ADVOKS GLOBAL · KENYA
The Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations
22. Suspension and de-listing
Edition: 2022-12-31 · In force
22. Suspension and de-listing
(1)No security shall be suspended or de-listed by a securities exchange without the prior approval of the Authority.(2)The Authority may require a securities exchange to suspend 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 such as in the process of acquisition, mergers or takeovers; or(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 75% of such security holders are represented without objection to the proposed suspension from at least 10% of the holders of securities resolve to have the securities suspended.(3)The suspension of securities shall be subject to such time as predetermined by the Authority.(4)The Authority may require a securities exchange to de-list a security where—(a)the issuer of such securities has been placed under statutory management, receivership or liquidation or voluntary winding up;(b)as a result of restructuring involving the listed securities, the issuer ceases to exist; or(c)a recommendation has been made by the directors to the shareholders to have the securities de-listed and where the shareholders of such securities through a special resolution at which a minimum of 75% of such security holders are represented without objection to the proposed withdrawal from at least 10% of the holders of securities resolve to have the securities de-listed.(5)Notwithstanding the provisions of paragraphs (2) and (4), the Authority may require the suspension or de-listing of an issuer in any other circumstances, which in the opinion of the Authority, serves to protect the interest of the investors.(6)Where a security has been suspended or de-listed, the securities exchange shall publish such information in at least two local English dailies of national circulation.