1. Examples of circumstances under which a Reporting Entity of a Listed Fund might rely on the exception from disclosure in Rule 3.5.4 include where:
a. it would be a breach of law to disclose such information;
b. the information is a trade secret;
c. there are negotiations in course where the outcome or normal pattern of those negotiations would be likely to be affected by public disclosure;
d. the information is provisional and generated for internal management purposes prior to later public disclosure; or
e. there are impending developments that could be jeopardised by premature disclosure.
2. Rule 3.5.4 does not permit a Reporting Entity of a Listed Fund to delay public disclosure of the fact that it is in financial difficulty or of its worsening financial condition and is limited to the fact or substance of the negotiations to deal with such a situation. A Reporting Entity is also not permitted to delay disclosure of Inside Information on the basis that its position in subsequent negotiations to deal with the situation will be jeopardised by the disclosure of its financial condition.
3. Where the Regulator considers that the reliance of permitted exceptions under Rule 3.5.4 is not in the interests of actual or potential investors, market integrity or the ADGM, it may direct the Reporting Entity of a Listed Fund to make either a holding announcement or full market disclosure. The Regulator may, in addition, require the Recognised Body in which the Units are traded to suspend trading of the relevant Units.