Financial Markets Act (Cap. 345), article 16

16. (1) The competent authority shall notify the applicant of its decision regarding the reques ted approval of the admissibil ity to listing of securities on a local regulated market within ten (10 ) working days of the subm ission of the application. (2) The time limit set out in sub-article (1) shall be extended to twenty (20) working days where the offer to the public involv es securities issued by an issuer t hat does not have any securitie s admitted to trading on a regulated market and that has not prev iously offered securities to the public: Provided that the time limit of twenty (20) working days shall only be applicable for the initial submission of the appl ication. Where subsequent submissions ar e necessary in accordance with s ub- article (3), the time limit set out in sub-article (1) shall ap ply. (3) Where the competent authority finds that the application is incorrect or incomplete and, or that supplementary information is required: (a) it shall inform the applicant of that fact promptly and at the latest within the time limits set out in sub-article (1) or, as applicable, sub-ar ticle (2), as calculated from the date of the submission of the application; and (b) it shall clearly specify the changes or supplementary information that are required: Provided that, in such cases, the time limit set out in sub- article (1) shall subsequently app ly only from the date on whic h the revised application or the supplementary information requested are submitted to the competent authority. (4) Where the applicant is unable or unwilling to make the necessary changes to the application or to provide the suppleme ntary FINANCIAL MARKETS [CAP. 345. 35 information requested in accord ance with sub-article (3), the competent authority shall be entitled to refuse the approval of admissibility to listing of securities on a local regulated market and terminate the review process. In such a case, the competent aut hority shall notify the applicant of its decision and indicate the rea sons for its refusal. (5) Where the competent authority fails to take a decision on the application within the time limits laid down in sub-article s (1) and (2), such failure shall not be deemed to constitute approval of the application. (6) If the competent authority decides to approve the admissibility to listing of securities on a local regulated mar ket, it shall give the applicant written notice accordingly. (7) If the competent authority decides to refuse the admissibility to listing of secur ities on a local regulated mar ket, it must give the applicant notice of its decision in writing stating th e reasons for its refusal. (8) For the purposes of this article "application" means an application for the approval of admissibility to listing of sec urities on a local regulated market made in te rms of the provisions of this Act, and any regulations, or Capital Mark ets Rules issued thereunder. Discontinuation or suspension. Substituted by: XVII. 2002.114. Amended by: IV . 2005.30; XX. 2007.14, 27, 31; XX. 2013.31; XXXI. 2017.25.