MKT 2.6 MKT 2.6 Suspending, delisting and restoring a listing
Under section 53 of the FSMR, the Regulator may, suspend or delist, or require a Recognised Body 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 ADGM, including the interests of its investors, potential investors or capital markets.
Suspending Securities from the Official List of Securities
Examples of further circumstances that warrant the suspension by the Regulator 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 these 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; or8. 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.
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.
If the Regulator suspends the listing of any Securities, it may impose such requirements on the procedure for lifting the suspension as it considers appropriate.
Suspension or delisting at the Listed Entity's request
MKT 2.6.3 MKT 2.6.3(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 Regulator 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 Regulator requires.(2) The Regulator may impose such conditions or requirements as it considers appropriate on the suspension or delisting in (1).
Guidance1. A Listed Entity requesting delisting should submit such request in reasonable time for the Regulator to consider the request and satisfy the Regulator that a delisting would be appropriate.2. A Listed Entity requesting cancellation of its listing should provide existing security holders with sufficient notice prior to the cancellation date.3. An example of the type of condition the Regulator may impose pursuant to Rule 2.6.3(2) is the imposition of a time limit for the suspension.
Restoration of a listing
The Regulator may restore the listing of any Securities which have been suspended if it considers that:(1) the smooth operation of the market is no longer jeopardised; or(2) where relevant, the suspension is no longer required to protect investors.
The Regulator may restore the listing of any Securities which have been suspended whether the restoration was requested by the relevant Listed Entity or at the Regulator's own initiative.
Delisting Securities from the Official List of Securities
MKT 2.6.6 MKT 2.6.6
For the purposes of section 53 of the FSMR, the circumstances which may warrant the delisting of Securities by the Regulator include, but are not limited to, where:(1) the Securities are no longer admitted to trading as required by these Rules and the FSMR;(2) the Listed Entity no longer satisfies one or more of its continuing obligations for listing;(3) the Securities have been suspended from the Official List for more than six months;(4) it is necessary because the Securities have been subject to a merger, Takeover or reverse Takeover;(5) 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;(6) it is in the interests of the ADGM, including the interests of investors, potential investors or the ADGM capital markets; or(7) the Securities have been redeemed or cease to exist for any other reason.
In Rule 2.6.2 an example of a breach of the continuing obligations which may warrant a delisting by the Regulator would be where the percentage of Shares in public hands falls below the applicable thresholds set out in Rule 2.3.10(2). The Regulator 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.