Download APPLICATION FOR LuSE MEMBERSHIP

INVITATION TO APPLY FOR BROKER TRADING RIGHTS ON THE LuSE.
Under the Rules of the Exchange -Chapter 3
The rules state that:
A.
Any person who wishes to apply for Trading Rights as a broker on the
Exchange shall
1
2
3
4
5
B.
apply to the CEO of LuSE in writing in such form as the Board may
determine
In the case of a company submit an updated copy of it’s articles of association
provide proof to the satisfaction of the board that it’s financial position is such
as would enable him at the time of making the application to comply with the
capital requirement contained in rule 6.01-“all members shall strictly comply
with and adhere to the Securities Act together with any regulations or rules
made under the Act, the articles and these rules. In particular, members and
their representatives shall comply at all times with the Securities (Accounting
and Financial Requirements) Rules 1993”.
provide the board with any such further information as the board may require.
Pay the membership fee of K250,000.00 and scrutiny fee of K22,000.00.
The exchange may have the following classes of membership
1.
A full member
A full member may participate in all the activities of the exchange including
but not limited to, trading, clearing and settlement.
2.
A trading member
A trading member may participate in all the activities of the exchange except
that the member shall not clear or settle it’s own transactions or the
transactions of others (for which purposes he shall appoint a full member)
3.
Such other type of member as the board may permit
C.
QUALIFICATION
A broker must always comply with the following requirements (1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
be a holder of Trading Rights granted by the Exchange;
be a dealer licensed under Part IV of the Act;
be a company limited by shares incorporated in Zambia and more than
its 50% shareholding held by Zambians;
be a dealer licensed under part IV of the Securities Act;
be of good financial standing and integrity
satisfy the Board that the person is fit and proper person to be a
member.
not carry on any business other than that of dealing in securities and
those activities which are normally ancillary to such a business.
have at all times a net capital of not less than the minimum prescribed
by the commission in securities (Accounting and financial requirements
Rules 1993)
maintain at all times in it’s business as a dealer a liquidity margin of not
less than 10% of the minimum net capital requirement
comply with such other requirements for membership as the exchange
may from time to time prescribe.
Business Plan and Procedures Manual
Information on Shareholders and Directors and their Curriculum Vitae.
If a person fails to meet the above requirements, they may not be eligible for
membership.
------------------------------------