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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Markets Rules (MKT) [VER14/02/19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • MKT 9.6 Suspending, Delisting and Restoring a Listing

    • MKT 9.6 Guidance

      1. Under Article 35 of the Law, the DFSAG may, suspend or delist, or require an Authorised Market InstitutionG to suspend or delist, SecuritiesG from an Official List of SecuritiesG 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 DIFCG .

      References

      2. Under Article 35(4) of the Law, a PersonG may commence a reference to the FMTG in relation to any decision by the DFSAG to suspend or delist such Person'sG SecuritiesG from the Official List of SecuritiesG or to direct an Authorised Market InstitutionG to suspend or delist the Person'sG SecuritiesG ..
      3. Under Article 29 of the Regulatory Law, a PersonG that commences a reference to the FMTG must do so within 30 days of the relevant decision.
      4. The form of submission that a reference must take is specified in the rules of procedures of the FMTG .
      Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
      [Amended] DFSA RM134/2014 (Made 21st August 2014). [VER5/06-14]

    • Suspending Securities from the Official List of Securities

      • Suspending Securities from the Official List of Securities Guidance

        Examples of circumstances that warrant the suspension by the DFSAG of SecuritiesG from the Official List of SecuritiesG include:

        1. the Listed EntityG has failed to meet its continuing obligations for listing;
        2. the Listed EntityG has failed to publish financial information in accordance with the Markets Rules;
        3. the Listed EntityG is unable to assess accurately its financial position and inform the market accordingly;
        4. there is insufficient publicly-available information in the market about a proposed transaction which involves the Listed EntityG or the relevant SecuritiesG ;
        5. the Listed Entity'sG SecuritiesG have been suspended elsewhere;
        6. the Listed EntityG has appointed administrators or receivers, or is an Investment TrustG or FundG and is winding up;
        7. the relevant SecuritiesG are a securitised DerivativeG and any underlying instrument is suspended;
        8. for a DerivativeG which carries a right to buy or subscribe for another SecurityG , the SecurityG over which the DerivativeG carries a right to buy or subscribe has been suspended; or
        9. the DFSAG considers it is in the interests of the DIFCG , including the interests of investors, potential investors or the DIFCG capital markets.
        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

      • MKT 9.6.1

        A Listed EntityG which has had the ListingG of any of its SecuritiesG suspended must continue to comply with all relevant Listing RulesG applicable to it.

        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

      • MKT 9.6.2

        If the DFSAG suspends the ListingG of any SecuritiesG , it may impose such requirements on the procedure for lifting the suspension as it considers appropriate.

        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

      • Suspension or delisting at the Listed Entity's Request

        • MKT 9.6.3

          (1) If a Listed EntityG wishes to have its Listed SecuritiesG suspended or delisted from the ListG , it must submit a request in writing to the DFSAG and include:
          (a) the reasons for the request;
          (b) the date and time on which the suspension or delisting is to take place; and
          (c) any other information regarding the SecuritiesG or the circumstances of the suspension or delisting which the DFSAG requires.
          (2) The DFSA may impose such conditions or requirements as it considers appropriate on the suspension or delisting in (1).
          Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
          [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]

          • MKT 9.6.3 Guidance

            1. A Listed EntityG requesting delisting should submit such request in reasonable time for the DFSAG to consider the request and satisfy the DFSAG that a delisting would be appropriate.
            2. Examples of other information which the DFSAG may require pursuant to Rule 9.6.3(1)(c) include proof or shareholder resolution if required, evidence of any announcement, circular or other document which the Listed EntityG is relying on as part of its request to suspend or delist its ListingG .
            3. A Listed EntityG requesting cancellation of its listing should provide existing security holders with sufficient notice prior to the cancellation date in order to provide them with an opportunity to sell their SecuritiesG .
            4. An example of the type of condition the DFSA may impose pursuant to Rule 9.6.3(2) is the imposition of a time limit for the suspension.
            Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
            [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]

      • Restoration of a Listing

        • MKT 9.6.4

          The DFSAG may restore the listing of any SecuritiesG which have been suspended if it considers that:

          (a) the smooth operation of the market is no longer jeopardised; or
          (b) where relevant, the suspension is no longer required to protect investors.
          Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

        • MKT 9.6.5

          The DFSAG may restore the listing of any SecuritiesG which have been suspended whether the restoration was requested by the relevant Listed EntityG or at the DFSA'sG own initiative.

          Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

      • Delisting Securities from the Official List of Securities

        • MKT 9.6.6

          For the purposes of Article 35(1) of the Law, the circumstances which may warrant the delisting of SecuritiesG by the DFSAG include, but are not limited to, where:

          (a) the SecuritiesG are no longer admitted to trading as required by these RulesG and the Law;
          (b) the Listed EntityG no longer satisfies on or more of its continuing obligations for Listing;
          (c) the SecuritiesG have been suspended from the Official ListG for more than six months;
          (d) it is necessary because the SecuritiesG have been subject to a merger, takeover or reverse takeover;
          (e) the ListingG is a secondary ListingG and the SecuritiesG have been cancelled on their primary listing or are no longer admitted to trading for such primary listing;
          (f) it is in the interests of the DIFCG , including the interests of investors, potential investors or the DIFCG capital markets; or
          (g) the SecuritiesG have been redeemed or cease to exist for any other reason.
          Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
          [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]

          • MKT 9.6.6 Guidance

            In Rule 9.6.6(b), an example of a breach of the continuing obligations which may warrant a delisting by the DFSAG would be where the percentage of shares in public hands falls below 25% or such lower percentage as the DFSAG may permit. The DFSAG may, however, allow a reasonable time to restore the percentage unless this is precluded by the need to maintain the smooth operation of the market or to protect investors.

            Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]