Cap. 345 Art. 39ISuspension and removal of financial instruments from trading on an MTF or an OTF.

(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, financial instruments from trading on an MTF or an OTF for a maximum of ten (10) consecutive working days on any single occasion: and

(b) to remove, or require the removal of, financial instruments from trading on an MTF or an OTF: Provided that where the competent authority suspends or removes, or requires the suspension or removal, from trading a financial instrument in terms of this sub-article, it shall also suspend or remove, or require the suspension or removal, from trading on that MTF or OTF 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 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: Provided further that where the competent authority suspends or requires the suspension from trading of a 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 financial instruments shall continue to apply with respect to the financial instrument which was suspended.

(2) Without prejudice to sub-article (1), a market operator or an investment firm operating an MTF or an OTF may suspend or remove financial instruments from trading on the MTF or OTF operated thereby if such financial instruments no longer comply with the bye-laws of the MTF or OTF, 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 or investment firm operating an MTF or an OTF that suspends or removes from trading a financial instrument in terms of sub-article (2), shall also suspend or remove from trading on that MTF or OTF 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 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 or investment firm operating an MTF or OTF 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 or investment firm operating an MTF or an OTF suspends or removes from trading on that MTF or OTF a 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 financial instrument so suspended or removed, to 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 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 third 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 MTF or OTF, to 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 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 MTF or OTF.

(7) Sub-articles (2) to (6) shall also apply when the suspension from trading of a financial instrument and 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 these financial instruments suspended by an MTF or an OTF 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 financial instrument and 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 financial instrument is taken by the competent authority in accordance with the provisions of this article.