Home   Browse contents   View updates   Search  
     Quick search
Go
   

Whole SectionText only Print Print Manager Link


  Versions
(2 versions)
 
Up to May 1 2010May 2 2010 onwards

19. Suspending and delisting Securities from an Official List of Securities



Whole Section PDF

To view past versions of this module in PDF format, please visit the Archive.

(1) The DFSA or an Authorised Market Institution may, in accordance with its listing rules, suspend or delist Securities from an Official List of Securities with immediate effect or from such date and time as may be specified where it is satisfied that there are circumstances that warrant such action or it is in the interests of the DIFC.
(2) The DFSA may by written notice direct an Authorised Market Institution to suspend or delist Securities from an Official List of Securities with immediate effect or from such date and time as may be specified if it is satisfied there are special circumstances that warrant such action or it is in the interests of the DIFC.
(3) The DFSA shall provide the written notice under Article 19(2) without undue delay to the Reporting Entity and the Authorised Market Institution and where requested by the Reporting Entity or the Authorised Market Institution shall provide the reasons for the decision.
(4) Subject to (5), the DFSA may only exercise its power under Article 19(1) and (2) if it has given the Reporting Entity and the Authorised Market Institution a suitable opportunity to make representations in person and in writing in relation to the proposed suspension or delisting.
(5) The requirements imposed on the DFSA in Article 19(4) shall not apply:
(a) in relation to the suspension by the DFSA of Securities from an Official List of Securities; or
(b) in the case of a direction by the DFSA to an Authorised Market Institution to suspend Securities,
where the DFSA concludes that any delay likely to arise as a result of such requirements is prejudicial to the interests of the DIFC.
(6) Where pursuant to Article 19(5)(b) the DFSA has:
(a) suspended a Security from an Official List of Securities; or
(b) directed an Authorised Market Institution to suspend Securities from an Official List of Securities;

without providing a prior opportunity to make representations, the DFSA shall:
(i) provide the relevant Reporting Entity and the Authorised Market Institution an opportunity to make representations in person and in writing to the DFSA within the period of 14 days, or such further period as may be agreed, from the date on which such direction or suspension was made; and
(ii) provide a response to any such submission, and make any necessary consequential direction, variation or withdrawal of the direction, without undue delay.
(7) The DFSA may by written notice withdraw a direction made under Article 19(2) at any time.
(8) Securities that are suspended from an Official List of Securities are still admitted to an Official List of Securities for the purposes of Parts 4, 5 and 6 of this Law.