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  • Chapter 2: Official List of Securities

    • 29. Maintaining an Official List of Securities

      (1) Subject to Article 29(2), an Official List of Securities for an Authorised Market Institution may be maintained by either the relevant Authorised Market Institution or the DFSA.
      (2) An Authorised Market Institution may maintain an Official List of Securities provided it has an endorsement on its Licence authorising it to maintain an Official List of Securities.
      (3) The DFSA may, at any time, transfer an Official List of Securities maintained by:
      (a) the DFSA, to an Authorised Market Institution, provided the Authorised Market Institution has an endorsed Licence authorising it to maintain an Official List of Securities; and
      (b) an Authorised Market Institution, to the DFSA in the circumstances described in Article 29(4)(a) or (c).
      (4) The DFSA may maintain an Official List of Securities where:
      (a) the Authorised Market Institution does not wish to maintain an Official List of Securities;
      (b) the DFSA has refused to grant an endorsement to an Authorised Market Institution to maintain an Official List of Securities; or
      (c) the DFSA has suspended or withdrawn an endorsement on an Authorised Market Institution's Licence to maintain an Official List of Securities.
      (5) An Authorised Market Institution shall, when maintaining an Official List of Securities, comply with the relevant requirements in this Law, the Rules made for the purposes of this Law, its listing rules and any other applicable laws or requirements.
      (6) An Authorised Market Institution shall not permit trading of Securities on its facilities unless those Securities are admitted to, and not suspended from, an Official List of Securities maintained by the Authorised Market Institution or the DFSA except where otherwise prescribed in the Rules.
      (7) The DFSA may, by Rules, prescribe appropriate transitional arrangements when transferring an Official List of Securities from an Authorised Market Institution to the DFSA or from the DFSA to an Authorised Market Institution.

    • 30. Application for an endorsement

      (1) An application for an endorsement on a Licence authorising an Authorised Market Institution to maintain an Official List of Securities may be made to the DFSA by:
      (a) the Authorised Market Institution; or
      (b) an applicant for a Licence to operate an Authorised Market Institution.
      (2) The DFSA may grant an application for an endorsement if it is satisfied that the Authorised Market Institution or applicant (as the case may be) has listing rules that meet the requirements in Article 32 and complies with any other relevant requirements that are imposed by this Law or the Rules.
      (3) The DFSA may refuse to grant an endorsement if it is not satisfied that the requirements referred to in Article 30(2) are met.
      (4) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSA under this Article to refuse to grant an endorsement..
      (5) If the DFSA decides to exercise its power under this Article to refuse to grant an endorsement, the Authorised Market Institution or applicant (as the case may be) may refer the matter to the FMT for review.

    • 31. Suspension or withdrawal of an endorsement

      (1) The DFSA may at any time suspend or withdraw the endorsement on the Licence of an Authorised Market Institution to maintain an Official List of Securities if it appears to the DFSA that the Authorised Market Institution no longer meets the requirements referred to in Article 30 or at the request of the Authorised Market Institution.
      (2) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under this Article. The DFSA may also give any third party who has a direct interest in the matter an opportunity to make representations to the DFSA under those procedures if it considers it appropriate to do so.
      (3) If the DFSA decides to exercise its power under this Article, the Authorised Market Institution may refer the matter to the FMT for review.

    • 32. Listing Rules Requirements

      (1) The listing rules of an Authorised Market Institution shall contain such provisions as are prescribed in the Rules.
      (2) Subject to Article 32(3), the DFSA may direct an Authorised Market Institution to:
      (a) make listing rules within a specified period; or
      (b) amend specified listing rules in the manner and within the period prescribed.
      (3) The DFSA may only direct an Authorised Market Institution in accordance with Article 32(2) if it has first requested the Authorised Market Institution to make or amend specified listing rules and the Authorised Market Institution has failed to comply with that requirement within the period specified by the DFSA in its request.
      (4) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under Article 32 (2).
      (5) If the DFSA decides to exercise its power under Article 32(2), the Authorised Market Institution may refer the matter to the FMT for review.
      (6) Where the DFSA maintains an Official List of Securities, it shall, by Rules, prescribe the relevant listing rules. Such listing rules shall include requirements relating to:
      (a) procedures for admission of Securities to its Official List of Securities including;
      (i) requirements to be met before Securities may be granted admission to an Official List of Securities; and
      (ii) agreements in connection with admitting Securities to an Official List of Securities;
      (b) enforcement of the agreements referred to in Article 32(6)(a)(ii);
      (c) procedures for suspension and delisting of Securities from an Official List of Securities;
      (d) the imposition on any person of obligations to observe specific standards of conduct or to perform, or refrain from performing, specified acts, reasonably imposed in connection with the admission of Securities to an Official List of Securities or continued admission of Securities to an Official List of Securities;
      (e) penalties or sanctions which may be imposed by the DFSA for a breach of the listing rules;
      (f) procedures or conditions which may be imposed, or circumstances which are required to exist, in relation to matters which are provided for in the listing rules;
      (g) actual or potential conflicts of interest that have arisen or might arise when a person seeks to have Securities admitted to an Official List of Securities; and
      (h) such other matters as are necessary or desirable for the proper operation of the listing rule process and the market.

    • 33. Admission of Securities to an Official List of Securities

      (1) An Authorised Market Institution or the DFSA may grant admission of Securities to an Official List of Securities maintained by it only where it is satisfied that such admission is in accordance with the requirements in this Law and the Rules made for the purposes of that Law.
      (2) Where a person applies to have Securities admitted to an Official List of Securities maintained by an Authorised Market Institution or the DFSA, the Authorised Market Institution or the DFSA, as is relevant, shall notify the applicant in writing of its decision in relation to the application for admission of Securities to the Official List of Securities.
      (3) Where a person has any Securities included in an Official List of Securities, such Securities shall be admitted to trading on an Authorised Market Institution as soon as possible.
      (4) Where any Securities included in an Official List of Securities are not admitted to trading in accordance with the requirement in Article 33(3), such Securities shall be removed from the Official List of Securities.
      (5) A person shall not have any Securities admitted to an Official List of Securities unless those Securities are also admitted to trading on an Authorised Market Institution.
      (6) The DFSA may, by Rules, prescribe any circumstances in which Securities admitted to an Official List of Securities need not comply with the requirement in Article 33(3).

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

      (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.

    • 35. Suspending and delisting Securities from an Official List of Securities

      (1) The DFSA or an Authorised Market Institution may, in accordance with its listing rules, suspend or delist Securities from its 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 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 circumstances that warrant such action or it is in the interests of the DIFC.
      (3) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under this Article. The DFSA shall give both the Reporting Entity and the Authorised Market Institution an opportunity to make representations under the procedures in that Schedule.
      (4) If the DFSA decides to exercise its power under this Article, the Reporting Entity or the Authorised Market Institution may refer the matter to the FMT for review.
      (5) The DFSA may withdraw a direction made under Article 35(2) at any time.
      (6) Securities that are suspended from an Official List of Securities are still admitted to an Official List of Securities for the purposes of Parts 3 and 4 of this Law.
      (7) The DFSA may, by Rules, prescribe any additional requirements or procedures relating to the delisting or suspension of Securities from or restoration of Securities to an Official List of Securities.

    • 36. [Deleted]