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  • Article (6)

    • Instructions From Clients

      1- It is the responsibility of members of the Exchange to ensure that they receive bona fide instructions from clients, and that they have effective procedures for identifying the persons from whom they take instructions to effect transactions.
      2- Instructions may be received from clients:
      a) directly on completion of the appropriate instruction form; or
      b) by completing the appropriate instruction form, but utilizing financial intermediaries; or
      c) through their appointed attorney, and in accordance with the terms set out in the power of attorney; or
      d) in accordance with a client's agreement letter.
      e) In the case of (b) and (c) the Exchange has to be informed of the person authorized to act on behalf of the client.
      3- At no stage shall a stockbroker make an offer or bid for shares, unless he has a genuine request by a client, in accordance with the Exchange's Internal Regulations. The Market Controller can ask any stockbroker to prove that a genuine request exists and the stockbroker is required to comply accordingly. This rule does not apply in the case where a stockbroker, acting on behalf of his firm, takes a position as principal by acquiring holdings of securities, including equities, for long-term investment purposes on behalf of his firm.