Documente Academic
Documente Profesional
Documente Cultură
OF THE
WHEREAS, the Ethiopia Commodity Exchange Authority is established by law to regulate the
proper functioning of a commodity exchange;
WHEREAS, the Authority is entrusted with the responsibility of ensuring the development of an
efficient modern trading system; controlling the secure, transparent and stable functioning of a
commodity exchange and protecting the interests of the various actors of the system and the
public at large;
WHEREAS, in order to achieve the foregoing it has become necessary to issue detailed
directives,
NOW, THEREFORE, in accordance with Article 34 sub-Article (2) of the Ethiopia Commodity
Exchange Authority Proclamation No. 551/2007, it is hereby issued as follows:
Authority Directives
_____________________________________________________________________
PART ONE
GENERAL
1. Short Title
These Directives may be cited as “Ethiopia Commodity Exchange Authority
Directives 01/2008.”
2. Purpose
The purpose of these Directives is to establish the fundamentals of trading on
the Exchange, the principles of the contracts to be traded on the Exchange
and the conditions of membership to Exchange and to ensure that the
purchase and sale of these contracts are realized in a secure and stable
manner under conditions of free competition.
3. Definitions
__________________________________________________________________
1
Authority Directives
_____________________________________________________________________
providing the services of clearing and
settlement of transactions and
guaranteeing settlement by delivery to
Members, on behalf of the Exchange
__________________________________________________________________
2
Authority Directives
_____________________________________________________________________
550/2007
__________________________________________________________________
3
Authority Directives
_____________________________________________________________________
PART TWO
2. The application made under Sub-Article 1 of this Article shall contain such
information as may be prescribed and shall be accompanied by a copy of
the Rules of the Exchange for the regulation and control of trading on spot
and futures contracts of the Exchange and the Rules relating in general to
the constitution of the Exchange, and, in particular to--
__________________________________________________________________
4
Authority Directives
_____________________________________________________________________
4/ Adopt position limitations or position accountability where
necessary and appropriate;
10/ Establish and enforce Rules for the examination and approval
of Warehouse Operators;
__________________________________________________________________
5
Authority Directives
_____________________________________________________________________
13/ Establish and enforce Rules for the operations of the Central
Depository;
18/ Establish and enforce Rules regarding and provide facilities for
alternative dispute resolution, as appropriate, for market
participants;
4. The Authority may enter the premises of the Exchange to examine and
ensure compliance of the Exchange with its Rules and conditions of its
operations stated under Article 3 above.
__________________________________________________________________
6
Authority Directives
_____________________________________________________________________
the right to appeal an adverse decision after such hearing to the
Federal High Court.
6. Power of the Authority to take action against the Exchange for failure to
comply with its Rules, conditions of its operation or provisions of the
Authority Proclamation, Directives or orders.
(iv) Defer for a stated period the delivery date for all
Contracts or for a particular Contract or Commodity
Class entered into on the Exchange.
__________________________________________________________________
7
Authority Directives
_____________________________________________________________________
Board or CEO of the Exchange not less than 7 (seven) working
days before such proposed action and a hearing on the record.
__________________________________________________________________
8
Authority Directives
_____________________________________________________________________
In addition, the Authority may, in its discretion and upon application
of any person who is adversely affected by any other Exchange
action, review such action.
3/ The Authority, in its discretion, may order a stay of any action taken
pursuant to Sub Article 1 of this Article pending review thereof.
9. Power of the Authority to call for regular reports and to make direct
inquiries
(d) Every other person or body of persons who has had dealings
in the course of business with any of the persons mentioned
in clause (a), (b) and (c),
__________________________________________________________________
9
Authority Directives
_____________________________________________________________________
10. The Exchange and every Member shall maintain such books of accounts
and other documents as the Authority may specify and the books of
accounts and other documents so specified shall be preserved for a
period not exceeding 10 (years) in the case of the Exchange and 5 (five)
years in the case of its Members and shall be subject to inspection at all
reasonable times by the Authority.
11. The Exchange shall submit to the Authority the following regular reports:
1/ Daily Reports
The Exchange shall record and report, for each business day, the
following information separately for each Contract or commodity class
i. The highest and lowest bid, the highest and lowest offer
and the opening, highest, lowest and closing traded
prices.
ii. When each such form of the data is first available but not
later than 7:00 a.m. on the business day following the
day to which the information pertains.
__________________________________________________________________
10
Authority Directives
_____________________________________________________________________
(e) The Exchange shall make the information on traded prices
and trading volume available to participants in real time on
the Exchange trading floor.
(b) The annual report of the Exchange shall contain the balance
sheet, the profit and loss account and the annual financial
statements of the Exchange, audited by an Auditor
recognized by the Authority, and an economic analysis of
trading on the Exchange, within one month of the end of its
financial year.
__________________________________________________________________
11
Authority Directives
_____________________________________________________________________
(a) Membership;
(b) Trading;
(c) The opening and closing of the Exchange and the regulation
of the hours of trade;
__________________________________________________________________
12
Authority Directives
_____________________________________________________________________
(j) The admission and prohibition of specific classes or types of
commodities or of dealings in commodities by a Member of
the Exchange;
__________________________________________________________________
13
Authority Directives
_____________________________________________________________________
4/ Any Rules made under this section, when approved by the
Authority, shall be published, unless the Authority, in the interest of
the trade or in the public interest, by order in writing, dispenses with
the condition of previous publication.
__________________________________________________________________
14
Authority Directives
_____________________________________________________________________
PART THREE
1. The Exchange shall clear and settle all transactions internally through the
Exchange Clearing House or Exchange Designated Settlement Banks or
other Authority recognized Clearing Institutions.
__________________________________________________________________
15
Authority Directives
_____________________________________________________________________
5. Application Procedures:
1/ The Exchange Clearing House shall file an application for
recognition with the Authority.
2/ The application must include the following:
(a) A representation by the Exchange Clearing House that it will
operate in accordance with the definition of a Clearing
Institution contained in Article 1 of the Authority Proclamation
and this Article;
(b) A copy of the Exchange Clearing House Rules;
(c) A demonstration of how the Exchange Clearing House is
able to satisfy each of the requirements specified under
Article 25 of the Authority Proclamation;
(d) Any agreements entered into or to be entered into with
Exchange Designated Settlement Banks or otherwise, that
will enable the Exchange Clearing House to comply with the
requirements specified under Article 25 of the Proclamation.
The agreements must identify the services that will be
provided. If a submitted agreement is not final and
executed, the application must include evidence that will
demonstrate that such services will be provided as soon as
operations require;
(e) Descriptions of system test procedures, tests conducted or
test results, that will enable the applicant to comply with the
requirements specified under Article 25 of the Authority
Proclamation; and
(f) Where the applicant with sufficient particularity identifies
information in the application it deems confidential, a request
for confidential treatment and with evidence to support such
request.
__________________________________________________________________
16
Authority Directives
_____________________________________________________________________
6. Review Period
1/ Except as provided for under Sub Article 2 of this Article, the
Authority shall review the application for recognition as an
Exchange Clearing House within 7 (seven) working days of the
filing of the application. The Authority may approve or deny an
application or if deemed appropriate, recognize the Exchange
Clearing House subject to conditions. If the Authority notifies the
Exchange Clearing House the application is incomplete and
specifies the deficiencies in the application, the process date will be
stayed until the application is resubmitted in complete form.
2/ The Authority may grant temporary recognition to the Exchange
Clearing House on an expedited basis. The temporary recognition
under this Sub-Article may be subject to conditions and an expiry
date as the Authority may stipulate.
3/ The Exchange Clearing House shall apply for permanent
recognition when conditions of its recognition are met and before
the expiry of the temporary recognition.
__________________________________________________________________
17
Authority Directives
_____________________________________________________________________
(d) A demonstration of how the Exchange Designated
Settlement Bank is able to satisfy each of the requirements
specified under Article 25 of the Authority Proclamation;
(e) Any agreements entered into or to be entered into with the
Exchange or otherwise, that will enable the Exchange
Designated Settlement Bank to comply with the
requirements specified under Article 25 of the Authority
Proclamation. The agreements must identify the services
that will be provided. If a submitted agreement is not final
and executed, the application must include evidence that will
demonstrate that such services will be provided as soon as
operations require;
(f) Descriptions of system test procedures, tests conducted or
test results, that will enable the applicant to comply with the
requirements specified under Article 25 of the Authority
Proclamation; and
(g) Where the applicant with sufficient particularity identifies
information in the application it deems confidential, a request
for confidential treatment and with evidence to support such
request.
9. Review Period
1/ Except as provided for under Sub Article 2 of this Article, the
Authority shall review the application for recognition as an
Exchange Designated Settlement Bank within 7 (seven) working
days of the filing of the application. The Authority may approve or
deny an application or if deemed appropriate, recognize an
Exchange Designated Settlement Bank subject to conditions. If the
Authority notifies the Exchange Designated Settlement Bank the
application is incomplete and specifies the deficiencies in the
application, the process date will be stayed until the application is
resubmitted in complete form.
2/ The Authority may grant temporary recognition to the Exchange
Designated Settlement Bank on an expedited basis. The temporary
recognition under this Sub-Article may be subject to conditions and
an expiry date as the Authority may stipulate.
3/ An Exchange Designated Settlement Bank shall apply for
permanent recognition when conditions of its recognition are met
and before the expiry of the temporary recognition.
__________________________________________________________________
18
Authority Directives
_____________________________________________________________________
10. Denial of Application for Recognition as a Clearing Institution
If the Authority denies an application, it shall specify the grounds for
the denial. In the event of a refusal to recognize as a Clearing
Institution, any person that has made an application for recognition
shall be afforded an opportunity for a hearing on the record before the
Authority, with the right to appeal an adverse decision after such
hearing to the Federal High Court
3/ The Federal High Court may affirm or set aside the order of the
Authority or may direct it to modify its order. No such order of the
Authority shall be modified or set aside by the Federal High Court
unless it is shown by the Clearing Institution that the order is
__________________________________________________________________
19
Authority Directives
_____________________________________________________________________
unsupported by the weight of the evidence or was issued without
the appropriate notice and a reasonable opportunity for a hearing.
__________________________________________________________________
20
Authority Directives
_____________________________________________________________________
3/ The Authority shall, within 30 (thirty) days or such longer period as
may be agreed between the Authority and the Clearing Institution
after the receipt of anything submitted under Sub Article 1 of this
Article, notify the Clearing Institution in writing of its decision on the
proposed amendment or the proposed business rules, as the case
may be.
15. Power of the Authority to take action against a Clearing Institution for
failure to comply with its Rules, conditions of its recognition or provisions
of the Authority Proclamation, Directives or orders.
__________________________________________________________________
21
Authority Directives
_____________________________________________________________________
CEO of the Clearing Institution not less than 7 (seven) working
days before such proposed action and a hearing on the record;
17. Clearing Institutions shall maintain records and submit to the Authority
regular reports as follows:
1/ The Exchange Clearing House shall monthly submit a report
showing transactions matched and approved for settlement by it;
and
__________________________________________________________________
22
Authority Directives
_____________________________________________________________________
PART FOUR
__________________________________________________________________
23
Authority Directives
_____________________________________________________________________
8/ Central Depository has established standard transmission and
encryption formats for electronic communications of data between
the Central Depository, the Clearing House, Designated Exchange
Warehouses;
__________________________________________________________________
24
Authority Directives
_____________________________________________________________________
3. Records to be maintained by the Central Depository
5. Inspection
__________________________________________________________________
25
Authority Directives
_____________________________________________________________________
(c) to ascertain whether the systems, procedures and
safeguards being followed by the Central Depository,
Clearing House and Designated Exchange Warehouses, or
their agents are adequate to enable the Central Depository
to carry out its purpose; and
__________________________________________________________________
26
Authority Directives
_____________________________________________________________________
PART FIVE
1. The Exchange shall establish and enforce rules regarding and provide
facilities for an Arbitration Tribunal as appropriate for Members and
Clients.
2. The Exchange shall provide Arbitration facilities that are fair and equitable
and make them available, either directly or through another organization,
to Members.
5/ Notify the parties of the fees and costs that may be assessed.
__________________________________________________________________
27
Authority Directives
_____________________________________________________________________
2/ Masters degree in any other discipline relevant to the business of
the Exchange and 5 (five) years experience as arbitrators.
__________________________________________________________________
28
Authority Directives
_____________________________________________________________________
PART SIX
1. It shall be unlawful for any person to solicit orders or accept orders for the
purchase or sale of any Exchange traded contracts, on or subject to the
Rules of the Exchange, unless recognized as an Exchange Actor by the
Authority.
4. Member Recognition
1/ Unless recognized as a Member, a person shall not:
(a) Trade in Exchange traded contracts for on his own account
or for the account of others; or
(b) Represent that the person carries on a Commodity
Exchange business.
2/ No juridical person shall carry on a Commodity Exchange business
unless every director or employee who in his capacity as such
director or employee, is duly authorized by the corporation to act for
or on behalf of that corporation for the purpose of trading in
Exchange traded contracts.
__________________________________________________________________
29
Authority Directives
_____________________________________________________________________
2/ A person is said to act as a Member’s Authorized Representative if
the person acts:
(a) As an employee, agent, on behalf of, on account of, or for
the benefit of a Member;
(b) In connection with a Commodity Exchange business carried
on by a Member;
(c) While the person is a Member’s Authorized Representative;
and
(d) Other than in the course of work ordinarily done by
accountants, clerks or cashiers.
__________________________________________________________________
30
Authority Directives
_____________________________________________________________________
compliance, the Authority may in its discretion allow such
Member up to a maximum of 30 (thirty) working days in
which to achieve compliance without having to transfer
accounts and cease doing business as required above.
Nothing in this Sub Article shall be construed as preventing
the Authority from taking action against the Member for non-
compliance with any of the provisions of this Sub Article.
3/ Certification requirement
A person seeking to be recognized as a Member and in the case of
a juridical person, the officers and directors of such person must
pass the appropriate Member Certification Examination
administered by the Exchange. Such person must also attend any
training or periodic continuing education provided by the Exchange,
and continue to comply with the examination requirements of the
Exchange designed to ensure that the applicant understands his
responsibilities to the Exchange, Authority and public, under the
Authority Proclamation and these Directives or Rules of the
Exchange.
2/ Certification requirement
A person seeking to be recognized as a Member’s Authorized
Representative must pass the appropriate Certification Examination
administered by the Exchange. Such Member’s Authorized
__________________________________________________________________
31
Authority Directives
_____________________________________________________________________
Representative must also attend any training or periodic continuing
education provided by the Exchange, and continue to comply with
the examination requirements of the Exchange designed to ensure
that the applicant understands his responsibilities to the Exchange,
Authority and public, under the Authority Proclamation and these
Directives or Rules of the Exchange.
3/ Background check requirement
Each person seeking recognition as a Member’s Authorized
Representative must demonstrate to the satisfaction of the
Authority that such person has never been convicted of any
financial offense or any offense which undermines the integrity of
such person.
9. Review Period
1/ Except as provided for under Sub Article 2 of this Article, the
Authority shall review the application for recognition as an
Exchange Actor within 7 (seven) working days of the filing of the
application. The Authority may approve or deny an application or if
deemed appropriate, recognize an Exchange Actor subject to
conditions. If the Authority notifies the person the application is
__________________________________________________________________
32
Authority Directives
_____________________________________________________________________
incomplete and specifies the deficiencies in the application, the
process date will be stayed until the application is resubmitted in
complete form.
(a) The application was not made in accordance with Part Three of
the Authority Proclamation and Articles 6 and 7 of these
Directives;
(b) The applicant has failed to comply with any requirements of the
Authority Proclamation or these Directives;
(c) The applicant has failed to provide the Authority with information
which the Authority requires relating to the applicant or any
person employed by or associated with the applicant for
purposes of the applicant’s business or to any circumstances
likely to affect the applicant’s business;
(e) The Authority is not satisfied that the applicant’s, or its officers’,
directors’, agents’ or employees’, qualifications are adequate
with regard to the nature of the duties of an Exchange Actor;
__________________________________________________________________
33
Authority Directives
_____________________________________________________________________
2/ The Authority shall specify the grounds for the denial. In the even
of a refusal to recognize as an Exchange Actor any person that has
made an application for recognition shall be afforded an opportunity
for a hearing on the record before the Authority, with the right to
appeal an adverse decision after such hearing to the Federal High
Court.
__________________________________________________________________
34
Authority Directives
_____________________________________________________________________
14. Withdrawal of application
An application for recognition may be withdrawn by filing with the
Authority such a request. Withdrawal of an application for registration
shall not affect any action taken or to be taken by the Authority based
upon action, activities, or events occurring during the time the
application was pending with the Authority.
__________________________________________________________________
35
Authority Directives
_____________________________________________________________________
PART SEVEN
2/ Responsibility to Clients
3/ Conflict of Interest
4/ Confidentiality
5/ Fair Dealing
__________________________________________________________________
36
Authority Directives
_____________________________________________________________________
anyone through manipulation, concealment, abuse of privileged
information, misrepresentation of material facts, or any other unfair
dealing practice.
6/ Continuing Education
Each Member shall comply with all Federal and Regional and Local
(Municipal) laws and regulations, as well as any human rights
statutes concerning the properties managed, apprising property
owners as appropriate.
2. Each Exchange Actor shall diligently supervise its employees and agents
in the conduct of their Commodity Exchange Activities for or on behalf of
the Exchange Actor.
__________________________________________________________________
37
Authority Directives
_____________________________________________________________________
5/ When subject to minimum financial requirements, prepare financial
reports according to the accounting standards required to be filed
by the Exchange and within the time specified by the Exchange,
and file the same with the Authority.
6/ All books and records required to be kept by these Directives shall
be kept for a period of five years from the date thereof and shall be
accessible. All such books and records shall be open to inspection
by any representative of the Authority.
4. Reports:
Each Exchange Actor shall make reports from the records maintained in
accordance to the requirements of Article 3 of this Part, at such times and
at such places and in such forms as the Authority may prescribe by
Directive or order.
__________________________________________________________________
38
Authority Directives
_____________________________________________________________________
Exchange Actor without obtaining the Client’s prior written
authorization;
8/ Willfully make or cause to be made to the Authority, the Exchange
or any other Governmental body any false report or statement, or
willfully to enter or cause to be entered any false record;
6. Each Exchange Actor shall cooperate promptly and fully with any
investigation, inquiry, audit, examination or proceeding lodged by the
Authority or the Exchange, regarding compliance with Authority
requirements or any disciplinary proceedings. Each Exchange Actor shall
comply with any order issued by the Authority.
8. No Exchange Actor shall accept an order from a third party, not a Client of
the Exchange Actor, without first obtaining a copy of a written
authorization or acknowledgment from the such person that such
authorization has been given.
__________________________________________________________________
39
Authority Directives
_____________________________________________________________________
(d) Includes any reference to actual past trading profits without
mentioning that past results are not necessarily indicative of
future results;
(e) Includes a statement opinion included in promotional material
must be clearly identifiable as such and must have a reasonable
basis in fact.
10. Any Exchange Actor who violates or fails to comply with any Authority
requirement shall be subject to appropriate disciplinary action in
accordance with these Directives.
__________________________________________________________________
40
Authority Directives
_____________________________________________________________________
PART EIGHT
2. Recognition Requirement
1/ Registration Statement
The Association desiring recognition by the Authority shall file with
the Authority for review and approval, a registration statement, in
__________________________________________________________________
41
Authority Directives
_____________________________________________________________________
such form as the Authority may prescribe setting forth the
information and accompanied by the documents specified below:
(a) copies of its articles and memorandum of association
under the relevant provisions of the Civil Code, with all
amendments thereto, and of its by-laws, and of any rules
or instruments corresponding thereto;
(b) data as to its organization, membership, and rules of
procedure, and such other information as the Authority
may by directives require as necessary or appropriate in
the public interest;
(c) training standards and proficiency testing; and
(d) a program to audit and enforce compliance with the
following standards:
i) Minimum capital, segregation of accounts, and
other financial requirements applicable to
Exchange Actors, and
ii) Minimum standards governing the trading
practices of Exchange Actors and persons
associated therewith for transactions subject to
the provisions of the Authority Proclamation.
2/ The Association shall not be recognized unless the Authority finds
that:
__________________________________________________________________
42
Authority Directives
_____________________________________________________________________
(e) The rules of the Association provide a fair and orderly
procedure with respect to the recommendation of
disciplining of Exchange Actors by the Exchange or
Authority. In any proceeding to determine whether the
Association should recommend that any Exchange Actor
shall be disciplined, such rules shall require that specific
charges be brought; that such Exchange actor or person
be notified of and be given an opportunity to defend
against such charges; that a record be kept; and that the
determination include:
3. Right of hearing
__________________________________________________________________
43
Authority Directives
_____________________________________________________________________
4. Fair representation
5. Denial of recognition
6. Suspension of recognition
The Authority may, after notice and opportunity for hearing, suspend
the recognition of the Association if it finds that the rules thereof do not
conform to the requirements of the Authority, and any such suspension
shall remain in effect until the Authority issues an order determining
that such rules have been modified to conform with such requirements.
The Authority shall review the rules and procedures of the Association
and the implementation thereof, to determine whether such rules and
procedures were applied in a fair, objective and consistent manner and
in line with the purpose of the Authority and Exchange Proclamations,
__________________________________________________________________
44
Authority Directives
_____________________________________________________________________
the Directives and orders of the Authority and the rules of the
Exchange.
__________________________________________________________________
45
Authority Directives
_____________________________________________________________________
PART NINE
AUTHORITY INVESTIGATIONS
2/ The Director shall report to the Director General of the Authority the
results of his investigations and recommend to the Authority such
enforcement action, as he deems appropriate. In particular matters,
the Director of the Department of Clearing and Intermediary
Oversight and the Chief Economist and Director of the Department
of Market Oversight, and members of their staffs acting within the
scope of their respective responsibilities, are also authorized to
investigate, report and recommend to the Authority in accordance
with these rules.
__________________________________________________________________
46
Authority Directives
_____________________________________________________________________
(b) the information or documents are made a matter of public
record during the course of an adjudicatory proceeding.
3. Summons
1/ The Authority, its staff or any member of the Authority Board who,
by order of the Authority, has been authorized to issue summons in
the course of a particular investigation may issue a summon
directing the person named therein to appear before a designated
person at a specified time and place to testify or to produce
documentary evidence, or both, relating to any matter under
investigation.
__________________________________________________________________
47
Authority Directives
_____________________________________________________________________
ii. mailing it by registered or certified mail to any such
representative at his last known address; or
iii. any other method whereby actual notice is given
to any such representative.
4. Transcripts
2/ Any person making false statements under oath during the course
of an Authority investigation shall be held criminally responsible.
Any person who knowingly and willfully makes false or fraudulent
statements, whether under oath or otherwise, or who falsifies,
conceals or covers up a material fact, or submits any false writing
or document, knowing it to contain false, fictitious or fraudulent
information, shall be held criminally responsible.
6. Rights of witnesses
__________________________________________________________________
48
Authority Directives
_____________________________________________________________________
2/ A person required to submit data or evidence in the course of an
investigatory proceeding shall be entitled to retain or, upon
payment of appropriate fees as set forth in the Schedule of Fees for
records services, procure a copy or transcript thereof, except that
the witness may for good cause be limited to inspection of the
official transcript of his testimony.
4/ With due regard for the rights of a witness, the Authority may for
good cause exclude a particular attorney from further participation
in any investigation in which the Authority has found the attorney to
have engaged in, obstructionist conduct. The person conducting an
investigation may report to the Authority instances of apparently
dilatory, obstructionist or contumacious conduct on the part of an
attorney. After due notice to the attorney, the Authority may take
such action as the circumstances warrant based upon a written
transcript evidencing the conduct of the attorney in that
investigation or such other or additional written or oral presentation
as the Authority may permit or direct.
7. Sequestration
__________________________________________________________________
49
Authority Directives
_____________________________________________________________________
investigatory proceeding. To the extent practicable, consistent with
the integrity of the investigation, the attorney will be advised of the
reasons for his having been sequestered.
9. Investigation reports
__________________________________________________________________
50
Authority Directives
_____________________________________________________________________
The investigation report shall include the reason the
investigation was initiated, a summary of the complaint, if any,
the relevant facts, the enforcement staff's conclusions and a
recommendation as to whether the Department of Enforcement
should proceed with the matter.
__________________________________________________________________
51
Authority Directives
_____________________________________________________________________
11. Temporary injunction
__________________________________________________________________
52
Authority Directives
_____________________________________________________________________
PART TEN
1. Administrative Tribunal
__________________________________________________________________
53
Authority Directives
_____________________________________________________________________
(i) Take such action as is just or appropriate, if a
party or agent of a party fails to comply with an
order issued by the Administrative Tribunal.
3. Separation of functions
4. Withdrawal of Judges
6. Charges
__________________________________________________________________
54
Authority Directives
_____________________________________________________________________
2/ State the rule alleged to have been violated (or about to be
violated);
7. Right to representation
8. Answer to charges
__________________________________________________________________
55
Authority Directives
_____________________________________________________________________
__________________________________________________________________
56
Authority Directives
_____________________________________________________________________
__________________________________________________________________
57
Authority Directives
_____________________________________________________________________
12. Public hearings.
13. Summons.
Where the Administrative Tribunal finds that no case has been found
against the respondent, it shall dismiss the case
__________________________________________________________________
58
Authority Directives
_____________________________________________________________________
16. Withdrawal of Charges
18. Appeal
__________________________________________________________________
59
Authority Directives
_____________________________________________________________________
4/ The appeal shall be perfected through the filing of an appeal
brief. And the appeal brief shall be filed within 30 days after
filing of the notice of appeal.
5/ Within 30 days after service of the appeal brief upon any other
party that party may file an answering brief.
8/ If the appeal brief is not filed within the time specified the
opposing party may move for dismissal of the appeal.
1/ The Authority Board shall issue a written decision and shall provide
a copy to the respondent. The decision shall include a statement of
findings and conclusions with respect to each charge or
administrative measure reviewed, including the specific rules which
the respondent was found to have violated by the Administrative
Tribunal, and a declaration of any administrative measure imposed
and the effective date of such administrative measure.
__________________________________________________________________
60
Authority Directives
_____________________________________________________________________
PART ELEVEN
2. The Authority may impose a penalty of at least Birr 5,000, but not more
than Birr 50,000 if:
__________________________________________________________________
61
Authority Directives
_____________________________________________________________________
is violating or has violated any of the provisions of the Authority
Proclamation or any of the Directives or orders of the Authority, the
Authority may:
__________________________________________________________________
62
Authority Directives
_____________________________________________________________________
been taken or payment of the full amount of the penalty then due has
been made, at the end of such 15-day period and until such person shows
to the satisfaction of the Authority that payment of such amount with
interest thereon to date of payment has been made, if such person is
recognized by the Authority, such recognition shall be suspended
automatically.
9. If the person against whom the money penalty is assessed fails to pay
such penalty after the lapse of the period allowed for appeal or after the
affirmance of such penalty, the Authority may refer the matter to the
appropriate governmental body who shall recover such penalty by action
in the appropriate judicial body.
__________________________________________________________________
63
Authority Directives
_____________________________________________________________________
PART TWELVE
2. The emergency powers of the Authority shall include the powers to:
3. The Authority may extend the closure of the Exchange under Sub Article 2
(4) of this Part for further periods each not exceeding 5 (five) days.
4. The Authority shall specify the grounds for the directions given or actions
taken under Article 2 and the grounds for any extension of closure under
Article 3 of this Part.
__________________________________________________________________
64
Authority Directives
_____________________________________________________________________
8. The Authority Board may, under the following conditions, review any
action taken by the Chairman or Director General under this Part and may
affirm, modify, alter or set aside the decision.
__________________________________________________________________
65
Authority Directives
_____________________________________________________________________
__________________________________________________________________
66
Authority Directives
_____________________________________________________________________
PART THIRTEEN
PUBLICATION OF NOTICES
3/ Schedule of fees
__________________________________________________________________
67
Authority Directives
_____________________________________________________________________
PART FOURTEEN
SCHEDULE OF FEES
__________________________________________________________________
68