The code change sought to amend the membership rights for a small number of trading parties that have held zero supply points for a 'significant' period of time (12 months). This change introduced restricted voting rights at General Meetings, flexible and pragmatic re-assurance when dormant Trading Parties re-commenced trading, and a minimum £250 per month fee for members classed as dormant.
The meeting was held virtually on 4 November 2021, with 48 out of a possible 63 members having cast their votes in advance, using the proxy voting system. As such, the quorum was met for each class of member, and with all votes cast in favour, the special resolution was duly passed.
The recording of the meeting, the formal minutes and the meeting slides can be found on the MOSL’s website.
The Market Codes change takes effect as of 5 November.