in the proceeding initiated by QUOTE MTF Zrt. (registered office: H-1117 Budapest, Nádorliget str. 5/B.) - hereinafter: Company - at the Hungarian Financial Supervisory Authority (registered office: 1013 Budapest, Krisztina blvd. 39.) - hereinafter: HFSA - the Board of the HFSA has adopted the following
resolution
1. The Board of the HFSA authorizes the Company to carry out the following investment service activity:
operation of multilateral trading facilities
as defined in Section 5 (1) (h) of Act CXXXViii of 2007 on investment Firms and Commodity Dealers, and on the Regulations Governing their Activities (hereinafter: the MiFiD Act).
The commencement of the Company’s operations is conditional on the Company meeting the following conditions by 15 April 2009 at the latest.
1.1. The Company shall submit an auditor’s certificate and other documents providing a detailed description of its iT system, proving that the registration system required for operation complies with the provisions of Sections 18 (2), 144 (1) and 147 (h) to (j) of the MiFiD Act; and
1.2. the Company shall submit a liability insurance policy in accordance with the laws in force.
if the Company fails to meet the abovementioned conditions by the deadline specified, the operation permit will lapse.
2. The Board of the HFSA authorizesBRMS Holding inc. (registered office: 900-55 St. Clair Ave West, Toronto ON M4V 2Y7, Canada; Company’s registration No.: 002063948) to acquire 60% qualifying holding and Abovethirty Kft. (registered office: H-1026 Budapest, Garas u. 24/a.; Company’s registration No.: 01-09-900369) to acquire 40% qualifying holding in the Company in accordance with Section 37 of the MiFiD Act.
3. The Board of the HFSA declares that the Company is authorized to carry out the investment service activity specified in point 1 at the residence determined in the application as well as at the new residence and places of business (branch offices) being established in the future and being notified to the HFSA.
The Company is obliged to ensure the technological, technical, security equipment and informatics prescribed in laws continuously at the abovementioned residence as well as at the new residence and places of business (branch offices) being established in the future, in which the Company carries out the investment service activity specified in point 1.
4. in the case of a new residence or place of business (branch office) being established the Company is obliged to make a statement – simultaneously with the notification of this fact – about the existence of these conditions towards the HFSA.
5. At the same time the Board of the HFSA approves the internal rules relating to the trading book of the Company.
6. The Company is obliged to fulfil all the requirements prescribed by law in connection with notification, data disclosure and paying supervision fee towards the HFSA.
7. The Company shall fully comply with all the prudential requirements and legal provisions concerning investment service activities at all times.
There is no way for appealing against this resolution within the public administrative process, however the client or those who are directly affected by the resolution are entitled to initiate judicial review – exclusively on the ground of infringement of law – within 30 days of the communication of the resolution by filing the complaint at HFSA. However, the complaint will not suspend the enforcement of the resolution.
Budapest, 28 October 2008
on behalf of the Board of HFSA
istván Farkas
Chairman of the Board
We would like to note and to draw attention that in case of any interpretation dispute the original Hungarian text is considered to be the only authentic source of information.
