CONASEV is responsible for determining the regulations that are not compatible with the nature of electronic trading systems. Chapter II Exchange Session Article 117.- Definition. (*) An Exchange Session is the centralized mechanism wherein the brokerage firms, pursuant to the corresponding internal regulations of the Exchanges, trade securities listed in the Registry, as the case may be, and derivatives previously authorized by CONASEV. (*) Article replaced by Article 18 of Law No. 27649. Article 118.- Frequency. The exchange sessions shall be carried out every day, at the hours determined in the corresponding internal regulations. Such daily schedule can only be suspended through CONASEV resolution on the basis of a force majeure event and strictly for the period defined by circumstances. Article 119. Exchange Session Director. (*) The exchange session is conducted by an exchange officer, known as Exchange Session Director, whose main function is supervising that the trading in such centralized mechanism is carried out in an ordered and transparent manner, and pursuant to the specific regulations on transactions and other applicable regulations. To carry out its functions, the Exchange Session Director is authorized to: a) Issue a final settlement for the matters that arise during the exchange session regarding the transactions’ validity. He/she is authorized to declare the transactions that are carried out against the law and the applicable statutory regulations null and void. b) Enforce the corresponding measures, pursuant to the exchanges’ internal regulations approved by CONASEV. c) Suspend the trading of one or several securities or the entire exchange session pursuant to the regulations on the matter. d) Suspend a brokerage firm on the basis of the information provided by the Securities Clearing and Settlement Institution (ICLV) regarding the non-compliance by such firm in the settlement of transactions or reimbursement of guarantee margins, in accordance with the exchanges’ internal regulations. e) Others determined by CONASEV through general provisions. The Exchange Session Director shall have operating and administrative autonomy and independence, and inform and report to the board of directors or steering council of the corresponding exchange. (*) Article amended by . Article 120.- . Repealed by the Article 121. Appointment. (*)
CONASEV is responsible for determining the regulations that are not compatible with the nature of electronic trading systems. Chapter II Exchange Session Article 117.- Definition. (*) An Exchange Session is the centralized mechanism wherein the brokerage firms, pursuant to the corresponding internal regulations of the Exchanges, trade securities listed in the Registry, as the case may be, and derivatives previously authorized by CONASEV. (*) Article replaced by Article 18 of Law No. 27649. Article 118.- Frequency. The exchange sessions shall be carried out every day, at the hours determined in the corresponding internal regulations. Such daily schedule can only be suspended through CONASEV resolution on the basis of a force majeure event and strictly for the period defined by circumstances. Article 119. Exchange Session Director. (*) The exchange session is conducted by an exchange officer, known as Exchange Session Director, whose main function is supervising that the trading in such centralized mechanism is carried out in an ordered and transparent manner, and pursuant to the specific regulations on transactions and other applicable regulations. To carry out its functions, the Exchange Session Director is authorized to: a) Issue a final settlement for the matters that arise during the exchange session regarding the transactions’ validity. He/she is authorized to declare the transactions that are carried out against the law and the applicable statutory regulations null and void. b) Enforce the corresponding measures, pursuant to the exchanges’ internal regulations approved by CONASEV. c) Suspend the trading of one or several securities or the entire exchange session pursuant to the regulations on the matter. d) Suspend a brokerage firm on the basis of the information provided by the Securities Clearing and Settlement Institution (ICLV) regarding the non-compliance by such firm in the settlement of transactions or reimbursement of guarantee margins, in accordance with the exchanges’ internal regulations. e) Others determined by CONASEV through general provisions. The Exchange Session Director shall have operating and administrative autonomy and independence, and inform and report to the board of directors or steering council of the corresponding exchange. (*) Article amended by . Article 120.- Repealed by the . Article 121. Appointment. (*)