| Article 4 |
Prior to submitting the annual budget, the securities dealers association shall formulate an annual operational plan and budget and report it to the FSC for approval, and shall do the same for any amendments thereto. Within 15 days from the end of each quarter, the securities dealers association shall file a report for recordation with the FSC describing the implementation of the annual operational plan and budget as of the end of that quarter.
The securities dealers association shall implement the annual operational plan and budget approved by the FSC.
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