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Article 36
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If an issuer of security tokens has disclosed a security token buyback mechanism in the prospectus, it may, after its security tokens have been traded on the trading platform for a full year, by agreement of a majority of the directors in attendance at a board meeting attended by at least two-thirds of the directors, carry out a buyback of its security tokens on the trading platform, and shall complete the execution of the buyback within 2 months counting inclusively from the day that it enters the information on the buyback into the securities firm information disclosure section in accordance with Article 37, and shall immediately cancel the security tokens that it buys back.
After the issuer has bought back security tokens under the preceding article, if the quantity of outstanding security tokens is lower than 10 percent of the originally issued quantity, the securities firm shall publicly announce the termination of trading of the security tokens.
A securities firm may engage in negotiated trading on its trading platform of security tokens that it issued itself, and paragraph 1 do not apply to such trading. However, its daily inventory of the security tokens may not exceed 3 percent of the outstanding quantity. If it occurs that its inventory exceeds that amount, it shall fully correct that excess within 3 business days.
A securities firm that, for reasons other than negotiated trading needs, buys back security tokens that it issued itself on its trading platform shall comply with the provisions of paragraphs 1 and 2 when doing so.
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