Compliance

An individual is allowed to have one active AE terminal at a time. It means one person is allowed to use only one active MTWS.

Yes, s/he is allowed to register as a client but s/he can not be client under himself/herself (AE).

S/he should be at least 21 or above to apply for an AE/ Registered User.

There are 3 rights for the use of TWS of the clients by a registered user:

Full Right: If registered user is given full rights then he can trade on behalf of its client.

View Right: If registered user is given view rights then he can only view the trades of its client and supervise. He can’t place an order for his client.

No Right: Under this, a registered user is not allowed to view as well as trade on behalf of his clients. He shall have no rights.

S/he should fulfill any one of the below mentioned criteria:

• S/he must be a bachelor’s degree holder.
• S/he must have a trading experience of minimum 6 months from any of the exchanges registered in Madagascar or abroad exchanges.

No. Once a person is allotted with a particular AE code, he can't transfer that code to some other person.

Can electricity or telephone bills or any utility bills be collected as an address proof for registering as a client?

Yes, it can be collected but such bills should not be of more than three months older.

S/he should be at least 18 or above to apply as an individual client.

Yes, individuals having joint bank account can apply to register as a client, the additional document to be submitted is the letter authorizing one of the client to receive user and trade. There is a different format of Client Registration Form for these types of individuals.

If this is the case, she needs to provide marriage certificate in order to verify her name with the one mentioned in CRF and Bank records.

Following are the additional documents to be submitted by a Non- Madagascar applicant:

• Proof of Identity issued by his/her country (citizenship card, registration card, Ration card, Voter's I.D etc)
• Passport of the applicant / client.
• Resident card provided by the embassy in Madagascar. (If any)

Yes, individuals as well as institutions can apply for registering as a client.

An individual or institution can have only one active account at a time under any member (NCM). It means one individual or institution is allowed to use only one active TWS, he can't register himself for more than one time.

Yes, he is allowed to register himself as a Registered User/ AE may it be under the same NCM or different.

If applicant can't provide any of the thumb print with some reason, he needs to provide a letter mentioning detail of his left/right hand operation and same should be signed by the authorized person of his concerned non-clearing member and also provide the copy of operation papers from the doctor.

If the applicant is having ID with incomplete DOB following methods can be used:

• Applicant can provide other supporting documents like: passport, driving license, in which his/her DOB is mentioned.
• If only the year is mentioned in his/her ID, like 2044 BS with no month and date mentioned, then s/he can mention the DOB as 01/01/2044. This is legally defined and if anything is mentioned in passport and other government issued documents then the same should be mentioned.

Yes, they can apply and it's their responsibility to inform the exchange during the close down of their payroll account.

Same person can't register as an individual client and be the authorized person of institutional client also as one person is allowed to use only one TWS.

On the other hand, if already registered individual client is in the director list of the institution but not the authorized person, then it is acceptable, as two different person will be using the TWS.

No, he needs to register as client directly under NCM or any other Registered User. But the same individual could be client as well as registered user.

Yes, they are allowed to register as a client. They need to fulfill all the criteria required to be a client.

No. Once a person is allotted with a particular client code, he can't transfer his code to some other person. The client code assigned must be used only by that particular client.

Members are required to provide their net worth certificate once in a financial year which should be in the format prescribed by the exchange and in the letter head of the registered auditor.

Yes, they are required to appoint an Auditor formally and they are also required to have the board minute for the same.

Yes, anyone involved in portfolio management activities are allowed to become a client as well as a member of the exchange.

After taking the membership of MEX MADAGASCAR, all the members needs to take permission from the Board of Exchange before involving in any business, which is in relation to or connection with the business of the Exchange, with any other person or firm or entity or exchange, or enter into any financial relationship with any other members or clients of the Exchange, or enter into any agreement with any other person or entity in relation to or in connection with the business of the Exchange.

In terms of provision of the rules and byelaws of the exchange, the member of the exchange are not allowed to generate more than one client code to the same applicant at the same time. If the client wants to have new client code, s/he needs to close the previous account and apply as a new client.

No, members are not allowed to accept cash from clients for trading purposes. This is totally against AML policy of the exchange.

Third party transfer can be defined as any fund transfers or deposits made from the accounts other than the one registered with the exchange for that particular client or member. It also refers to the transfers or deposits made by third person. Third party transfer is not allowed.

Third party transfer is not at all accepted at the exchange level and it's totally against MEX MADAGASCAR AML policy. But sometimes third party transfer happens mistakenly. At that time, the amount transferred needs to be reverted back to the account from where the fund had come.

The Board of Directors of the company is allowed to be the authorized person.