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Jan 1 2015 onwards

CMC 2-4 Defences



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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

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

1. A number of defences to Article 54 are set out in Chapter 2 of Part 6 of the Law.

Price Stabilisation

2. Article 64(1)(a) provides that:

A person shall not be found to have contravened Article 54 if the person establishes that the conduct or practice the person engaged in was carried out in the performance of….permitted price stabilisation….in accordance with the Rules.
3. The effect of Article 64(1)(a) is that if a person establishes that they carried out a Price StabilisationG in accordance with DFSAG Rules, this conduct will not contravene Article 54. The Price Stabilisation module (PRS) sets out the relevant Rules relating to carrying on a Price StabilisationG that must be complied with.

Purchase of the person's own shares

4. Article 64(1)(b) provides that:

A person shall not be found to have contravened Article 54 if the person establishes that the conduct or practice the person engaged in was carried out in the performance of….a purchase of the person's own shares….in accordance with the Rules.
5. The effect of Article 64(1)(b) is that if a person establishes that they carried out the purchase of their own shares in accordance with DFSAG Rules, this conduct will not contravene Article 54. The Markets Rules (MKT) sets out relevant Rules relating to a Listed EntityG purchasing its own shares (e.g. MKT Rules 9.7.4 and 9.7.6) that must be complied with.
Derived from GM9/2014 (Made 1st January 2015). [VER1/01-15]