ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
73. Suspension
Edition: 2023-12-15 · In force
73. Suspension
(1)No security shall be suspended or de-listed by a securities exchange without the prior written approval of the Authority.(2)The Authority may, in writing, require a securities exchange to suspend the trading in a listed security where—(a)a decision has been made or is imminent that will lead to the placing of the issuer of such securities under statutory management, receivership, liquidation or voluntary winding up;(b)there is a significant restructuring involving the listed securities including a restructuring during the process of an acquisition, merger or takeover;(c)a recommendation has been made by the directors to the shareholders to have the securities suspended and where the holders of such securities through a special resolution at which a minimum of seventy-five per cent of such security holders are represented without objection to the proposed suspension from at least ten per cent of the holders of securities resolve to have the securities suspended; or(d)the issuer is in material default of the issuer’s continuing listing obligations.(3)The suspension of securities shall be for such period as the Authority may approve or direct.(4)During the period of the suspension, the issuer shall continue to comply with the continuous listing obligations and relevant rules of the securities exchange on which the issuer is listed.