Securities and Exchange Act Article 154

A stock exchange may set aside a compensation reserve out of its securities transaction fees to cover the payments specified in the preceding Article. The method of setting aside the reserve, the rate at which it is set aside, the conditions for suspension of setting aside the reserve, and the method of custody and utilization of the reserve shall be prescribed by an order of the Competent Authority.Claimants in cases arising from trading on the centralized securities exchange market shall have the preferential right to the satisfaction of their claims from the settlement and clearing fund specified in Article 108 and Article 132 in the following order of priority:1. The stock exchange.2. The principal in a brokerage trade.3. Securities brokers and securities dealers.When the settlement and clearing fund is insufficient to satisfy such claims, the unsatisfied portion of the claims may be satisfied in accordance with the provisions of paragraph 2 of Article 55 of this Act.