19. Delisting and suspending Securities from an Official List of Securities

Past version: effective up to 01/05/2010
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(1) The DFSA may by written notice direct an Authorised Market Institution to delist or suspend Securities from its Official List of Securities with immediate effect or from such date and time as may be specified if it is satisfied there are special circumstances which preclude regular dealings in the Securities or it is in the interests of the DIFC.
(2) The DFSA shall provide the written notice under Article 19(1) without undue delay to the Reporting Entity and the Authorised Market Institution and where requested by the Reporting Entity or the Authorised Market Institution shall provide the reasons for the decision.
(3) The DFSA may only exercise its power under Article 19(1) if it has given the Reporting Entity and the Authorised Market Institution a suitable opportunity to make representations in person and in writing in relation to the proposed delisting or suspension.
(4) The requirements imposed on the DFSA in Article 19(3) shall not apply in the case of directions to suspend Securities where the DFSA concludes that any delay likely to arise as a result of such requirements is prejudicial to the interests of the DIFC.
(5) Where pursuant to Article 19(4) the DFSA has directed without providing a prior opportunity to make representations, the DFSA shall:
(a) provide the relevant Reporting Entity and the Authorised Market Institution an opportunity to make representations in person and in writing to the DFSA within the 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 necessary consequential direction, variation or withdrawal of the direction, without undue delay.
(6) The DFSA may by written notice withdraw a direction made under Article 19(1) at any time.
(7) The Regulatory Appeals Committee has jurisdiction to hear and determine any appeal in relation to a decision made by the DFSA under this Article.
(8) Securities that are suspended from an Official List of Securities are still admitted to an Official List of Securities for the purposes of Part 5 and Part 6 of this Law.