Cap. 345 Art. 4CRegulated market bye-laws and arrangements.
PART II
(1) Regulated markets shall be obliged to:
(i) have clear and transparent bye-laws regarding the admission of financial instruments to trading which shall ensure that any financial instruments admitted to trading on the regulated market are capable of being traded in a fair, orderly and efficient manner and, that transferable securities are freely negotiable: Provided that in the case of derivatives such requirements shall also ensure that the design of the derivative contract allows for its orderly pricing as well as for the existence of effective settlement conditions;
(ii) have effective arrangements to verify that issuers of transferable securities that are admitted to trading comply with their obligations under Union Law in respect of initial, ongoing or ad hoc disclosure obligations;
(iii) establish arrangements which facilitate its members or participants in obtaining access to information which has been made public under Union Law;
(iv) establish the necessary arrangements to review regularly the compliance with admission requirements of the financial instruments which are admitted to trading.
(2) A transferable security that has been admitted to trading on a regulated market can subsequently be admitted to trading on other regulated markets, even without the consent of the issuer and in compliance with the relevant provisions of Directive 2003/71/EC of the European Parliament and of the Council of 4 November, 2003 on the prospectus to be published when securities are offered to the public or admitted to trading, and amending Directive 2001/ 34/EC and any implementing measures that have been or may be issued thereunder.
(3) The issuer shall be informed by the regulated market of the fact that its transferable securities are traded on that regulated market. The issuer shall not be subject to any obligation to provide information required under sub-article (1)(ii) directly to any regulated market which has admitted the issuer’s transferable securities to trading without its consent.
(4) In complying with the provisions of this article regulated markets shall also comply with the applicable provisions of MiFIR.