25. Stop orders
Past version: effective from 05/07/2012 - 20/08/2014
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(1) If the DFSA is satisfied that a Prospectus Offer would contravene or has contravened this Law or the Rules made for the purposes of this Law or it is in the interest of the DIFC, the DFSA may issue a stop order directing that no offer, issue, sale or transfer of the Securities be made for such a period of time as it thinks appropriate.
(2) Upon making a decision in relation to Article 25(1), the DFSA shall, without undue delay, inform the offeror of Securities in writing of its decision and the reasons for the decision.
(3) The DFSA may only exercise its power to issue a stop order if it has given the offeror of Securities a suitable opportunity to make representations in person and in writing to the DFSA in relation to the proposed stop order.
(4) The requirement imposed on the DFSA in Article 25(3) shall not apply where the DFSA concludes that any delay likely to arise as a result of such requirements is prejudicial to the interests of the DIFC or participants in the market.
(5) Where pursuant to Article 25(4) the DFSA has issued a stop order directing that no offer, issue, sale or transfer of Securities be made without providing a prior opportunity to make representations, the DFSA shall:
(a) provide the relevant offeror of Securities an opportunity to make representations in person and in writing to the DFSA within a period of 14 days, or such further period as may be agreed, from the date on which such direction was made; and
(b) provide a response to any such submission, and make any consequential direction, variation or withdrawal of the direction, without undue delay.
(6) The Regulatory Appeals Committee has jurisdiction to hear and determine any appeal in relation to a decision to issue a stop order made under this Article.