Back Custom print Link Text Only Rich Text Print

  • MIR-9 MIR-9 Emergency Powers of the CBB

    • MIR-9.1 MIR-9.1 Emergency Powers of the CBB

      • MIR-9.1.1

        Where the CBB has reason to believe that an emergency exists, or thinks that it is necessary or expedient in the interests of the public or a section of the public or for the protection of investors, the CBB may direct by notice in writing a licensed member to take such action as it considers necessary to maintain or restore a fair, transparent and efficient market related to the trading, clearing, settlement and depository of any securities or futures contracts, or any class of securities or futures contracts that are undertaken by any licensed member.

        Amended: April 2013
        Adopted January 2010

      • MIR-9.1.2

        Without prejudice to paragraph MIR-9.1.1, the actions with the CBB may direct a licensed member to take include:

        (a) Terminating or suspending any function, or services related to the regulated activities undertaken by any member;
        (b) Ordering the liquidation of all positions or part thereof, or the reduction of such positions related to such member;
        (c) Set margin levels for transactions traded, cleared, or settled, or to be traded, cleared, or settled by or through such member to cater for the emergency;
        (d) Altering conditions of delivery of transaction cleared or settled, or to be cleared or settled through or by that member;
        (e) Fixing the settlement price at which transactions undertaken by such member are to be liquidated;
        (f) Requiring margins or additional margins for transactions traded, cleared, or settled, or to be traded, cleared, or settled through or by such member;
        (g) Modifying or suspending any transaction made by or through such member;
        (h) Requiring any member to act in a specified manner in relation to trading, clearing, settlement and depository in securities or futures contracts, or any class of securities or futures contracts.
        Amended: April 2013
        Adopted January 2010

      • MIR-9.1.3

        In this section "emergency" means any threatened or actual market manipulation or disruption, and includes:

        (a) Any act of any government affecting a securities or commodity market;
        (b) Any major market disturbance which prevents the market from accurately reflecting the forces of supply and demand for such securities or commodity; or
        (c) Any undesirable situation or practice which in the opinion of the CBB, constitutes an emergency;
        (d) Any threatened or actual market manipulation or disruption.
        Adopted January 2010

      • MIR-9.1.4

        The CBB may modify any action taken by a licensed exchange, licensed clearing house and/or licensed member under Paragraph MIR-9.1.2, including the setting aside of that action.

        Amended: April 2013
        Adopted January 2010