17. Listings and Authorised Market Institutions

(1) An Authorised Market Institution shall not permit trading of Securities on its facilities unless those Securities:
(a) are admitted to its Official List of Securities;
(b) meet the requirements set out in Rules made for the purpose of this Article.
(2) An Authorised Market Institution shall not maintain its Official List of Securities unless it has an endorsed Licence authorising it to maintain its Official List of Securities.
(3) An application for an endorsement on a Licence authorising an Authorised Market Institution to maintain an Official List of Securities may be made to the DFSA by:
(a) an Authorised Market Institution; or
(b) an applicant for a Licence to operate as an Authorised Market Institution.
(4) The DFSA may, in its absolute discretion, refuse to grant an application for an endorsement.
(5) Upon refusing to grant an endorsement, the DFSA shall, without undue delay, inform the applicant in writing of such refusal and, if requested by the applicant, the reasons for such refusal.
(6) The DFSA may endorse the Licence of an Authorised Market Institution authorising it to maintain an Official List of Securities.
(7) The DFSA may at any time by written notice to an Authorised Market Institution suspend or withdraw the endorsement on its Licence authorising the Authorised Market Institution to maintain an Official List of Securities.
(8) The DFSA may act under article 17(7) on its own initiative or at the request of an Authorised Market Institution.
(9) Subject to Article 17(10), the DFSA may only suspend or withdraw the endorsement on a Licence on its own initiative if it has given the Authorised Market Institution a suitable opportunity to make representations in person and in writing to the DFSA in relation to the proposed changes.
(10) The requirement imposed on the DFSA under article 17(9) shall not apply in the case of a suspension of an endorsement on a Licence if the DFSA concludes that any delay likely to arise as a result of such requirement is prejudicial to the interests of the DIFC.
(11) Where pursuant to Article 17(10), the DFSA suspends an endorsement without providing a prior opportunity to make representations, the DFSA shall:
(a) provide the relevant Authorised Market Institution with an opportunity to make representations in person and in writing to the DFSA within a period of fourteen days or such further period as may be allowed from the date on which the endorsement is suspended; and
(b) provide a response to any such submission and make any consequential direction without undue delay.
(12) An Authorised Market Institution which has an endorsed Licence authorising it to maintain an Official List of Securities must have a set of listing rules made in accordance with Article 18.
(13) An Authorised Market Institution may only grant Securities admission to its Official List of Securities in accordance with its listing rules and where it is satisfied that the requirements of its listing rules, the Offered Securities Rules and any other requirements it or the DFSA has imposed are or will be complied with.
(14) The DFSA may, by written notice:
(a) object to the admission by an Authorised Market Institution of Securities to its Official List of Securities; or
(b) impose conditions or restrictions on the admission by an Authorised Market Institution of Securities to its Official List of Securities;
where it is in the interests of the DIFC to do so or the DFSA reasonably considers, for a reason relating to the issuer of the Securities or to the Securities, that:
(i) granting the Securities admission to an Official List of Securities would be detrimental to the interests of persons using the facilities or otherwise dealing in the Securities;
(ii) the requirements of the listing rules have not been complied with;
(iii) any requirement imposed by the DFSA has not been complied with; or
(iv) the issuer of the Securities has failed to comply with any obligations to which he is or was subject to as a result of having a listed or traded Security in another jurisdiction.
(15) Where the DFSA objects to the admission to an Official List of Securities in accordance with Article 17(14)(a), the Authorised Market Institution shall not admit the Securities to its Official List of Securities.
(16) Where the DFSA imposes conditions or restrictions on the admission by an Authorised Market Institution of Securities to its Official List, the Authorised Market Institution shall not admit the Securities to its Official List of Securities unless it complies with the conditions and restrictions.
(17) Where, pursuant to Article 17(14), the DFSA has objected or imposed a condition or restriction, the DFSA shall:
(a) provide the applicant 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 allowed, from the date on which such written notice was provided; and
(b) provide a response to any such submission, and make any necessary consequential variation, withdrawal or amendment of the objection, condition or restriction without undue delay.
(18) The Regulatory Appeals Committee has jurisdiction to hear and determine any appeal in relation to a decision to:
(a) refuse an application for an endorsement under this Article;
(b) object to the admission of Securities to an Official List of Securities under this Article; and
(c) impose, vary or withdraw a condition or restriction under this Article.