The market operator, the exclusive concessionaire of the public service, is a legal entity with the status of a financial institution and whose partners are investment service providers in securities.
The concession is granted to the market operator after consultation with the Commission.
The market operator ensures the smooth operation of trading. In this capacity, it establishes the rules governing:
• Market access;
• Admission to listing;
• The organization of transactions and markets;
• The suspension of trading in one or more securities;
• The registration and publication of trading;
• The delivery of securities and the settlement of funds;
• The safekeeping of securities.
These rules are approved by the Commission and published.
The admission of securities to trading on the market is decided by the market operator, subject to the Commission's right of objection.
After informing the issuer of a security, the market operator may suspend trading of that security for a specified period within the market it manages.
It shall inform the Commission. The Commission may, in exceptional circumstances, request the market operator to suspend trading of a security in order to protect public savings.
The issuer of a security admitted to trading on the market may request the market operator to suspend trading of that security to allow for adequate public information.
When an exceptional event disrupts the regular operation of the securities market, the market operator may suspend all or part of the trading for a period not exceeding five (5) consecutive days. Beyond this period, the suspension is confirmed by a decision of the Commission.
If the suspension on the securities market has lasted more than five (5) consecutive days, transactions pending on the date of suspension may be cleared and settled under the conditions defined by the market regulations.
The trading and exchange of securities admitted to trading on the market may, under penalty of nullity, be carried out only by a securities investment firm or by a credit institution authorized to provide the services referred to in Article 5 of the law.
However, direct transfers of listed securities between two natural persons for their own account are only authorized after notification to the market operator.
Securities investment firms and credit institutions referred to in paragraph (1) above must be partners of the market operator. Admission and continued partnership are subject to compliance with the rules of that market.