FMDQ Releases Appeal Process for Penalties on Trading Infractions

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FMDQ Releases Appeal Process for Penalties on Trading Infractions. In furtherance of its mandate to provide an enabling environment for the growth and development of the Nigerian over-the-counter financial markets, FMDQ OTC Securities Exchange (“FMDQ” or the “Exchange”) has developed an Appeal Process for Penalties on Trading Infractions (the “Appeal Process”). The Appeal Process, as approved by the Board Regulation and Risk Management Committee (BRRMC), involves a three-level structure; starting at the Management level, through the Trading Infractions Appeal Committee, proceeding to the Board level, through the BRRMC, and terminating at the Board of Directors of the Exchange.

The Appeal Process is designed to ensure proper management and adjudication of appeals made by aggrieved Dealing Member (Banks), in the event of a disagreement arising out of penalties imposed, based on the Trading Infractions and Penalties Guide.

The Appeal Process shall be read in conjunction with all FMDQ Rules*, including but not limited to the FMDQ OTC General Market Rules, FMDQ Codified Rule Books, E-Bond Trading Rules, E-Bond Trading Infractions and Penalties Guide and Disciplinary Procedure Rules.

Click here to view Appeal Process.

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