Beursreglementen

Beursreglementen are the rulebooks that govern the operation of a securities exchange and the trading of listed instruments. They are published by the exchange and, in many jurisdictions, approved or supervised by the national securities regulator. The rules aim to ensure orderly markets, transparency, investor protection, and market integrity.

The scope of beursreglementen typically includes admission and listing requirements, ongoing disclosure obligations for issuers, and trading rules such as types of orders, the matching logic, trading hours, and price- or time-priority systems. They also address market conduct, including prohibitions on insider trading and market manipulation, as well as procedures for suspensions, delistings, corporate actions, and the dissemination of market data.

In addition, beursreglementen cover clearing and settlement arrangements, including the role of central counterparties or clearing houses, settlement cycles, delivery versus payment, and custody arrangements. They specify risk controls for market participants, such as eligibility criteria for members and margin requirements, to safeguard the trading system and reduce systemic risk.

Supervision and enforcement are integral components: the rules are binding on exchange members, brokers, and issuers, and regulators monitor compliance, impose sanctions for violations, and may suspend trading or delist instruments. In the European context, beursreglementen operate alongside EU framework conditions (for example MiFID II, MAR, and related directives) and national laws.

Beursreglementen are routinely updated to reflect changes in market structure, technology, product offerings, and crisis-management procedures, including tools like circuit breakers and contingency plans.