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Disciplinary rules

OF THE ASSOCIATION OF SECURITIES DEALERS 


Article I
Introductory Provision
These Disciplinary Rules of the Association of Securities Dealers (further "Disciplinary Rules" only) 
  1. Regulate the procedures of the Control Commission of the Association of Securities Dealers (further "Control Commission" only) for the implementation of investigation and imposing of sanctions upon members of the Association for the breach of their obligations,
  2. Define the type of sanctions that can be imposed, the method of their imposing, and the rights and obligations of the members of the Association, 
  3. Define the procedures of the Arbitration Commission of the Association of Securities Dealers (further "Arbitration Commission" only), as the appeal body against the decisions of the Control Commission.

Article II
Procedures of the Control Commission for the Investigation and Imposing of Sanctions
  1. The Control Commission will perform the investigation normally on the basis of delivered suggestions or complaints resulting in a substantiated suspicion of a breach of obligations of an Association member. The Control Commission will inform the Executive Committee of the anonymous suggestions delivered and investigate them only if it is decided by the Executive Committee. For events defined in these Disciplinary Rules, the Control Commission will proceed on its own suggestion.
  2. Suggestions against individuals that are not members of the Association will be not investigated by the Control Commission; according to their importance it will inform the Executive Committee about their activities. The Executive Committee may, following the assessment, file a suggestion for investigation to a body performing state supervision of the capital market, or, if there is suspicion of crime being committed, to bring a charge to the bodies acting in criminal proceedings. 
  3. A delivered written suggestion shall also mean a fax from a verified sender, as well as minutes of the person's statement, prepared by a member of the Control Commission of the Association. 
    The minutes must contain the following:
    1. First name, family name and address of the petitioner, and when representative of a legal entity, the trade name and residence of the legal entity he is representing,
    2. date, location of notes and name of the clerk,
    3. subject of the suggestion with an express determination of the name of the dealer to whom this suggestion relates
    4. personal signature of the petitioner and the clerk. 
    5. dátum, miesto zápisu a meno zapisovateľa,
    6. predmet podnetu s výslovným určením obchodného názvu obchodníka, ktorého sa podnet dotýka,
    7. vlastnoručný podpis podávateľa podnetu, ako aj zapisovateľa. 
  4. The Control Commission shall maintain special written evidence on suggestions and complaints received, as well as on the method of their solution.
  5. The Control Commission will decide the issue within 30 days of the delivery of the suggestion or complaint. In substantiated cases it can prolong this deadline to 60 days, of which it will inform the Executive Committee in writing. The Control Commission will inform the author of the suggestion or complaint on the method of its solution within 20 days following the validity of the corresponding decision in writing. In cases where no decision will be issued in the matter, the author will be informed within 30 days of the delivery of the suggestion or complaint.
  6. The Control Commission will start the investigation following the receipt of the suggestion or complaint. However, the investigation cannot start after two years from the date when the obligations of a member were breached.
  7. The Control Commission will inform the corresponding member of the Association during the investigation of the suggestion or complaint made against him and ask him for his position and the submission of corresponding documents. 
  8. The Control Commission is authorised for the performance of its activities to ask in accordance with Article VI Clause 2 Letter c) of the Statutes from any member of the Association for an explanation containing true and full data in the matter. In the event of a breach of obligations, the Control Commission is authorised to impose on the corresponding member of the Association in the procedure started on its own suggestion a sanction according to Article IV of these Disciplinary Rules. 
  9. For the provision of an explanation or position personally by means of a representative of the member according to Clause 7 or 8, the corresponding minutes must contain the requirements adequately according to Clause 3. 
  10. If the member of the Association against whom the suggestion or complaint is directed will not provide the Control Commission within the required deadline the position or documents according to Clause 7, the Control Commission may decide on the matter on the basis of data and documents acquired in other ways, if it considers them to be sufficient. Otherwise, it will suspend the investigation and inform the Executive Committee of the issue, which in such case can file a suggestion for investigation to a body performing state supervision of the capital market, or, if it is a suspicion of a crime being committed, to bring a charge to bodies acting in criminal proceedings.
  11. If on the basis of the investigation performed the Control Commission will conclude that there was a breach of obligations of a member of the Association, it will by a written decision impose on the corresponding member the performance of actions and sanction according to Article IV of these Disciplinary Rules. The decision must include the statement, the substantiation and instruction on remedy and must be signed by the Chair of the Control Commission. 

Article III
Appeal against a Decision of the Control Commission 
  1. The corresponding member of the Association may appeal within fifteen days from the date when the decision was delivered to him. 
  2. The appeal body against decisions of the Control Commission is the Arbitration Commission, which will decide on the appeal within 60 days from the date of the delivery of the appeal. 
  3. The authorisations defined in these Disciplinary Rules for the Control Commission apply for the Arbitration Commission accordingly.

Čl. IV.
Sankcie
  1. The Control Commission is authorised to impose on the corresponding member the performance of actions for the remedy of the status as well as impose sanctions for the established breach of valid regulations, statutes and other regulations of the association. The Control Commission will base its decision on the nature, importance and impact of the activities of the corresponding member, as well as from the amount of damages caused.
  2. For a less important breach of obligation, the Control Commission can order the corresponding member to perform an action to remedy the status within a deadline that it defines, mainly to return the matter to the original status, without imposing sanctions. If the member does not fulfil the imposed actions within the defined deadline, the Control Commission can in the subsequent proceeding started on its suggestion impose sanctions according to Clause 3.
  3. For an important breach of obligation or for repeated less important breaches of obligation, the Control Commission can on the corresponding member of the Association: 
    a) Impose a penalty up to 100.000 SKK,
    b) Suspend the membership in the Association according to Article V of the Statutes. 
    Sanction stated in Clause a) and b) can be also imposed simultaneously. 
    In the event of non-payment of the imposed penalty or the non-performance of actions for the remedy of the status according to Clause 1 within the defined deadline, the Control Commission can impose sanctions on the member, on whom were already imposed sanctions according to this Clause, in the subsequent proceeding started on its suggestion according to Clause 4.
  4. For an especially gross breach of obligation or for repeated important breaches of obligation by a member of the Association, the Control Commission can suspend on the corresponding member of the Association his membership according to Article V of the Statutes; if the Control Commission at the same times files a proposal for the next General Assembly of the Association for the cancellation of the membership of the corresponding member of the Association, the membership will be suspended only until the next meeting of the General Assembly. 
  5. Upon the suspension of the membership of a member of the Association according to Clause 4, and following the validity of the decision, the Control Commission will without unnecessary delay inform the Executive Committee. The Executive Committee can then file to the body performing state supervision of the capital market a suggestion for the investigation of the matter, or for the withdrawal of the license for a securities dealer of the corresponding member.
  6. If the Control Commission through its activities finds a suspicion of a crime being committed, it will without unnecessary delay inform the Executive Committee on it. The Executive Committee, following the assessment of the matter, will bring the corresponding charge to bodies acting in criminal proceedings. 
  7. Penalties imposed according to these Disciplinary Rules are revenues of the Association.

Article V
General and Closing Provisions
  1. Members of the Control Commission, as well as members of the Arbitration Commission are obliged to maintain secrecy on confidential facts that they have learned through the exercise of their activities. 
  2. With the approval of these Disciplinary Rules, the Disciplinary Rules of the Association of Security Dealers approved by the General Assembly on 13 February 1997, are cancelled.
  3. These Disciplinary Rules become effective on the day of their approval by the General Assembly of the Association. 

These Disciplinary Rules were approved in the meeting of the General Assembly of the Association in Bratislava on 17 March 1999.