16.1 COMPLAINTS PROCEDURE

16.1.1 Complaints regarding DPs or transactions on a CSD account shall be forwarded to the CSD in a Complaints Letter.

16.1.2 Complaints that cannot be resolved by CSD shall be heard by the Business Conduct Committee at the earliest opportunity as outlined in the CSD Rules.

16.1.3 Upon hearing both parties, the Business Conduct Committee shall issue directions on what should be done.16.2 DE-LISTING OF SECURITIES ADMITTED INTO THE CSD

16.2.1 The Issuer will inform the CSD in writing of the proposed date of delisting.

16.2.2 The CSD will write to the Issuer within 7 days of the notice of delisting asking for instructions on dealing with the securities accounts.

16.2.3 If on the  30th day, no instructions are received to hold the delisted securities in immobilized form, the CSD will forward a complete record of the securities account holders to the issuer and debit the relevant securities account.

16.3 RETENTION PERIOD

The retention period in respect of Service records by DPs and the CSD shall be a minimum of 7years.

16.4 NOTICE

                     Any Notice to CSD shall be addressed to: -

                     The CEO, Central Securities Depository (Ghana) Limited

                     1stFloor, Cedi House

                     P.O. Box 2674

                   ACCRA, GHANA

                   TEL. (233) 21-689313/4

                   FAX. (233) 21-689315

16.5 FORMS

16.5.1 The forms set out in Appendices to the Procedures shall be prescribed Forms to be used for the purposes stated in the Forms.

This section describes the procedures to be complied with regarding submission of statements to Securities Account holders.

14.1 The CSD shall provide statements of accounts to holders of Securities Accounts on a semiannual basis.

14.2 CSD shall also provide interim statements to a depositor upon request and upon payment of the prescribed fee.

STATEMENT & PAYMENT

15.1.1 CSD will forward a CSD Fees and Surcharge Statement to DPs at the end of each month.

15.1.2 All payments will have to be effected to CSD by DP  within 14 days following receipt of statement.

15.1.3 The mode of payment shall be by direct debit to the DPs account on the expiration of 14 days without penalties

PENALTIES (consult stock exchange) ****Revisit This****

15.1.4 Where a trade is not allocated on T or becomes unallocated following an amendment the following charges shall apply:

15.1.4.1 Daily fine of ¢1,000,000.00 or 1% (which ever will be higher)…. of the value of the transaction subject to a minimum of …..until the situation is rectified by T+2 12:00                noon.

15.1.4.2 If the buy-in is unsuccessful, the defaulting broker will pay a penalty of twice the value of CSD Commission on the value…… of the value of the failed transaction                    (pro rata in case of partial fill). .

15.1.5 Where a trade fails due to funds settlement default, an absolute and irrevocable penalty of …twice the value of CSD Commission on the value…  shall be                                   payable immediately.

This section describes the procedures to be complied with by Registries and DPs for full redemption of securities, whereupon the redeemed securities will no longer be available in the Securities accounts of investors.

13.1 The Issuer will inform CSD of 

13.1.1 The redemption

13.1.2 The redemption date, and

13.1.3 The last trade date which shall be at least 2 business days prior to redemption date

13.2 CSD will inform DPs and the Issuer of the

13.2.1 Last date for acceptance of deposits of securities being redeemed, which will be set at 3 working days prior to the last trade date.

13.2.2 The last date for any other transactions in the securities, which will be set at 2 working days prior to redemption date.

13.3 The CSD will verify whether any of the securities being redeemed are pledged.

13.4 To enable redemption of the pledged securities, CSD will request pledgee DP to submit pledge release instruction of the pledgee in accordance with the Rule.

13.5 If the pledgee instructs CSD to release the pledge in favour of the pledgor, the CSD will unfreeze the securities in the pledgor's Securities Account.

13.6 If the pledgee instructs CSD to release the pledge in its favour, then the pledgor DP mustsubmit the pledgor's confirmation of such instruction. CSD will then transfer the             securities to the pledgee's Securities Account.

13.7 Any instructions submitted by the pledgor and pledgee must be duly authenticated by their respective DPs.

13.8 CSD will debit investors Securities Accounts and will provide the Issuer with two Entitlement Schedules for the following purposes:

13.8.1 Entitlement Schedule to be used for the payment of interests/entitlements. All pledged Securities will be in the name of the pledgor in this list

13.8.2 Entitlement Schedule to be used for redemption. This list will contain the list of securities holders after release of pledge. Securities released from pledge may appear in            the name of the pledgor or pledgee depending upon the pledge release instructions received. 

13.9 The CSD shall ensure that entitlements (interests, maturities, and so on) on securities pledged as collateral, are transmitted to the depositor as the “owner” of the                       securities as long as the said securities have not been duly seized by the lender.

13.10Where neither the pledgor nor the pledgee submits release instructions, the CSD shall release the pledge form to the Issuer together with the Entitlement Report.