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    <title>Model Bye – laws of stock exchanges</title>
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    <description>Model Bye laws require stock exchanges to amend any inconsistent bye laws and immediately implement relevant rules and regulations. Exchanges must notify member brokers and clearing members, publish the provisions for investor access, and report implementation status in the monthly development report. Upon completion, exchanges must submit a declaration confirming adoption or incorporation of the Model Bye laws. The circular invokes statutory powers to protect investor interests and to regulate and develop the securities market.</description>
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