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Today we announced, through our Issuer Alert #2008-004, the new VSTEX Division of Enforcement ("VSTEX Enforcement") which is the first step of a new organizational model that goes hand in hand with both our growing set of rules and policies and the future version of our platform ("VSTEX 3.0"). Text of the Issuer Alert: #2008-004 Division of Enforcement (AUGUST 27, 2008)* WHAT YOU NEED TO KNOW
The nature and the diversity of VSTEX rules and policies, and proper organization principles, do require to differentiate between some of the activities performed by and on the VSTEX and its officials. * ADDITIONAL INFORMATION
For more detailed information, please see the info about our Division of Enforcement
Up to the publication of this Issuer Alert, compliance and enforcement for our issuers and members have been handled by Vstex Company Communication and Public Relations Department. The growing set of rules and policies applicable to this Exchange, its issuers and its members, plus the need for a better and proper organization, do now require VSTEX Virtual Stock Exchange (a branch of Vstex Company) to adopt a new organizational model.
The first step of this model is the introduction of a "Division of Enforcement". This Division (to be staffed according to the requirements and needs arising from time to time) will be part of a structured process that will allow for better communication with CEOs, investors and the general public, plus it will allow for overall greater transparency. In order to allow this Division to operate to its full extent, we'll set procedures and methods, bearing in mind that: - CEOs should have no doubts about what they should do, how and why
- enforcement processes should aim for that "crystal clear transparency" we're committed to.
This translates into publicly available procedures and methods, and in publishing as much informations as possible, with full disclosure commitments after final resolutions will be issued. It must be noted, rules and applicable methods and procedures are not meant to make CEOs and company managers life harder. The VSTEX has a commitment for ethics, transparency and fair market practices. Our rules and policies do originate from "real life" laws, regulations and policies. A professional, fair, transparent and orderly market can't do without those rules. So, compliance with our rules should not be seen as "extra work", but as a commitment to professionality, transparency and orderly market practices. Keeping a listing with an highly self-regulated exchange like the VSTEX should be a source of proud and an outstanding "business card" for every issuer customers and business partners. (end of the Issuer Alert) For further reference I quote some info about our Division of Enforcement: OVERVIEW
VSTEX Division of Enforcement ("VSTEX Enforcement") investigates and prosecutes trading and other VSTEX rule violations, and applicable laws, regulations or policies, that occur on or through the systems and facilities of the VSTEX. Enforcement cases stem from a variety of sources, including investor complaints made directly to the VSTEX, examinations of member organizations, referrals from partner exchanges* and organizations, as well as referrals from other VSTEX Divisions. Enforcement cases include: - books and records deficiencies
- supervisory violations
- misconduct on the trading floor
- insider trading
- market manipulation, and
- other abusive trading practices.
Sanctions range from a censure or fine to a suspension, expulsion or bar. DISCIPLINARY PROCESS
(publication pending) HEAD OF DIVISION
Samantha Goldflake *List of partner exchanges: * SL CapEx (end of quote) Samantha Goldflake - Director
http://www.vstex.net
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