Cap. 345 Art. 48Temporary suspension of listed financial instruments from listing and, or trading on an authorized regulated market.

(1) Without prejudice to the provisions of article 39I the competent authority shall have the power to suspend temporarily the listing and, or trading of listed financial instruments on any authorized regulated market if in its opinion, the orderly transaction of business is being prevented, or is likely to be prevented because of the occurrence of:

(a) any emergency or natural disaster;

(b) any economic, financial or political crisis; or

(c) any other event which disrupts trading.

(2) The Minister may recommend to the competent authority the temporary suspension of the listing and, or trading of listed financial instruments on any authorized regulated market if he is of the opinion that the orderly transaction of business of a regulated market is being disrupted because of any of the occurrences referred to in sub-article (1)(a), (b) or (c) which in the opinion of the Minister merits such temporary suspension.

(3) The competent authority may order that for such time as it may determine no trading of any kind may be transacted in one or more specified financial instruments of quoted companies if it has reasons to believe that this would be in the interest of the regulated market concerned, the public or investors generally: Provided that a temporary suspension ordered by the competent authority under this article may not be of more than thirty days in a period of three months unless such longer suspension is approved by the Minister.

(4) No transaction may be executed at any time in the event of the temporary suspension of listing and, or trading under this article. Any transaction so executed in contravention of this sub-article shall be invalid.