The Broker is licensed by the Stock Market to practice brokerage business in securities in accordance with the provisions of commercial law, and the membership of the market is made up from all brokers admitted to the market in accordance with the provisions of statute, rules, regulations and decisions issued pursuant thereto.
Who are the Brokers ?
They are joint stock companies that are granted a license to practice the profession of brokerage in the securities market after fulfilling the necessary conditions for it.
The role of the profession of Brokers:
Brokers plays a key role in the financial markets, where market investors can only sell or buy securities through the brokerage company licensed to perform brokerage activity in securities.
key task for the Membership and Brokers Department:
• Receive written requests and data collection and procedures for the acceptance of brokerage firms.
• Checking the accuracy of the data and procedures relating to acceptance brokers in terms of compliance with the requirements of the labor market, including through field visits to corporate headquarters and stand on the extent of its.
• Preparation of reports for the evaluation of companies applying to work in the field of financial intermediation.
• Make sure to take into account brokers for all controls and regulations governing the work of financial intermediation in the market.
• Provide assistance and advice to brokerage firms.
• Inform the brokers for violations that occurred during them carrying out their work.
• Take the necessary action to correct functioning of the Brokers.
• Study the possibility of the conditions required to confer the status of brokers wishing to acquire this status and refer them to the secretary of the Management Committee..
• Record keeping for the issuance of licenses and the perpetrators of the trading figures.
• Record keeping for the issuance of licenses for brokerage firms and numbers.
• Follow up on the collection of fees for membership and annual subscriptions for members of the Market.
• Follow-up procedures for opening and lock records that restricts the commands and operations of brokers.
• Compilation of observations on the irregularities that occur in the brokerage firms and consider and take action on them and to inform the competent departments