Incident Resolution Commission
Definition
MEFF RF will appoint a Supervisor of the Central Counterparty, who will supervise the orderly development of the Register of trades and resolve in the first instance incidents that arise in the Register, applying the Regulations and their development regulations to this end. In turn, there will also be an Incident Resolution Commission to resolve disputes related to the Register when the claimant is not in agreement with the decision of the CCP Supervisor. The members of this Incident Resolution Commission will be appointed by the Board of Directors of MEFF RF, so that the Members and MEFF RF are represented therein, without prejudice to the eventual presence of other persons or entities interested in the operation of the CCP. The number of representatives of the Members should be, at least, one more than half of the Commission. Any disagreement with the registration of a trade must be communicated to MEFF RF before the start of the Session corresponding to the next business day after the Registration was made. Otherwise, it will be understood that there is full acceptance and agreement with all the Trades that have been registered, as reflected in MEFF RF's entry Registration System. Whenever a Member or Client disagrees with the Trade Registration, the CCP Supervisor will be responsible for examining the source of the disagreement. Once the source of disagreement is identified, the Supervisor of the Central Counterparty will determine to whom it is attributable. If the failure is attributable to MEFF, it will immediately restore the situation; however, if the failure is attributable to the Member, the Member would be asked to review it. If the Member accepts the decision of the Central Counterparty Supervisor, it will accept the consequences naturally derived therefrom; otherwise, the dispute will be put on hold, with the claim continuing as outlined below. In the case of a dispute, an amicable resolution proceeding will
be initiated with the CCP Supervisor, which will be concluded
prior to the start of the next Session. If the dispute cannot
be resolved in this period, the decision of the Supervisor will
be immediately enforced. If the Member or Client does not agree
with the Supervisor's decision, they can continue the claims procedure
as follows: a) Requesting the Incident Resolution Commission to review, and if necessary, change the Supervisor's decision. b) If, when the decision is given by the Incident Resolution Commission, the Member or Client wishes to stand by their claim, they may submit the issue to legal arbitration, under the terms established in the Regulations. In the event of a dispute, the Client or Member will be obliged, as a precautionary measure, to post the Margin Deposits and also as a precautionary measure, to comply with the settlements and Margin request that MEFF RF indicates and with the settlement of the Underlying Assets in due form and time provided by the body responsible for settlement, as if the claim had not been made.
The Incident Resolution Commission is made up of the following
people:
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