LR 5.1 Suspending listing
FCA may suspend listing
- (1)
1The FCA may suspend, with effect from such time as it may determine, the listing of any securities if the smooth operation of the market is, or may be, temporarily jeopardised or it is necessary to protect investors. [Note: article 18(1) CARD]
- (2)
An issuer that has the listing of any of its securities suspended must continue to comply with all listing rules applicable to it.
- (3)
If the FCA suspends the listing of any securities, it may impose such conditions on the procedure for lifting the suspension as it considers appropriate.
Examples of when FCA may suspend
Examples of when the FCA may suspend the listing of securities include (but are not limited to) situations where it appears to the FCA that:
- (1)
the issuer has failed to meet its continuing obligations for listing; or
- (2)
the issuer has failed to publish financial information in accordance with the listing rules; or
- (3)
the issuer is unable to assess accurately its financial position and inform the market accordingly; or
- (4)
there is insufficient information in the market about a proposed transaction; or
- (5)
the issuer's securities have been suspended elsewhere; or
- (6)
the issuer has appointed administrators or receivers, or is an investment trust and is winding up; or
- (7)
for a securitised derivative that relates to a single underlying instrument, the underlying instrument is suspended; or
- (8)
for a securitised derivative that relates to a basket of underlying instruments, one or more underlying instruments of the basket are suspended; or2
- (9)
for a miscellaneous security that carries a right to buy or subscribe for another security, the security over which the listed miscellaneous security carries a right to buy or subscribe has been suspended.2