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54. Discontinuance or Suspension: procedure

Past version: effective from 20/10/2015 - 19/10/2015
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(1) A Discontinuance or Suspension by the Regulator on its own initiative takes effect —
(a) immediately, if the notice states that that is the case; or
(b) in any other case, on such date as may be specified in that notice.
(2) If on its own initiative the Regulator —
(a) proposes to discontinue or suspend the Listing of Securities; or
(b) discontinues or suspends the Listing of Securities with immediate effect;
it must give the Issuer of the Securities written notice.
(3) The notice must —
(a) give details of the Discontinuance or Suspension;
(b) state the Regulator's reasons for the Discontinuance or Suspension and for choosing the date on which it took effect or takes effect;
(c) inform the Issuer of the Securities that he may make representations to the Regulator within such period as may be specified in the notice (whether or not he has referred the matter to the Regulatory Committee);
(d) inform him of the date on which the Discontinuance or Suspension took effect or will take effect; and
(e) inform him of his right to refer the matter to the Regulatory Committee.
(4) If, having considered any representations made by the Issuer of the Securities, the Regulator decides —
(a) to discontinue or suspend the Listing of the Securities; or
(b) if the Discontinuance or Suspension has taken effect, not to rescind it;
the Regulator must give the Issuer of the Securities written notice.
(5) If the Regulator decides —
(a) not to discontinue or suspend the Listing of the Securities; or
(b) if the Discontinuance or Suspension has taken effect, to rescind it;
the Regulator must give the Issuer of the Securities written notice.
(6) A notice under subsection (4) shall inform the Issuer of his right to refer the matter to the Regulatory Committee.
(7) The effect of rescinding a Discontinuance is that the Securities concerned are to be readmitted automatically to the Official List.