The Board of directors of the Macedonian Stock Exchange, on the session held on 03.06.2005, has brought a Decision for disciplinary measure by which it issues a notice of public censure against the brokerage house MAK Broker AD Skopje because of the late settlement of the trade No.91239 and unsettled trades No.91237 and No.91240 in the planned settlement period. The brokerage house MAK Broker bought three stakes on the special government auction held on 27.05.2005. The settlement period for these transactions was T+3, i.e. they should have been settled on 01.06.2005. The Central Securities Depositary has informed the Macedonian Stock Exchange that MAK Broker hasn’t settled the trades because of “not enough funds on the settlement account”. Until the Board’s session was held only the trade No.91239 was settled, while the other two were still not settled. Considering this, the Board of directors of the Macedonian Stock Exchange has brought the Decision mentioned, in accordance with the Rule 7.06 and 7.07 line 4 of the Operational Rules of the Macedonian Stock Exchange.