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

39I. (1) Without prejudice to any other powers conferred to it by this Act or any other law, t he competent authority may: (a) suspend, or require the suspension of, financial instruments from trading on an MTF or an OTF for a maximum of ten (10) consecutive working days on any single occasion: and (b) to remove, or require the removal of, financial FINANCIAL MARKETS [CAP. 345. 75 instruments from trading on an MTF or an OTF: Provided that where the competent authority suspends or removes, or requires the suspension or removal, from trading a financial instrument in terms of this sub-article, it shall also suspend or remove, or require the suspension or removal, from trading on that MTF or OTF the derivatives a s referred to in points (4) to (10) of Section C of Annex I to MiFID that relate, or are referenced to that finan cial instrument where the suspension or removal of such derivatives is necessary to support the objectives of the suspension or removal of the underlying financial instrument: Provided further that where the competent authority suspends or requires the suspension from trading of a financial instrument in terms of this sub- article, the obligations set out in this Act and any regulations or Capital Mark ets Rules or Covered Bonds Rules issued thereunder in relation to financial instruments shall continue to apply with respect to the financial instrument which was suspended. (2) Without prejudice to sub-article (1), a market operator or a n investment firm operating an MTF or an OTF may suspend or remov e financial instruments from trading on the MTF or OTF operated thereby if such financial instruments no longer comply with the bye- laws of the MTF or OTF, unless such suspension or removal would be likely to cause significant damage to the investors’ interests or the orderly functioning of the market. (3) A market operator or investment firm operating an MTF or an OTF that suspends or removes from trading a financial instru ment in terms of sub-article (2), shall also suspend or remove from trading on that MTF or OTF 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 financial instrument where the suspension or removal of such derivatives is necessary to support the objectives of the suspension or removal of the underlying financial instrument. (4) Where a market operator or investment firm operating an MTF or OTF suspends or removes financial instruments and any related derivatives in accordan ce with the provisions of sub-ar ticles (2) and (3), that market operator shall promptly make its decision public and notify the competent authority thereof, as well as provide it with any relevant informati on in relation thereto. (5) Where a market operator or investment firm operating an MTF or an OTF suspends or remo ves from trading on that MTF or OTF a financial instrument and a ny related derivatives in accor dance with the provisions of this article, the competent authority sh all require other authorized regulated marke ts, MTFs, OTFs and systematic internalisers, which fall under its jurisdiction and trade the same 76 CAP. 345.] FINANCIAL MARKETS financial instrument or derivatives as referred to in points (4 ) to (10) of Section C of Annex I to MiFID that relate or are referenced to the financial instrument so suspended or removed, to also suspend o r remove that financial instrument or derivatives from trading, w here the suspension or removal is due to su spected market abuse, a take- over bid or the non-disclosure of inside information about the issue r or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, except where such suspension or removal could cau se significant damage to the investors’ interests or the orderly f unctioning of the market: 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 third 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 MT F or OTF, to also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over 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 th e foreign MTF or OTF. (7) Sub-articles (2) to (6) shall also apply when the suspension from trading of a financial instrument and any related derivati ves as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate or are referenced to thes e financial instruments suspend ed by an MTF or an OTF is lifted. (8) The notification requirements set out in sub-articles (2) t o (6) shall also apply in the case where the decision to suspend or remove from trading a financial instrument and any related deri vatives as referred to in points (4) to (10) of Section C of Annex I to MiFID that relate, or are referenced to that financial instrument is taken by the FINANCIAL MARKETS [CAP. 345. 77 competent authority in accordance with the provisions of this a rticle. Notice of suspension or removal of listed financial instruments. Added by: XLVI.2021.48.