S.L. 345.24 Art. 7Suspension and removal of financial instruments from trading on an MTF or an OTF. Cap. 370. Cap. 370. Cap. 370. Cap. 370. Cap. 370. Cap. 370.

(1) Without prejudice to the right of the competent authority to demand suspension or removal of a financial instrument from trading in terms of the Acts, a Maltese investment firm or a market operator operating an MTF or an OTF may suspend or remove from trading a financial instrument which no longer complies with the rules of the MTF or an OTF unless such suspension or removal would be likely to cause significant damage to the investors’ interests or the orderly functioning of the market.

(2) Maltese investment firms or market operators operating an MTF or an OTF that suspends or removes from trading a financial instrument shall also suspend or remove derivatives referred to in points (4) to (10) of Section C of Annex I of MiFID, as transposed in the second schedule to the Investment Services Act, that relate or are referenced to that financial instrument where necessary to support the objectives of the suspension or removal of the underlying financial instrument. The Maltese investment firm or market operator operating an MTF or an OTF shall make public its decision on the suspension or removal of the financial instrument and of any related derivative and communicate the relevant decisions to the competent authority.

(3) When the suspension or removal originated in Malta, regulated markets, other MTFs, other OTFs and systematic internalisers, which fall under the jurisdiction of the competent authority and trade the same financial instrument or derivatives referred to in points (4) to (10) of Section C of Annex I of MiFID, as transposed in the second schedule to the Investment Services Act, that relate or are referenced to that financial instrument, shall also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of MAR except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market. The competent authority shall immediately make public and communicate to ESMA and the European regulatory authorities of the other Member States or EEA States such a decision.

(4) Where the competent authority receives a notification from a European regulatory authority of another Member State or EEA State, it shall require that regulated markets, other MTFs, other OTFs and systematic internalisers, which fall under its jurisdiction and trade the same financial instrument or derivatives referred to in points (4) to

(10) of Section C of Annex I of MiFID, as transposed in the second schedule to the Investment Services Act, that relate or are referenced to that financial instrument, also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of MAR except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market. The competent authority shall communicate its decision to ESMA and other European regulatory authorities, including an explanation if the decision was not to suspend or remove from trading the financial instrument or derivatives referred to in points (4) to (10) of Section C of Annex I of MiFID, as transposed in the second schedule to the

Investment Services Act, that relate or are referenced to that financial instrument.

(5) Sub-regulations (2) to (4) shall also apply when the suspension from trading of a financial instrument or derivatives referred to in points (4) to (10) of Section C of Annex I of MiFID, as transposed in the second schedule to the Investment Services Act, that relate or are referenced to that financial instrument is lifted.

(6) The notification procedure referred to in sub-regulations

(2) to (4) shall also apply in the case where the decision to suspend or remove from trading a financial instrument or derivatives referred to in points (4) to (10) of Section C of Annex I of MiFID, as transposed in the second schedule to the Investment Services Act, that relate or are referenced to that financial instrument is taken by the competent authority.