Financial Markets Act (Cap. 345), article 39H

39H. (1) Without prejudice to any ot her powers conferred to it by this Act or any other law, t he competent authority may: (a) suspend, or require the suspension, of listed financial instruments from listing and, or trading on an authorized regulated market for a maximum of ten (10) consecutive working days on any single occasion; and (b) remove, or require the removal of listed financial instruments from listing and, or trading on an authorized regulated market: Provided that where the competent authority suspends or removes, or re quires the suspension or removal, from listing and, or trading of a listed financial instrument in terms of this sub-article, it shall also suspend or remove, or require the suspension or removal from listing and, or trading on that authorized regulated market, the derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to that listed financial instrument where the suspension or removal of such derivatives is necessary to support the objectives of the suspension or removal of the underlying listed financial instrument: FINANCIAL MARKETS [CAP. 345. 73 Provided further that where the competent authority suspends or requires the suspension from listing and, or trading of a listed financial instrument in terms of this sub-article, the obligations set out in this Act, and any regulations or Capital Markets Rules or Covered Bonds Rules issued thereunder in relation to listed financial instruments shall continue to apply with respect to the listed f inancial instrument which was suspended. (2) Without prejudice to sub-article (1), a market operator operating an authorized regulated market may suspend or remove listed financial instruments from trading on the authorized regulated market operated thereby if such listed financial instruments no longer comply with any bye-laws of the authorized regulated market, un less such suspension or removal would be likely to cause significant damage to the investors’ interests or the orderly functioning o f the market. (3) A market operator of an authorized regulated market that suspends or removes from trading a listed financial instrument in terms of sub-article (2), shall also suspend or remove from tra ding on that authorized regulated market the derivatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to that listed financ ial instrument where the suspen sion or removal of such derivatives is necessary to support the objecti ves of the suspension or removal of th e underlying financial instrumen t. (4) Where a market operator operating an authorized regulated market suspends or removes financial instruments and any relate d derivatives in accordance with the provisions of sub-articles ( 2) and (3), that market operator shall promptly make its decision publ ic and notify the competent authority thereof, as well as provide it w ith any relevant information in relation thereto. (5) Where a market operator operating an authorized regulated market suspends or removes from trading on that authorized regu lated market a listed financial instrument and any related derivative s in accordance with the provisions of this article, the competent a uthority shall require other authorized re gulated markets, MTFs, OTFs an d systematic internalisers, which fall under its jurisdiction and trade the same financial instrument or der ivatives as referred to in poin ts (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to the listed financial instrument s o suspended or removed, to als o suspend or remove that listed financial instrument or derivativ es from trading, where the suspension or removal is due to suspected ma rket abuse, a take-over bid, or the non-disclosure of inside informa tion about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functi oning of the market: 74 CAP. 345.] FINANCIAL MARKETS Provided that the competent authority shall immediately make public and communicate to ESM A and the Europ ean regulatory authorities of the other Member St ates or EEA States such a dec ision. (6) Where the competent authority receives a notification from a European regulatory authority of another Member State or EEA State in accordance with the fourth paragraph of Article 32(2) of MiFID , it shall require other authorized re gulated markets, MTFs, OTFs an d systematic internalisers, which fall under its jurisdiction and trade the same financial instrument or der ivatives as referred to in poin ts (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to the financial instrument suspended or removed by the foreign regulated market, to also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a takeover bid, or the non-disclosure o f inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, except where such suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market: Provided that the competent a uthority shall communicate its decision to ESMA and the European regulatory authorities of the other Member States or EEA States, inc luding an explanation if the de cision was not to suspend or remove from trading the financial instrum ent or derivatives as referred to in points (4) to (10) of Section C o f Annex I to MiFID that relate or are referenced to the financial instrument suspended or removed by the foreign regulated market. (7) Sub-articles (2) to (6) shall also apply when the suspension from trading of a financial instr ument or any related derivativ es as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to thos e financial instruments suspend ed by a regulated market is lifted. (8) The notification requirements set out in sub-articles (2) to (6) shall also apply in the case where the decision to suspend or remove from trading a listed fina ncial instrument or any relate d derivatives as referred to in points (4) to (10) of Section C o f Annex I to MiFID that relate or are referenced to that listed financial instrument is taken by the competent authority in accordance wi th the provisions of this article. Suspension and removal of financial instruments from trading on an MTF or an OTF. Added by: XLVI.2021.48. Amended by: IX.2023.20.