Cap. 345 Art. 16Notification of decision.

(1) The competent authority shall notify the applicant of its decision regarding the requested approval of the admissibility to listing of securities on a local regulated market within ten (10)

working days of the submission of the application.

(2) The time limit set out in sub-article (1) shall be extended to twenty (20) working days where the offer to the public involves securities issued by an issuer that does not have any securities admitted to trading on a regulated market and that has not previously offered securities to the public:

Provided that the time limit of twenty (20) working days shall only be applicable for the initial submission of the application. Where subsequent submissions are necessary in accordance with sub-article (3), the time limit set out in sub-article (1) shall apply.

(3) Where the competent authority finds that the application is incorrect or incomplete and, or that supplementary information is required:

(a) it shall inform the applicant of that fact promptly and at the latest within the time limits set out in sub-article

(1) or, as applicable, sub-article (2), as calculated from the date of the submission of the application; and

(b) it shall clearly specify the changes or supplementary information that are required:

Provided that, in such cases, the time limit set out in sub-article (1) shall subsequently apply only from the date on which the revised application or the supplementary information requested are submitted to the competent authority.

(4) Where the applicant is unable or unwilling to make the necessary changes to the application or to provide the supplementary information requested in accordance with sub-article (3), the competent authority shall be entitled to refuse the approval of admissibility to listing of securities on a local regulated market and terminate the review process. In such a case, the competent authority shall notify the applicant of its decision and indicate the reasons for its refusal.

(5) Where the competent authority fails to take a decision on the application within the time limits laid down in sub-articles (1) and (2), such failure shall not be deemed to constitute approval of the application.

(6) If the competent authority decides to approve the admissibility to listing of securities on a local regulated market, it shall give the applicant written notice accordingly.

(7) If the competent authority decides to refuse the admissibility to listing of securities on a local regulated market, it must give the applicant notice of its decision in writing stating the reasons for its refusal.

(8) For the purposes of this article "application" means an application for the approval of admissibility to listing of securities on a local regulated market made in terms of the provisions of this Act, and any regulations, or Capital Markets Rules issued thereunder.