Clearing Agency
Article 48
The Clearing Agency shall mean any entity that provides a facility for the settlement and clearing of securities traders with respect to payment or delivery, or both, and provides related services, including the depository service within a centralized custody and transfer system.
Article 49
No person may establish, administer, or publicize the establishment of a clearing agency, except after obtaining a clearing agency license issued by the Authority in accordance with the conditions and restrictions prescribed by the Implementing Regulations of the Law and the license shall be published in the Official Gazette.
Article 50
The license of a clearing agency may only be granted to a shareholding company whose capital is determined by the Board of Commissioners. Its activity is to manage the clearing, settlement, central depository and custody of securities and related or related matters required for the good management of the agency. The Authority may request from the applicant company any information or data it deems necessary. The Authority shall determine the conditions for granting the license and its procedures in the executive regulations of the law.
Article 51
The Clearing Agency shall comply with the following obligations: 1. Take clearing and fair settlement measures and be effective with respect to any commercial transactions in securities. 2. Manage the risks related to its activities and operations with the highest professional degrees. 3 – to give priority to the public interest and the interest of its dealers over the interests of the company. 4. Manage its services in accordance with the special rules approved by the Commission. Maintain the confidentiality of all information and data in its possession, except as required by the Authority or the judicial authorities. Providing its services in accordance with the latest technologies, applications and automated systems in accordance with the international standards approved by the Commission or as requested or decided by the Commission.
Article 52
The Clearing Agency shall promptly notify the Authority of the following: 1) If it finds that one of its clients is unable to comply with any of the rules relating to clearing, settlement or deposit. 2) If it is assessed that the financial position of any of its customers and its ability to fulfill its obligations has become alarming, or that its ability to fulfill its obligations has become turbulent.
Article 53
The Authority may request the Clearing Agency to prepare or amend rules and regulations relating to clearing, settlement and registration of securities and other activities related to the activities of the Clearing House within a specified period. If the Clearing Agency does not comply with the request or within the time limit specified therein, the Authority may, on its behalf, prepare such rules or amend them, subject to the costs of the Agency.
Article 54
No rules issued by the Clearing Agency or any amendment thereto, whether by withdrawal, replacement, alteration or addition, shall be effective unless they are approved by the Commission. Show their desired effects. The Authority may, accordingly, decide whether or not to approve or amend it and notify the Clearing Agency in writing of its decision within a maximum period of one week from the date of the decision.
Article 55
The Clearing Agency may, in case of failure of a client to comply with the rules of clearing, may bind him to the fees resulting from his failure to comply with these rules.
Article 56
The CMA may issue instructions to the Clearing Agency to ensure fair, orderly and appropriate settlement of securities transactions, and to ensure integrity and integrity of comprehensive risk management in the securities markets. Securities or any other matters deemed necessary by the Authority in order to apply the provisions of this Law.
Article 57
In the event of disasters, crises and disturbances that may have a severe impact on the market, the Authority may issue instructions to amend or discontinue any of the rules of the Clearing Agency.
Article 58
In case the Clearing Agency does not comply with the Authority’s decisions or instructions issued in accordance with its authority prescribed in the preceding Article, the Authority may take any measures it deems necessary to maintain a fair settlement and achieve the effectiveness of commercial transactions in securities or any category thereof.
Article 59
The Authority may, by written notification, revoke the clearance agency license granted to it in accordance with the provisions of this Law from the day specified by the Authority’s decision, in any of the following cases: 2- If the agency ceases to perform the tasks assigned to it or licensed to manage it. 3. Liquidation of the Agency. Failure to implement any obligation imposed by this Law. Failure to provide the information requested by the Commission or to provide false or misleading information. 6. The Agency shall make any amendments to its purposes in its Memorandum or Articles of Association without the prior approval of the Authority. 7. If the Agency requests the revocation of its license. The Authority shall publish the decision to cancel the license and its reasons in the Official Gazette.
Article 60
The Authority may grant the Clearing Agency a deadline or extend the deadline after the date of revocation of the license if the Authority deems it in the public interest, or at the request of the Agency to suspend its operations or to hand over its activities to another authorized agency.
Article 61
The Agency may appeal to the Authority within fifteen days from the date of its notification in writing or from the date of its publication in the Official Gazette.
Article 62
When any person is subject to insolvency, bankruptcy or liquidation, or a judicial guard is appointed over his property, the clearing and settlement procedures of the Clearing Agency shall take precedence over any ordinary proceedings or debts.
