Wednesday July 3 2024
News Source: Global Exchanges
Focus: Stock Exchange Regulation
Type: General
Country: Papua New Guinea
On 1st July 2024, Papua New Guinea’s National Stock Exchange (PNGX) released amendments to its Business Rule to modernise the management requirements for PNG’s stockbrokers. This follows the improvement to the speed of settlement of trades which took effect in July 2023, enhancing the overall efficiency of the market. The Business Rules govern the behaviour of stockbrokers on the PNGX market.
The recent amendments require each broker to be supervised by a person identified as a Responsible Manager, replacing the previous requirement of an Affiliate Director. The role of a Responsible Manager is crucial, as they must possess sufficient knowledge, seniority and authority within a broker to exert control, leadership, influence and supervision over its operations and processes.
These amendments are interim measures, set to remain in place until the Business Rules are completely rewritten in late 2024. A copy of the amended Business Rules and the Guidance Note are available on the PNGX website.
Click on the above link for further information
