OMIP corporate bodies are elected for three-year mandates. The members of the Board of Directors must have excellent reputations and be highly experienced. The Portuguese Securities Market Commission (CMVM) can oppose to their nomination.
According to the applicable legislation, the Board of Directors must have a diversified composition. It presently consists of five members, three of which make up the Executive Committee.
The Executive Committee is OMIP’s main operational management body. Its composition and capacities are established in a Board of Directors deliberation, in line with that stated in the company’s Bylaws.
It is the Executive Committee’s responsibility, namely:
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Approve the rules relative to the general organization of the Market and to the admission, suspension and exclusion of Market members;
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Approve the rules relative to the listing for trade, suspension and exclusion of financial instruments on the Markets;
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Approve the rules that set positions’ quantitative limits for what each member can assume in operations on financial instruments listed to trade;
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Decide on the admission of Market Members or, if the admission requirements are no longer fulfilled or due to disciplinary sanctions, decide upon their suspension or exclusion;
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Execute disciplinary powers;
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Demand from Market members the information necessary to carry out its responsibilities even if the information requested is subject to professional confidentiality;
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Supervise the execution of transactions, the behaviour of Market members and the fulfilment of information obligations;
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Promote cooperation with identical entities of national and foreign markets.
It is also up to the Executive Committee to adopt any measures necessary for the markets to work well and prevent any frauds or other actions that may disturb its normal functioning, namely:
- Interrupt trading;
- Suspend the execution of transactions;
- Exclude orders from the trading system or cancel trades;
- Exclude operations from the calculation of the settlement price.
The delegation of responsibilities to the Executive Committee does not exclude the possibility of the Board of Directors calling up and deciding upon delegated matters.