• General Requirements
  
• Preconditions for admission of an application of a corporate stockbroker

General Requirements

1. A corporate stockbroker may be registered only if such company is established in accordance with the provisions of the Companies Law. 
   
2. An application for registration of a corporate stockbroker may be submitted by a legal person already established, or one which will be established in future.
   
3. The following shall be submitted together with the application:

• In the case of a legal person already established:

1. Memorandum and Articles of Association, certificate of establishment, certificate of directors and a statement of the legal person's staff.
2. Report of the activities of the company since its establishment and up to the date of the submission of the application, and audited accounts in respect of this period.
3. Confirmation by a stockbroker or a person registered in the register maintained in accordance with Regulation 8, that such person is committed to serve full time and on an exclusive basis as stockbroker representative of the company.

• In the case of a legal person not yet established:

1. The proposed Memorandum and Articles of Association.
2. The names of all persons proposed as shareholders, members of the board and members of the staff.
3. A certification by a stockbroker or a person registered in the register maintained in accordance with Regulation 8, that he is committed to be fully and exclusively employed as stockbroker representative of the legal person to be established in the future.

• The Council may demand also submission of any other additional document or the provision of any other additional information.

Preconditions for admission of an application of a corporate stockbroker

• An application of a legal person for registration as corporate stockbroker shall not be accepted, as long as:

1. A shareholder of the legal person holds directly or indirectly more than ten per cent of the share capital or of the voting rights of the legal person, or whenever a member of the Board of Directors, or the General Manager or the Secretary, or any other of the officials of such legal person has been adjudged bankrupt or has been sentenced for an offense involving dishonesty or moral indecency.

2. The objects and activities of the company involve or may involve risks, or are incompatible with the exercise of stock exchange operations.

• An application of a legal person shall be accepted as long as the Council is satisfied that:

1. The shareholders holding directly or indirectly more than ten per cent of the share capital or of the voting rights of the legal person, the members of the Board of, Directors, the General Manager, or the Secretary, or any other officials of the legal person, are of guaranteed character, are persons with financial integrity, of good reputation and character and are competent to contribute to maintaining a high degree of professional behaviour by the legal person, and

2. The legal person has the minimum paid up capital provided by the Law.

• The application of a company not yet established shall be accepted on the condition of its establishment.

• The legal person must fulfill all preconditions set out in paragraph (2) above for as long as it continues to be registered in the Register of Members.