………..….. 52 Section 3 Upgrading Procedure …………………………………………….. 53 Section 4 Downgrading Requirements……………………………………... 53 Section 5 Downgrading Procedure …………………………………………. 54 Chapter IV Maintenance to Trade ………………………………………................ 54 Section 1 Maintenance within the Equity Sector ………………………….. 54 Maintenance to the Tier 1 Shares 55 Maintenance to the Tier 2 Shares 55 Maintenance to the Tier 3 Shares 56 Maintenance to the International Shares Tier 56 Section 2 Maintenance within the Debt Sector ……………………………. 56 Maintenance to the Tier 1 Corporate Bonds 56 Maintenance to the Tier 2 Corporate Bonds 56 Maintenance to the Tier 3 Corporate Bonds 56 Maintenance to the Municipal Bonds Tier 56 Maintenance to the Treasury Bonds Tier 57 Maintenance to the International Bonds Tier 57 Maintenance to Other Debt Securities Tier 57 Section 3 Maintenance to the Collective Investment Undertakings Sector …………………………………………………………………... 57 Maintenance to the Shares Tier 57 Maintenance to the Fund Units Tier 57 Section 4 Maintenance to Trade Procedure ……………........................... 57 Chapter V Withdrawal from Trade ……………………………………………… 58 Section 1 General Provisions ………………………………………………... 58 Section 2 Specific Provisions ………………………………………………… 60 Section 3 Withdrawal Procedure …………………………………………… 61 Chapter VI Disclosure Requirements …………………………………………….. 61 Section 1 Issuers’ General Obligations ……………………………………. 61 Section 2 Periodical Disclosure Requirements…………………………….. 63 Section 3 Continuous Disclosure Requirements…………………..………. 64 Section 4 Other Reporting Obligations …………………………………….. 65 Section 5 Delivery and Dissemination of Information …………………… 66 6 The Bucharest Stock Exchange Rulebook Approved by R.N.S.C. Decision No.720/17.05.2007 Section 6 Temporary Trading Suspension………………………………….. 66 Chapter VII Tariffs …………………………………………………………………. 67 TITLE III: TRADING AND SURVEILLANCE Chapter I General Provisions ……………………………………………………. 69 Chapter II The Trading Session. Suspension of the Trading Session ………….. 69 Chapter III The BVB Trading System ……………………………………………. 71 Section 1 Conditions for the BVB Trading System Access Provision…... 71 Section 2 BVB Trading System Operating Rules ………………………….. 73 Section 3 Technical Difficulties Assistance ………………………………... 74 Section 4 Liability for Trading……………………………………………….. 75 Section 5 BVB Trading System Components. Statuses ………………….... 76 Section 6 Symbol Entities Administrating Operations …………………… 77 Special Operations Occurring During a Symbol’s First Trading Day 77 Price Variation Suspension and Reinforcement 78 Trading Surveillance Parameters 78 Chapter IV Orders …………………………………………………………………. 79 Section 1 The Minimum Content and Requirements for the Receiving and Executing Orders ………………………………………. 79 Section 2 Orders Validity Time ……………………………………………… 81 Section 3 Administrating Orders ……………………………………………. 81 Entering Orders 81 Orders Adjustment and Withdrawal 82 Order Suspension 82 Resuming Orders 83 Section 4 Displaying and Entering Orders’ Priority ……………………... 83 Section 5 Trading Methods and Order Markets’ Statuses ……………….. 84 Pre-Opening Status 84 Opening Status 85 Opened Status 86 Pre-Closed Status 86 7 The Bucharest Stock Exchange Rulebook Approved by R.N.S.C. Decision No.720/17.05.2007 Closed Status 86 Section 6 Order Types ………………………………………………………… 86 General Aspects 86 The Limit Order 87 The Market Order (MKT) 87 The Un-priced Order 88 The Hidden Order 89 Section 7 The Group Account ……………………………………………….. 91 Section 8 Informative Quotations (Quotes) ………………………………... 92 Section 9 Firm Quotations (Quotes) ………………………………………... 93 Section 10 Deals ………………………………………………………………. 93 Section 11 The Maximum Price Variation Allowed During a Trading Session ……………………………………………… 93 Section 12 Price Ticks and Price Limits …………………………………… 94 Chapter V Transactions ………………………………………………………....... 94 Section 1 General Aspects …………………………………………………… 94 Section 2 Cross Transactions ………………………………………………... 95 Section 3 Exempted Transactions …………………………………………… 96 Section 4 Margin Transactions ……………………………………………… 96 Section 5 Short Sales ………………………………………………………….. 97 Chapter VI Rectification of Errors ………………………………………………... 98 Section 1 Common Aspects of Rectifying Transactions ………………….. 98 Section 2 Rectifying Errors via Buy In and Special Buy In Transactions 100 Section 3 Other Provisions Regarding Error Rectifications …………….. 100 Chapter
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