• Part 14 Part 14 Suspension and Removal of Financial Instruments from Trading

    • 180. Regulator's power to require suspension or removal of Financial Instruments from Trading

      The Regulator may, for the purpose of protecting —

      (a) the interests of investors; or
      (b) the orderly functioning of the financial markets;

      require an Institution or a class of Institutions to suspend or remove a Financial Instrument from Trading.

    • 181. Suspension or removal of Financial Instruments from trading: procedure

      (1) A requirement imposed under section 180 (a "Section 180 Requirement") takes effect—
      (a) immediately, if the notice given under subsection (2) states that this is the case;
      (b) in any other case, on such date as may be specified in the notice.
      (2) If the Regulator proposes to impose a Section 180 Requirement on an Institution, or a class of Institutions, or imposes such a requirement with immediate effect, it must give notice to —
      (a) the Institution or, as the case may be, each Institution in the class; and
      (b) the Issuer of the Financial Instrument in question (if any).
      (3) A notice given under subsection (2) must —
      (a) give details of the Section 180 Requirement;
      (b) state the Regulator's reasons for imposing the requirement and choosing the date on which it took effect or takes effect;
      (c) inform the recipient that he may make representations to the Regulator within such period as may be specified by the notice (whether or not he has referred the matter to the Regulatory Committee);
      (d) inform him of the date on which the requirement took effect or takes effect; and
      (e) inform him of his right to refer the matter to the Regulatory Committee.

    • 182. Procedure following consideration of representations

      (1) This section applies where, within the period specified under section 181(3), representations are made to the Regulator in relation to a requirement that it has proposed to impose or has imposed under section 180.
      (2) The Regulator must decide whether to impose the requirement or (in the case of a requirement that has been imposed) whether to revoke it.
      (3) In the case of a requirement that the Regulator has proposed to impose on a class of Institutions, the Regulator may decide to impose the requirement —
      (a) on the class;
      (b) on the class apart from one or more specified members of it; or
      (c) only on one or more specified members of the class.
      (4) In the case of a requirement that the Regulator has imposed on a class of Institutions, the Regulator may decide to revoke it in relation to —
      (a) the class;
      (b) the class apart from one or more specified members of it; or
      (c) one or more specified members of the class only.
      (5) The Regulator must give written notice of its decision to —
      (a) any Institution which has made representations; and
      (b) the Issuer of the Financial Instrument in question (if any).

    • 183. Revocation of requirements: applications by Institutions

      (1) This section applies where the Regulator has imposed a Section 180 Requirement on an Institution or a class of Institutions.
      (2) The Institution or any of the Institutions in the class may apply to the Regulator for the revocation of the requirement.
      (3) The Regulator must decide whether to revoke the requirement.
      (4) In the case of a requirement imposed on a class of Institutions, the Regulator may decide to revoke it in relation to —
      (a) the class;
      (b) the class apart from one or more specified members of it; or
      (c) one or more specified members of the class only.
      (5) The Regulator must give a written notice if —
      (a) in the case of a requirement imposed on an Institution, the Regulator proposes not to revoke the requirement; or
      (b) in the case of a requirement imposed on a class, the Regulator proposes to make a decision which would have the effect that the requirement continues to apply to the applicant (whether or not it would have the effect that it continues to apply to other members of the class).
      (6) The written notice must be given to —
      (a) the applicant; and
      (b) the Issuer of the Financial Instrument in question (if any).
      (7) A notice given under subsection (5) must —
      (a) inform the recipient that he may make representations to the Regulator within such period as may be specified by the notice (whether or not he has referred the matter to the Regulatory Committee); and
      (b) inform him of his right to refer the matter to the Regulatory Committee.

    • 184. Decisions on applications for revocation by Institutions

      (1) This section applies where, having considered any representations made in response to a written notice under section 183(5), the Regulator has decided whether to grant an application for revocation made under section 183.
      (2) The Regulator must give written notice in accordance with subsection (3) if —
      (a) in the case of a requirement imposed on an Institution, the Regulator decides to revoke the requirement; or
      (b) in the case of a requirement imposed on a class, the Regulator makes a decision which has the effect that the requirement will no longer apply to the applicant (whether or not it will continue to apply to other members of the class).
      (3) The written notice must be given to —
      (a) the applicant; and
      (b) the Issuer of the Financial Instrument in question (if any).
      (4) The Regulator must give a decision notice in accordance with subsection (5) if —
      (a) in the case of a requirement imposed on an Institution, the Regulator decides not to revoke the requirement; or
      (b) in the case of a requirement imposed on a class, the Regulator makes a decision which has the effect that the requirement will continue to apply to the applicant (whether or not it will continue to apply to other members of the class).
      (5) The decision notice must be given to —
      (a) the applicant; and
      (b) the Issuer of the Financial Instrument in question (if any).

    • 185. Revocation of requirements: applications by Issuers

      (1) This section applies where the Regulator has imposed a Section 180 Requirement on an Institution or a class of Institutions.
      (2) The Issuer of the Financial Instrument may apply to the Regulator for the revocation of the requirement.
      (3) The Regulator must decide whether to revoke the requirement.
      (4) In the case of a requirement imposed on a class of Institutions, the Regulator may decide to revoke it in relation to —
      (a) the class;
      (b) the class apart from one or more specified members of it; or
      (c) one or more specified members of the class only.
      (5) The Regulator must give the Issuer a written notice if —
      (a) in the case of a requirement imposed on an Institution, the Regulator proposes not to revoke the requirement; or
      (b) in the case of a requirement imposed on a class, the Regulator proposes not to revoke the requirement or to revoke it in relation to —
      (i) the class apart from one or more specified members of it; or
      (ii) one or more specified members of the class only.
      (6) A notice given under subsection (5) must —
      (a) inform the recipient that he may make representations to the Regulator within such period as may be specified by the notice (whether or not he has referred the matter to the Regulatory Committee); and
      (b) inform him of his right to refer the matter to the Regulatory Committee.

    • 186. Decisions on applications for revocation by Issuers

      (1) This section applies where, having considered any representations made in response to a written notice under section 185(5), the Regulator has decided whether to grant an application for revocation made under section 185.
      (2) The Regulator must give written notice to the Issuer if the Regulator decides to revoke the requirement.
      (3) The Regulator must give the Issuer a decision notice if —
      (a) in the case of a requirement imposed on an Institution, the Regulator decides not to revoke the requirement; or
      (b) in the case of a requirement imposed on a class, the Regulator decides not to revoke the requirement or makes a decision to revoke the requirement in relation to —
      (i) the class apart from one or more specified members of it; or
      (ii) one or more specified members of the class only.

    • 187. Notification in relation to suspension or removal of a Financial Instrument from trading

      If the Regulator exercises the power under section 180 in relation to a Financial Instrument traded on a Recognised Investment Exchange or Multilateral Trading Facility, it must as soon as reasonably practicable publish its decision in such manner as it considers appropriate.