Second: The Director
Article 12
The Exchange shall have a full-time Director, who shall have all the necessary powers required for the management of the Exchange, and the implementation of the Exchange's internal rules and regulations. The Director shall submit to the Board the proposals, regulations, studies and instructions as he deems fit. He shall supervise the technical, administrative and financial departments of the Exchange, and shall issue the necessary instructions in order to perform the duties and responsibilities as delegated to him by the Law, Internal Regulation and resolutions of the Board.
The Director shall be responsible for maintaining order during the trading sessions, and shall have the power to take the necessary measures to expel any person who disturbs the order during trading sessions in the Floor.
The Director shall also be responsible for the implementation of the resolutions adopted by the Board. The Director is the legal representative of the Exchange before the Courts of Law, and in its relations with others, and is entitled to sign on behalf of the Exchange.
Article 13
1— The employees of the Exchange shall be appointed upon the nomination of the Director and the approval of the Board.
The Rules and Regulation applicable to government employees shall apply to the Exchange's employees, until special rules and Regulations applicable to them are issued.2— The management of the Exchange shall endeavour to develop and train the staff required to manage the Exchange, in accordance with modern administration and Technical methods, This shall include also brokers, market makers and other individuals who perform similar functions. The management shall also promote investment awareness amongst those who deal in securities on the Exchange.Article 14
The main functions of the Exchange shall be carried out by various specialized technical and administrative departments, which include:
1—The Operations Department: shall be responsible for the implementation of the trading, clearing and settlement rules, and the follow-up on the trading movement, monitoring the securities prices and their attitudes and, following-up the members affairs. The department is also responsible for monitoring the movement of trading in futures, and proposing suitable basis and rules for the organization of trading in futures operations in terms of size, term, prices and attitudes as compared to spot prices.2— The Administration and Finance Department: shall be responsible for following-up all matters relating to the revenues and expenditures of the Exchange, satisfying all its purchasing needs, and following-up the employees affairs and their training.3— The Studies, Research and Development Department: shall be in charge of all matters relating to the studies, research and financial analysis of the listed companies, and the publication of information relating to the Exchange. The department shall also be responsible for the projection of the trading and price movements and their impact on the economic position of the country. It shall submit proposals for the development of different regulations applicable on the Exchange, and shall collect and analyze information relating to the Exchange, securities and companies, prepare studies, and issue daily bulletins about the transactions and prices.4— The Control and Investigation Department: shall be responsible for the preparation of draft resolutions and laws for the Exchange, follow-up implementation of the Judgements passed by the Exchange, inspection of the Exchange's members and verifying the accuracy of the information and statements issued by the companies and members. It shall also investigate any disputes brought before the arbitration committee and the disciplinary board, and any other matters referred to it by the Director.The Board may establish other departments in the Exchange, to assist in achieving its objectives.
