Management of the exchange

(1) The management of the exchange is the responsibility of the Management on its own authority. It may consist of one or more persons. The managers must be reliable, devote sufficient time to the performance of their tasks, and possess the professional suitability required for managing the exchange. They are appointed for at most five years; repeated appointment is permissible. The appointment of a manager must be notified to the exchange supervisory authority without delay. The notification must contain the particulars named in section 4(2), third sentence, no. 2. Section 4(2), fourth and fifth sentences apply accordingly.
(2) The exchange supervisory authority must withhold its agreement to the appointment of managers where objective and demonstrable grounds give rise to doubts as to the reliability or professional suitability of the managers, or the orderly management of the exchange and market integrity appear to be endangered.
(3) The managers represent the exchange in and out of court, insofar as the operator of the exchange is not competent to do so. The Exchange Rules govern the details of the managers' power of representation.
(4) The Management may issue against trading participants all orders that are suitable and necessary to prevent infringements of exchange-law provisions and orders, or to eliminate irregularities that may impair the orderly conduct of trading at the exchange. It may for that purpose in particular prohibit trading participants from partly or wholly participating in exchange trading for a period of up to six months.
(5) The Management monitors compliance with the obligations of trading participants and of the persons acting for them. It takes suitable precautions to ensure effective and permanent monitoring of the obligations under the first sentence. The tasks of the Trading Surveillance Office under section 7 remain unaffected.
(5a) The Management must notify the exchange supervisory authority without delay of serious infringements of the exchange's rulebook and of market-disturbing trading conditions, and must fully support it in its investigations.
(6) An objection and an action for annulment against measures under subsection (4) have no suspensive effect.
(7) The Management is the competent authority within the meaning of Article 23(1) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 86, 24.3.2012, p. 1), insofar as financial instruments traded on a regulated market or in the open market of that exchange are concerned. Section 10(1), third and fourth sentences does not apply in that regard.
(8) The Management performs the tasks and exercises the powers assigned to it under this Act only in the public interest.