8.9.1
The Board may declare a corner in a listed or quoted security if, in its opinion:—
8.9.2
The Board may impose any conditions it thinks fit on existing ready market or futures contracts on a cornered security or on dealing in a cornered security. For avoidance of doubt, the conditions may include:—
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.9.3
If the Board imposes a condition that contracts are to be cash settled, it must establish a Settlement Committee to advise on the fair settlement price.
8.9.4
A Settlement Committee must comprise no less than 5 persons, including at least:—
The quorum of the Settlement Committee is all members when the meeting proceeds to business, but the Settlement Committee may complete the business with any 3 present.
8.9.6
A Settlement Committee may hear evidence as it thinks proper and relevant to the discharge of its functions.
8.9.7
A Settlement Committee must report its findings to the Board. The findings are advisory only. The Board will accept the Settlement Committee's recommendation on the fair settlement price, unless it has good reasons to reject it. The Board may refer a matter to the Settlement Committee for further consideration, before deciding on the fair settlement price.
8.9.8
The fair settlement price determined by the Board is final and binding on all parties to any outstanding ready market or futures contract on the cornered security.
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.