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The General Terms of Service of the Budapest Stock Exchange Ltd

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The General Terms of Service of the Budapest Stock Exchange Ltd THE GENERAL TERMS OF SERVICE OF THE BUDAPEST STOCK EXCHANGE LTD. THE GENERAL TERMS OF SERVICE OF THE BUDAPEST STOCK EXCHANGE LTD. Important notice: All information contained within this material is for information purposes only and shall not be considered as an official translation of the original Hungarian language version of the above Regulation, which remains to be the solely legally binding material in the subject matter. Date and number of Date and number of Number of decisions Effective date: resolutions for approval by Supervision: by CEO to go into approval/modification by effect: the Board of Directors: 44/2020. H-EN-III-449/2020. 292/2020. 9 September, 2020 30 June, 2020 31 August , 2020 1 THE GENERAL TERMS OF SERVICE OF THE BUDAPEST STOCK EXCHANGE LTD. TABLE OF CONTENTS 1. BOOK ONE Introductory and Interpretative Provisions 3 Regulations on Listing and Continued 2. BOOK TWO 25 Trading 3. BOOK THREE Regulations on Exchange Membership 106 4. BOOK FOUR Regulations on Technical Connections 137 5. BOOK FIVE Regulations on Trading 154 6. BOOK SIX Regulations on Official Publications 258 Regulations on Handling of Conflicts of 7. BOOK SEVEN 270 Interest Regulations on Operational Risk 8. BOOK EIGHT 288 Management 2 THE GENERAL TERMS OF SERVICE OF THE BUDAPEST STOCK EXCHANGE LTD. BOOK ONE INTRODUCTORY AND INTERPRETATIVE PROVISIONS BOOK ONE 3 INTRODUCTORY AND INTERPRETATIVE PROVISIONS THE GENERAL TERMS OF SERVICE OF THE BUDAPEST STOCK EXCHANGE LTD. TABLE OF CONTENTS 1 Purpose of the Regulation .............................................................................................................. 5 2 The Subject Matter of the Regulation ............................................................................................. 5 3 The Personal Scope of the Regulation ........................................................................................... 5 4 Structure of the Regulation ............................................................................................................. 5 5 Definitions ....................................................................................................................................... 6 6 Interpretative Principles ................................................................................................................ 22 7 Limitation of Liability ...................................................................................................................... 23 8 Entry Into Effect ............................................................................................................................ 24 BOOK ONE 4 INTRODUCTORY AND INTERPRETATIVE PROVISIONS THE GENERAL TERMS OF SERVICE OF THE BUDAPEST STOCK EXCHANGE LTD. 1 Purpose of the Regulation 1.1 The Budapest Stock Exchange Ltd. is an enterprise whose main activity is exchange market operations, i.e. for-profit activities involving the buying and selling of exchange-traded instruments in an organized fashion under standardized rules where exchange-traded instruments are bought and sold under fixed rules to improve the efficiency of the movement and evaluation of capital, to spreading the risks related to prices and other factors, and promoting the free elaboration of price. 1.2 The purpose of the Regulation is to regulate the operations of the Budapest Stock Exchange Ltd. so that the following fundamental principles are met: a) The Regulation is in full accordance with the framework ensured by the law and contributes to the safeguarding of the sound functioning of the market. b) The Regulation creates flexible and transparent rules that meet the expectations of the market, do not hinder market development and contribute to the protection of the unity of the market. c) The Regulation ensures the transparency of the listing and the trading of securities by creating and facilitating transparent operations, proper disclosure to the capital market participants and the publicity of exchange data. 2 The Subject Matter of the Regulation The Regulation determines the general rules of the operation of the exchange market and they specify the rights and obligations of the persons subject hereto as well as the procedural rules concerning the above subject matter. 3 The Personal Scope of the Regulation 3.1 The personal scope of the Regulation applies to the following persons and organizations: a) the Exchange; b) the officers, employees of the Exchange and to those consultants who are explicitly mentioned in the Organizational and Operational Rules of the Exchange; c) the Issuers of the various Exchange Products and to those applying for the issue of various Exchange Products; d) in the event that the Regulations so provide, the Issuers of various Underlying Securities; e) the Exchange Members; f) those non-Exchange Member legal entities that provide clearing services as General Clearing Members to Exchange Members without clearing membership; g) traders and users of the Exchange Trading Systems. 4 Structure of the Regulation 4.1 The Regulation is a code which includes the most important exchange norms of the operations and regulations of the Budapest Stock Exchange Ltd. in books. BOOK ONE - Introductory and Interpretative Provisions BOOK TWO - Regulations for Listing and Continued Trading BOOK THREE - Regulations on Exchange Membership BOOK FOUR - Regulations on Technical Connections BOOK FIVE - Regulations on Trading BOOK SIX - Regulations on Official Publications BOOK SEVEN - Regulations on Handling of Conflicts of Interest BOOK EIGHT - Regulations on Operational Risk Management BOOK ONE 5 INTRODUCTORY AND INTERPRETATIVE PROVISIONS THE GENERAL TERMS OF SERVICE OF THE BUDAPEST STOCK EXCHANGE LTD. 4.2 The books of the Regulation consist of parts, chapters and sections. Numbering of the pages and units (parts, chaters, section) within each book of the Regulation starts over in each book. 5 Definitions Terms defined hereunder shall have the following meanings in respect of the application of the Regulation. Account Identification (Act): It defines the type of account related to the Order or Quote. Accrued Interest: Interest calculated for the period between the public offering or the latest interest payment and the settlement of a transaction, expressed in percentages and calculated as provided in the prospectus of the particular security. Acquired Services: Any activities provided for the Exchange based on any working relationship, except internship and employment. Active Order: A non-expired Order that complies with the conditions of the particular period. Affected Parties: Parties related to a Person in Management Position or an employee or Intern of the Exchange (hereinafter: Affected Person), including: a) a Close Relative the Affected Person keeps house together with, b) companies and other legal entities or organizations without corporate body where the Affected Person and/or a Close Relative the Affected Person keeps house together with (even collectively) has more than 25% ownership interest or holds more than 25% of the votes directly or indirectly, c) natural persons, companies and other legal entities and organizations without corporate body that have the power to acquire Rated Investment Assets under a power of attorney from or acting on behalf of and representing the parties listed in a) and b) above, d) natural persons, companies and other legal entities and organizations without corporate body that have the power to acquire Rated Investment Assets under a power of attorney from or acting on behalf of and representing the parties listed in a) and b) above, not including the company where the Affected Party is employed as a senior officer. Annuity debt security: Abbreviated name for debt securities implying periodical payments of identical amounts. Applicant: A person who requests the listing of a security. Auction Phase: Collective name of trading phases consisting of a Call phase and a Price determination phase, applicable in the Continuous Trading with Auctions and the Auction Trading Models. Auction Price: The last equilibrium Price generated in the Auction Phases or in the Volatility Interruption. Average Price: Notwithstanding any provision to the contrary herein, the Average Price of an Exchange Product shall be the mathematical average of trade Prices of the particular Exchange Product in a given period, weighted with the quantities involved in the transactions, excluding the transactions that arise from Negotiated Transactions and from matching Spread Orders with Spread Orders. Base Price: With respect to each Exchange Product, the value based on which the Maximum Daily Price Movement are determined. Basic Quality: All the physical features of each product as specified in the Product List. BOOK ONE 6 INTRODUCTORY AND INTERPRETATIVE PROVISIONS THE GENERAL TERMS OF SERVICE OF THE BUDAPEST STOCK EXCHANGE LTD. Basic Quantity: The quantity of each product specified in a measurement and size as defined in the Product List. BCP: Business Continuity Plan. Between Auction Phase: Phase between Auction Phases in the Auction Trading Model where transactions cannot be concluded and the Order Book is closed. Board: A group of Exchange Products with identical trading rules (particularly Order types, Order methods, Order Book rules and Trade-Matching Algorithm). Types of Boards are: Board, Spread Board. Board of Directors: The Board of Directors of the Budapest Stock Exchange Ltd. Cash Settlement: Delivery of cash at the due date of the Structured Product to settle a futures transaction
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