Settlement Guarantee Fund Article A A fund known as The

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Settlement Guarantee Fund Article A A fund known as The Powered By Docstoc
					                   Settlement Guarantee Fund

Article (90)

A- A fund known as (The Settlement Guarantee Fund) shall be
   established at the Center, and shall have a legal personality with
   financial autonomy. The Fund shall be administered by the

B- Membership in the Fund shall be mandatory for Financial
   Brokers, Dealers and any other entity specified in the Fund’s by-

C- In particular, the Fund shall have as its objectives the following:
   1. Covering the cash deficit of Fund members in connection
       with their purchases of securities;
   2. Covering the deficits in the securities account of Fund
       members in connection with sales of securities on the Stock

D- Subject to Board approval, the Center’s board of directors, shall
   issue a by-law providing for the fund management, covering,
   inter alia, the fund’s subscription and membership fees and its
   member obligations, administration of assets, mode of
   operation, obligations towards members, and liquidation

E- The Fund shall be the legal and factual successor of the
   Financial Broker’s Guarantee Fund, whereby all the latter’s
   rights, obligations, assets, records and moneys shall devolve
   upon the Fund.

F- The Fund shall be subject to the Commission’s monitoring,
   supervision, inspection and audit of its records.