This company is listed on the Paris stock exchange.

Self run securities accounts of the securities firm should be submitted to the stock exchange for filing within 3 trading days of account opening.

If the listed company and the dealing party retain securities service organs, they shall sign confidentiality agreement with the securities service organs immediately.

Securities account opened by the securities firm for securities assets management customer should be submitted to stock exchange for filing within 3 trading days.

Article 76 A securities firm shall undertake real time monitoring on trading behaviors of its self operation accounts and portfolio management accounts.

36. The Bermuda Stock Exchange celebrated 26 years of securities trading in Bermuda during 1997.

Article 48 Securities lending and borrowing referred to in this article means that in the securities trading at the stock exchange or other securities trading places that have been approved by the State Council, securities firms lend capital or securities to customers for them to buy or sell securities based on the corresponding collaterals provided by the customers.

After the listed company finishes the aforesaid public announcement and report, it can complete the securities registration formalities at the stock exchange and the securities registration and clearing company for the specified parties that have purchased the shares.

Where the listed company receives stocks pricing sensitive information, it shall apply to the stock exchange for suspension of trading and make disclosure in a timely manner.

a transaction involving securities

(3) Where a securities firm does not report its security self operation accounts or portfolio accounts of its clients to a security exchange for file according to provisions

Article 16 After the listed company signs the contract with the securities service organ, it shall not change the securities service organ without a legitimate reason.

(4) Deposit banks, designated commercial banks, asset management agencies, security exchanges, securities registration and clearing agencies of a securities firm

Securities brokers shall not handle securities subscription or trading for customers.

(k) Financial contract means any spot, forward, future, option or swap transaction involving interest rates, commodities, currencies, equities, bonds, indices or any other financial instrument, any repurchase or securities lending transaction, and any other transaction similar to any transaction referred to above entered into in financial markets and any combination of the transactions mentioned above

Even the New York Stock Exchange was affected for a time.

1 Customers purchase of securities, settlement of securities trading or customers withdrawal

Article 80 Where a securities firm entices its clients to conduct unnecessary security trading or uses assets of its clients to take unnecessary security trading in its dealing with portfolio management business, it shall be punished according to the provisions prescribed in Article 210 of the Securities Law of the People s Republic of China.

The types of securities that can be lent to the customer by the securities firm and can be bought with the funds lent to the customer by the securities firm, the types and coefficient of the securities that can be used as deposit, the time limit for securities lending and borrowing, the minimum guarantee maintenance ratio and the time limit for making up the difference shall be determined by the stock exchange.

The hearings also led to passage of the Securities Act of 1933 and the Securities Exchange Act of 1934. Securities issuers and traders were required to release more information, and were subjected to higher transparency standards.

The newest addition to the range of financial services was the Cayman Islands Stock Exchange, which opened on 2 January 1997.

Fees on securities lending and reversible gold transactions

(4) Where any securities broker accepts entrustments of clients to handle such issues as securities subscription and trading.

(7) As regards reserve repo securities, it is required to make disclosure of the beginning balance, ending balance and the agreed reserve repo price at maturity of reserve repo securities at each trading place.

The deposit given by the customer, all the securities that have been purchased through securities lending and borrowing, and all the funds from the sales of securities are collaterals to the securities firm, and shall be deposit to the customer securities guarantee account or the customer funds guarantee account and credited to the customer s credit granting account.

Article 5 By obeying national regulations, securities firms can issue, trade and sell securities financial products.

When the stocks trading price of the listed company experience abnormal fluctuations due to the market rumor of the material assets reorganization, the listed company shall timely apply to the stock exchange for suspension, verify whether there are reorganization matters that affect the stocks trading price of the listed company and make clarification it shall not refuse to perform the information disclosure obligation citing the reason of the uncertainty of the relevant matters.

However, the Johannesburg stock exchange the largest in Africa with 180 billion in capitalization and the regional bourse of eight francophone States in West Africa actively facilitate foreign investment.

This imported statement contains investment transactions with no security. These transactions will be ignored.

The decrease of transaction settlement fund balance in the securities market in July was smaller than that in June, while the net bank securities transfers stood at negative RMB 66.6 billion.

Bermuda is implementing a strategic plan to turn the Stock Exchange into a modern, fully electronic offshore exchange.

3 Engage in unnecessary securities trade by using customer s assets

Traded loans (borderline between securities and other financial instruments)

The CSRC also points out that it will comply with the new Code to study and improve relevant regulations and normative documents, guide self regulatory organizations of stock exchanges and the China Association for Public Companies to formulate and revise relevant self regulatory rules, and gradually improve the governance rules system of listed companies.

Early in 2005, the Government will analyse the feasibility of establishing an electronic stock exchange on St. Croix.

The designated commercial bank shall sign a customer trading settlement funds custody contract with the securities firm and its customer, setting forth matters such as the deposit and withdrawal, transfer and enquiries of the trading settlement funds, and shall open a general account of customer trading settlement funds for the securities firm according to the requirements of net amount settlement and delivery versus payment of securities trading.

But the abuses of these markets can entail huge losses, witness those disclosed by Sumitomo Corporation in connection with trade of copper related financial instruments.

The Securities Committee, under the Council of Ministers of the Republic of Belarus and its inspectorates, monitor professional participants in the securities market, persons engaged in exchange activities and lottery organizers

3 Trade securities or maneuver securities market with insider information

This settlement agreement on securities fraud charge released by the U.S. Securities and Exchange Commission (SEC) on Saturday would make investors relieved.

According to the data of the World Federation of Exchanges, the total market value, the secondary market transaction volume, and IPO financing amount of the Shanghai Stock Exchange rank fourth, fifth, and second respectively in the world's exchanges.

4 Trade between self run securities account and securities assets management account, or among different securities assets management accounts, and has no sufficient evidence proving that it has legally realized effective separation

As for the regional stock market (BRVM), which handles transactions for eight States, transactions are closely monitored by a regional council. There is therefore no risk of misappropriation of funds.

Article 30 Where the CSRC has approved the material assets reorganization, the listed company shall timely execute the reorganization scheme, compile the execution report within three workdays after the completion of the execution, submit the written report to the CSRC, the CSRC s local agency and the stock exchange, and make public announcement of the report.

Any units and individuals are forbidden to use the information of material assets reorganization to conduct unlawful activities such as inside dealings and manipulation of the securities market.