Cap. 345 Art. 39HSuspension and removal of listed financial instruments from trading on an authorized regulated market.

(1) Without prejudice to any other powers conferred to it by this Act or any other law, the competent authority may:

(a) suspend, or require the suspension, of listed financial instruments from listing and, or trading on an authorized regulated market for a maximum of ten (10)

consecutive working days on any single occasion; and

(b) remove, or require the removal of listed financial instruments from listing and, or trading on an authorized regulated market: Provided that where the competent authority suspends or removes, or requires the suspension or removal, from listing and, or trading of a listed financial instrument in terms of this sub-article, it shall also suspend or remove, or require the suspension or removal from listing and, or trading on that authorized regulated market, the derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to that listed financial instrument where the suspension or removal of such derivatives is necessary to support the objectives of the suspension or removal of the underlying listed financial instrument: Provided further that where the competent authority suspends or requires the suspension from listing and, or trading of a listed financial instrument in terms of this sub-article, the obligations set out in this Act, and any regulations or Capital Markets Rules or Covered Bonds Rules issued thereunder in relation to listed financial instruments shall continue to apply with respect to the listed financial instrument which was suspended.

(2) Without prejudice to sub-article (1), a market operator operating an authorized regulated market may suspend or remove listed financial instruments from trading on the authorized regulated market operated thereby if such listed financial instruments no longer comply with any bye-laws of the authorized regulated market, unless such suspension or removal would be likely to cause significant damage to the investors’ interests or the orderly functioning of the market.

(3) A market operator of an authorized regulated market that suspends or removes from trading a listed financial instrument in terms of sub-article (2), shall also suspend or remove from trading on that authorized regulated market the derivatives as referred to in points

(4) to (10) of Section C of Annex I to MiFID that relate or are referenced to that listed financial instrument where the suspension or removal of such derivatives is necessary to support the objectives of the suspension or removal of the underlying financial instrument.

(4) Where a market operator operating an authorized regulated market suspends or removes financial instruments and any related derivatives in accordance with the provisions of sub-articles (2) and (3), that market operator shall promptly make its decision public and notify the competent authority thereof, as well as provide it with any relevant information in relation thereto.

(5) Where a market operator operating an authorized regulated market suspends or removes from trading on that authorized regulated market a listed financial instrument and any related derivatives in accordance with the provisions of this article, the competent authority shall require other authorized regulated markets, MTFs, OTFs and systematic internalisers, which fall under its jurisdiction and trade the same financial instrument or derivatives as referred to in points (4) to

(10) of Section C of Annex I to MiFID that relate or are referenced to the listed financial instrument so suspended or removed, to also suspend or remove that listed 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 Regulation (EU) No. 596/2014, except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market: Provided that 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.

(6) Where the competent authority receives a notification from a European regulatory authority of another Member State or EEA State in accordance with the fourth paragraph of Article 32(2) of MiFID, it shall require other authorized regulated markets, MTFs, OTFs and systematic internalisers, which fall under its jurisdiction and trade the same financial instrument or derivatives as referred to in points (4) to

(10) of Section C of Annex I to MiFID that relate or are referenced to the financial instrument suspended or removed by the foreign regulated market, to also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a takeover bid, or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market:

Provided that the competent authority shall communicate its decision to ESMA and the European regulatory authorities of the other Member States or EEA States, including an explanation if the decision was not to suspend or remove from trading the financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to the financial instrument suspended or removed by the foreign regulated market.

(7) Sub-articles (2) to (6) shall also apply when the suspension from trading of a financial instrument or any related derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to those financial instruments suspended by a regulated market is lifted.

(8) The notification requirements set out in sub-articles (2) to

(6) shall also apply in the case where the decision to suspend or remove from trading a listed financial instrument or any related derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to that listed financial instrument is taken by the competent authority in accordance with the provisions of this article.