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 ten members, two of which, the President and the Vice-President, assume Executive functions.
It is the Board of Directors’ responsibility to:
- Approve the rules relative to the general organization of the Market and to the admission, suspension and exclusion of Market members;
- Approve the rules relative to the listing for trade, suspension and exclusion of financial instruments on the Markets;
- Approve the rules that set positions’ quantitative limits for what each member can assume in operations on financial instruments listed to trade;
- 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;
- Execute disciplinary powers;
- Demand from Market members the information necessary to carry out its responsibilities even if the information requested is subject to professional confidentiality;
- Supervise the execution of transactions, the behaviour of Market members and the fulfillment of information obligations;
- Promote cooperation with identical entities of national and foreign markets.
It is also up to the Board of Directors 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.
As established in the International Agreement that created MIBEL, in the wording amended by the Braga Agreement, the Board of Directors of OMIP is the same as the membership of OMIE.