SECTION 90

The draft disclosure document shall be submitted to the approval of the stock exchange inspection authority of the State party of the issuer’s headquarters and, where applicable, of other States parties whose public is being solicited. Where there is no such authority, it shall be submitted to the approval of the minister in charge of finance of these States parties. The said authorities shall ensure that the operation does not contain irregularities and is not accompanied by any acts contrary to the interests of the investors of the State Party of the issuer’s headquarters and, where appropriate, of other States Parties whose public is is being solicited. While reviewing the application for approval, the said authorities shall identify statements to be amended or additional items to be included. They may also request any explanations or justifications, notably on the position, activity and performance of the company. They may request that auditors carry out additional enquiries, at the expense of the company, or a review by an independent expert, designated with their approval, where they consider that the auditors were not thorough. They may request that a warning drafted by them be added on the disclosure document. They may also require any appropriate guarantees in accordance with article 85 above. Authorities referred to in this article shall grant the approval referred to in the first paragraph within a month following the date of issuance of the acknowledgement of receipt of the draft disclosure document. This time limit may be extended to two (2) months where the authorities request further enquiries. The acknowledgement of receipt of the draft disclosure document shall be issued the same day the disclosure document is received. Where the stock exchange control authority or, where appropriate, the minister in charge of finance decides not to grant the approval, it shall notify its decision to the company along with the reasons therefor within the same time limit.