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Jul 5 2012 - Aug 20 2014Aug 21 2014 onwards

34. Objections or refusal by the DFSA to an admission of Securities to an Official Listof Securities



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(1) Where an Authorised Market Institution maintains an Official List of Securities, the DFSA may:
(a) object to the admission of Securities to such an Official List of Securities; or
(b) impose conditions or restrictions in respect of the admission of Securities to such an Official List of Securities, or vary or withdraw such conditions or restrictions,
in the circumstances specified in Article 34(3).
(2) Where the DFSA maintains an Official List of Securities, the DFSA may:
(a) refuse an application for admission of Securities to such an Official List of Securities; or
(b) impose conditions or restrictions, in respect of the admission of Securities to such an Official List of Securities, or vary or withdraw such conditions or restrictions,
in the circumstances specified in Article 34(3).
(3) The DFSA may exercise its powers under Article 34(1) or (2) where:
(a) the DFSA reasonably considers, for a reason relating to the issuer of the Securities or to the Securities, that:
(i) granting the Securities admission to an Official List of Securities would be detrimental to the interests of persons dealing in the relevant Securities using the facilities of an Authorised Market Institution or otherwise;
(ii) any requirements in the listing rules as are applicable have not been or will not be complied with;
(iii) any requirement imposed by the DFSA has not been or will not be complied with; or
(iv) the issuer of the Securities has failed or will fail to comply with any obligations applying to it including those relating to having its Securities admitted to an Official List of Securities or listed or traded in another jurisdiction; or
(b) it is in the interests of the DIFC to do so.
(4) Where the DFSA objects to the admission of Securities to an Official List of Securities pursuant to Article 34(1)(a), such Securities shall not be admitted by an Authorised Market Institution to its Official List of Securities.
(5) Where the DFSA imposes conditions or restrictions on the admission of Securities to an Official List of Securities pursuant to Article 34(1)(b), such Securities shall not be admitted by an Authorised Market Institution to its Official List of Securities unless there is compliance with those conditions and restrictions.
(6) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under Article 34(1) or (2). The DFSA may also give the Authorised Market Institution an opportunity to make representations under the procedures in Schedule 3 if it considers it appropriate to do so.
(7) If the DFSA decides to exercise its power under Article 34(1) or (2), the applicant or the Authorised Market Institution may refer the matter to the FMT for review.