54. Discontinuance or Suspension: procedure

(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 a Listing; or
(b) discontinues or suspends a Listing with immediate effect;
it must give written notice to the Reporting Entity.
(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 Reporting Entity 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 Appeals Panel);
(d) inform the Reporting Entity of the date on which the Discontinuance or Suspension took effect or will take effect; and
(e) inform the Reporting Entity of its right to refer the matter to the Appeals Panel.
(4) If, having considered any representations made by the Reporting Entity, the Regulator decides—
(a) to discontinue or suspend the Listing; or
(b) if the Discontinuance or Suspension has taken effect, not to rescind it;
the Regulator must give the Reporting Entity written notice.
(5) If the Regulator decides—
(a) not to discontinue or suspend the Listing; or
(b) if the Discontinuance or Suspension has taken effect, to rescind it;
the Regulator must give the Reporting Entity written notice.
(6) A written notice under subsection (4) shall inform the Reporting Entity of their right to refer the matter to the Appeals Panel.
(7) The effect of rescinding a Discontinuance is that the Securities concerned are to be readmitted automatically to the Official List.
Amended on (30 December, 2021).