Entire Section

  • MKT 9.6 MKT 9.6 Suspending, Delisting and Restoring a Listing

    • MKT 9.6 Guidance

      1. Under Article 35 of the Law, the DFSA may, suspend or delist, or require an Authorised Market Institution to suspend or delist, Securities from an Official List of Securities with immediate effect or from such date and time as may be specified where it is satisfied that there are circumstances that warrant such action or it is in the interests of the DIFC.

      References

      2. Under Article 35(4) of the Law, a Person may commence a reference to the FMT in relation to any decision by the DFSA to suspend or delist such Person's Securities from the Official List of Securities or to direct an Authorised Market Institution to suspend or delist the Person's Securities..
      3. Under Article 29 of the Regulatory Law, a Person that commences a reference to the FMT must do so within 30 days of the relevant decision.
      4. The form of submission that a reference must take is specified in the rules of procedures of the FMT.
      Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
      [Amended] DFSA RM134/2014 (Made 21st August 2014). [VER5/06-14]

    • Suspending Securities from the Official List of Securities

      • Suspending Securities from the Official List of Securities Guidance

        Examples of circumstances that warrant the suspension by the DFSA of Securities from the Official List of Securities include:

        1. the Listed Entity has failed to meet its continuing obligations for listing;
        2. the Listed Entity has failed to publish financial information in accordance with the Markets Rules;
        3. the Listed Entity is unable to assess accurately its financial position and inform the market accordingly;
        4. there is insufficient publicly-available information in the market about a proposed transaction which involves the Listed Entity or the relevant Securities;
        5. the Listed Entity's Securities have been suspended elsewhere;
        6. the Listed Entity has appointed administrators or receivers, or is an Investment Trust or Fund and is winding up;
        7. the relevant Securities are a securitised Derivative and any underlying instrument is suspended;
        8. for a Derivative which carries a right to buy or subscribe for another Security, the Security over which the Derivative carries a right to buy or subscribe has been suspended; or
        9. the DFSA considers it is in the interests of the DIFC, including the interests of investors, potential investors or the DIFC capital markets.
        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

      • MKT 9.6.1

        A Listed Entity which has had the Listing of any of its Securities suspended must continue to comply with all relevant Listing Rules applicable to it.

        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

      • MKT 9.6.2

        If the DFSA suspends the Listing of any Securities, it may impose such requirements on the procedure for lifting the suspension as it considers appropriate.

        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

      • Suspension or delisting at the Listed Entity's Request

        • MKT 9.6.3 MKT 9.6.3

          (1) If a Listed Entity wishes to have its Listed Securities suspended or delisted from the List, it must submit a request in writing to the DFSA and include:
          (a) the reasons for the request;
          (b) the date and time on which the suspension or delisting is to take place; and
          (c) any other information regarding the Securities or the circumstances of the suspension or delisting which the DFSA requires.
          (2) The DFSA may impose such conditions or requirements as it considers appropriate on the suspension or delisting in (1).
          Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
          [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]

          • MKT 9.6.3 Guidance

            1. A Listed Entity requesting delisting should submit such request in reasonable time for the DFSA to consider the request and satisfy the DFSA that a delisting would be appropriate.
            2. Examples of other information which the DFSA may require pursuant to Rule 9.6.3(1)(c) include proof or shareholder resolution if required, evidence of any announcement, circular or other document which the Listed Entity is relying on as part of its request to suspend or delist its Listing.
            3. A Listed Entity requesting cancellation of its listing should provide existing security holders with sufficient notice prior to the cancellation date in order to provide them with an opportunity to sell their Securities.
            4. An example of the type of condition the DFSA may impose pursuant to Rule 9.6.3(2) is the imposition of a time limit for the suspension.
            Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
            [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]

      • Restoration of a Listing

        • MKT 9.6.4

          The DFSA may restore the listing of any Securities which have been suspended if it considers that:

          (a) the smooth operation of the market is no longer jeopardised; or
          (b) where relevant, the suspension is no longer required to protect investors.
          Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

        • MKT 9.6.5

          The DFSA may restore the listing of any Securities which have been suspended whether the restoration was requested by the relevant Listed Entity or at the DFSA's own initiative.

          Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

      • Delisting Securities from the Official List of Securities

        • MKT 9.6.6 MKT 9.6.6

          For the purposes of Article 35(1) of the Law, the circumstances which may warrant the delisting of Securities by the DFSA include, but are not limited to, where:

          (a) the Securities are no longer admitted to trading as required by these Rules and the Law;
          (b) the Listed Entity no longer satisfies on or more of its continuing obligations for Listing;
          (c) the Securities have been suspended from the Official List for more than six months;
          (d) it is necessary because the Securities have been subject to a merger, takeover or reverse takeover;
          (e) the Listing is a secondary Listing and the Securities have been cancelled on their primary listing or are no longer admitted to trading for such primary listing;
          (f) it is in the interests of the DIFC, including the interests of investors, potential investors or the DIFC capital markets; or
          (g) the Securities have been redeemed or cease to exist for any other reason.
          Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
          [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]

          • MKT 9.6.6 Guidance

            In Rule 9.6.6(b), an example of a breach of the continuing obligations which may warrant a delisting by the DFSA would be where the percentage of shares in public hands falls below 25% or such lower percentage as the DFSA may permit. The DFSA may, however, allow a reasonable time to restore the percentage unless this is precluded by the need to maintain the smooth operation of the market or to protect investors.

            Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]