Settlement Guarantee Fund

Article (88)	A-	A fund known as (The Settlement Guarantee Fund) shall be established at the Center, and shall have a legal personality with financial autonomy. The Fund shall be administered by the Center.
	B-	Membership in the Fund shall be mandatory for Financial Brokers, Dealers and any other entity specified in the Fund’s by-laws.
	C-	In particular, the Fund shall have as its objectives the following:
		1.	Covering the cash deficit of Fund members in connection with their purchases of securities.
		2.	Covering the deficits in the securities account of Fund members in connection with sales of securities on the Financial Market.
	D-	Subject to Board approval, the Center’s Board of Directors shall issue a by-law providing for the fund management, covering, inter 59 alia, the fund’s subscription and membership fees and its member obligations, administration of assets, mode of operation, obligations towards members, and liquidation procedures.
	E-	The Fund shall be the legal and factual successor of the Financial Broker’s Guarantee Fund, whereby all the latter’s rights, obligations, assets, records and moneys shall devolve to the Fund.
	F-	The Fund shall be subject to the Commission’s monitoring, supervision, inspection and audit of its records.

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