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Article 16
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A securities firm that operates only the business of proprietary trading of security tokens may not make any equity investment in other securities, futures, financial or other enterprises.
A securities firm may invest in security tokens issued on its trading platform, and shall comply with the following requirements:
- Except when it buys back, under Article 36, paragraph 1 of these Rules, security tokens issued itself, the total cost of its holdings in the security tokens of any single issuer may not exceed the limit set out in Article 19 of the Regulations Governing Securities Firms.
- It shall adopt a trading policy and related procedures, which shall cover operational procedures for trade analysis, decision-making, execution, change, and review, and incorporate them into its internal control system.
A securities firm may not invest in security tokens that were not issued on its trading platform.
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