Pending .MgChamp2339 - Financial Institution Registration

[MgChamp]

Username .MgChamp2339

Company Name National Exchange of Redmont

Company Type Stock Exchange

In-Game Trading Name NER

Company Description NER is a Stock Exchange which will be involved in facilitating buying/selling/transferring of securities and also allow Corporations to list their securities to be subscribed by public

 

[Avaneesh2008]

The Department of Commerce will not be accepting applications for the next couple of days due to the current financial crisis as it is not economically appropriate. Once the Department is ready to register new financial applications, we will start reviewing. Your application is not rejected and does not need to be filed again however it is on hold while we deal with the current situation.

 

[Avaneesh2008]

To make use of the delay in the application approval, I will ask some questions regarding your application:

1. Have you read the Taxation Act and agree to all the requirements for deposit-taking institutions, tax exemption and stock exchanges?
2. Have you read the Commercial Standards Act and agree to all the requirements for stock exchanges?
3. What is your plan for allowing DOC officials to have "full access to trading channels and data"?
4. How will you calculate prices of stocks listed on the Exchange?
5. Do you have any documents you can show us so we can have a better understanding on how the exchange will operate?
6. How will you track and notify traders of substantial holdings changes under the substantial holdings act?

 

[Avaneesh2008]

@MgChamp

 

[MgChamp]

Have you read the Taxation Act and agree to all the requirements for deposit-taking institutions, tax exemption and stock exchanges?

Yes I'm aware of the Tax Exemptions provided to the Financial Institutions and the requirements for stock exchanges.

Have you read the Commercial Standards Act and agree to all the requirements for stock exchanges?

Yes I've read about the requirements that a stock exchange has to meet.

What is your plan for allowing DOC officials to have "full access to trading channels and data"?

We have full disclosure of orders being placed and substantial holding alerts so DOC Officials are requested to join our discord server for the relevant information. We will be happy to provide for any additional information required.

How will you calculate prices of stocks listed on the Exchange?

We have used a weighted average method for price discovery. I will be able to explain better if you join our server and I will show you a demo of it.

Do you have any documents you can show us so we can have a better understanding on how the exchange will operate?

We have prepared our ToS and PP regarding the same. I will attach the links to the same.
ToS : National Exchange of Redmont (NER) - Terms of Service

PP : Privacy Policy of the National Exchange of Redmont

How will you track and notify traders of substantial holdings changes under the substantial holdings act?

The bot is designed to detect the substantial shareholding changes are it reports to a public channel.

 

[MgChamp]

Here's a link to our discord server if needed

Join the National Exchange of Redmont Discord Server!

Check out the National Exchange of Redmont community on Discord - hang out with 9 other members and enjoy free voice and text chat.

discord.gg

 

[Avaneesh2008]

We have full disclosure of orders being placed and substantial holding alerts so DOC Officials are requested to join our discord server for the relevant information. We will be happy to provide for any additional information required.

Will it be through a channel with an audit log of data or will we have to request the information?

 

[MgChamp]

Will it be through a channel with an audit log of data or will we have to request the information?

We can have a #compliance channel in our server for DOC staff and the staff can request the information at any time