BBVB

RULES OF ADMISSION TO MEMBERSHIP OF CURRENCY SECTION OF THE BAKU INTERBANK CURRENCY EXCHANGE

   I. General provisions

   1.The present Rules define procedure of an admission to membership of currency section of the BBVB, an order of the admission of members in currency section of the BBVB to the trades, their rights and a duty, and also an order of an exit and an expel of members of currency section of the BBVB.
   2. The banks and other financial institutions (companies) having the licenses for fulfillment of currency transactions, received according to the legislation operating in the Azerbaijan Republic not less, than 6 months prior to date of a filing of application about an admission to membership of currency section of the BBVB can be accepted in members of currency section of the BBVB. Branches, representations of the organizations of residents cannot be members of currency section of the BBVB. The minimum actually typed authorized capital stock of the credit organizations at the moment of giving of documents for the introduction into members of currency section of the BBVB should meet requirements of National bank of Azerbaijan.
   3. The present Rules can be changed and added under the decision of Exchange Council.

   II. The Order of an admission to membership of Currency section of the BBVB and admission conditions to the trades

   4. The organizations indicated in the 2-nd point of the present Rules, send an application to the name of Chairman of Exchange Council for admission in members of currency section of the BBVB (form A). The application are included:
   - the notarize attested copy of the Charter;
   - notarize attested copy of the certificate of registration (of the bank license);
   - notarize attested copy of the license for realization of currency transactions;
   - the last annual balance certified by the auditor and balance for the last complete quarter;
   - the registration card (form B);
   - the list of correspondent accounts (form D);
   - indicators of volume of bank service of clientele
   (form G);
   - the list of representatives (Traders) authorized on realization of operations (form V);
   - the National bank inquiry about not disordering the economic specifications of the National bank of the Azerbaijan Republic for the last 6 (six) months;
   - letters of credence of two banks-members of the currency section of the BBVB active for more of 1 year;
   - the questionnaire of the Trader.
   5. The Exchange Council considers the presented documents. The Exchange Council accepts the decision on an admission to membership of the BBVB currency section. The management grants the certificate on an admission to membership of Currency section of the BBVB and gives to the accepted member a registration number.
   6. Exchange Council can entrust to one of members of Exchange Council the checking of professional readiness of representatives of members of Currency section of the BBVB, authorized for the realization of operations (Traders). The management has the right to give to the Exchange Council the submission about inappropriate professional readiness of Traders and their replacement.
   7. The size of an introductory membership fee constitutes the manat equivalent of 1000 US dollars calculated in the NBA rate at the moment of payment and transferred by bank to the account of the Exchange.
   8. Members of currency section of the BBVB open their accounts necessary for realization of settlements with BBVB following the results of the trading sessions in banking establishments where Management of the BBVB open their accounts. The Management of the BBVB rends the support to the members of the Currency section of the BBVB in opening of the accounts.

   III. The Rights and responsibilities of members of Currency section of the BBVB

   9. Members of the BBVB Currency section have the right:
   - to participate in the realization of exchange operations on its own behalf at own expense and on its own behalf at the expense of clients;
   - to receive from the Management and the Exchange Council of the BBVB the information on the decisions concerning the activity of the members of Currency section of the BBVB;
   - to submit for the consideration of the Exchange Council the proposals concerning the activity of the BBVB.
   10. Members of the Currency section of the BBVB are obliged:
   - to observe positions of Charter of the BBVB, Temporary rules of realization of operations and SWAP-operations on purchase-sale of foreign exchange in BEST at the BBVB, Rules of an admission to membership of Currency section of the BBVB, the Temporary order of realization of settlements on US dollars transactions, bounded at the BBVB trading sessions;
   - to execute decisions of the Exchange Council and the Managements regulating activity of trades in Currency section of the BBVB;
   - to carry out in time the obligations on the bargains concluded at the BBVB;
   - to represent annually to the BBVB an annual balance certified by the auditor;
   - to publish annual report in the open press on its activity and balance.
   The Traders of Dealers-members of the Currency section should meet following requests:
   -to have citizenship of the Azerbaijan Republic;
   - to be the regular employee of a division (a department), attending to operations with foreign currency not less than 6 months;
   - the educational level below the complete high education is available;
   - the experience of fulfillment of operations on financial markets (operation with foreign exchanges, a money-market) is available;
   - an absence of previous convictions for profit-motivated crimes.
   Members of Currency section of the BBVB bear complete responsibility for the activity of their Traders.
   IV. An order of an exit and exclude of the members of the BBVB Currency section
   11. The member of the Currency section of the BBVB, wishing to terminate membership in Currency section of the BBVB, informs about it the Exchange Council in written form. The application for an exit is accepted under condition of ending of all settlements under the bargains concluded by a member of the BBVB Currency section. The decision on an exclude of members of Currency section of the BBVB is accepted by the Exchange Council and comes into force the next day after its acceptance in the Exchange Councils meeting.
   12. In case of the infringement by a member of the BBVB Currency section of the responsibilities indicated in the 10-th point of the present Rules, the Exchange Council can receive by the Management submission the decision about temporary discharge of this member from a participation in trades. At repeated infringement, and also in case of the license withdrawal of a member of the BBVB Currency section on the right of realization of currency transactions at the territories of the Azerbaijan Republic Exchange Council can receive the decision on an expel of members of the BBVB Currency section.
   13. The Legal body excluded from members of the BBVB Currency section, can present documents on the introduction into members of Currency section of the BBVB not earlier than in one year.