71. Stop orders

(1) If the Regulator is satisfied that a Prospectus Offer would contravene or has contravened these Regulations or it is in the interests of the Abu Dhabi Global Market, the Regulator may issue a stop order to a person or class of persons directing that no Offer, issue, sale or transfer of the Securities be made by such person or persons for such a period of time as it thinks appropriate.
(2) Upon making a decision under subsection (1), the Regulator shall, without undue delay, inform the Offeror and the Issuer (if different) of the Securities in writing of its decision.
(3) An order under subsection (1) takes effect —
(a) immediately, if the notice under subsection (4) states that that is the case;
(b) in any other case, on such date as may be specified in that notice.
(4) If the Regulator —
(a) proposes to exercise the power in subsection (1) in relation to a person; or
(b) exercises any of those powers in relation to a person with immediate effect;
it must give that person written notice.
(5) The notice must —
(a) give details of the Regulator's action or proposed action;
(b) state the Regulator's reasons for taking the action in question 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 action took effect or takes effect; and
(e) inform him of his right to refer the matter to the Regulatory Committee.
(6) The Regulator may extend the period within which representations may be made to it.
(7) If, having considered any representations made to it, the Regulator decides to maintain, vary or revoke its earlier decision, it must give written notice to that effect to the person mentioned in subsection (4).
(8) A notice given under subsection (7) must inform that person, where relevant, of his right to refer the matter to the Regulatory Committee.