Administrative Measures and Penalties


In terms of Article 17(1)(c) of the Financial Markets Act, the Listing Authority is required to immediately make public decisions taken in terms of Article 17(1)(a) of the Financial Markets Act, being the discontinuance or suspension of listing of financial instruments admitted to listing and trading on a regulated market. In terms of Article 41A of the Financial Markets Act, if it appears to the Listing Authority that a person has contravened any of the provisions of the Financial Markets Act or of any regulations made under the Financial Markets Act or has contravened or failed to comply with any condition, obligation, requirement, Financial Market Rules, Listing Rules or directives made or given under any of the provisions of the Financial Markets Act, the Listing Authority, may publish a statement to that effect indicating the natural person or the legal entity responsible and the nature of the breach.

Furthermore and in the case of Listing Rules transposing the Transparency Directive, the Listing Authority shall, by means of a public statement and without undue delay, publish every decision on sanctions and measures imposed for a breach of the Listing Rules transposing the Transparency Directive, including at least information on the type and nature of the breach and the identity of natural persons or legal entities responsible for it.

It is current practice that as soon as an issuer is notified of the Listing Authority’s decision to impose a penalty or to discontinue or suspend a listing of financial instruments admitted to listing and trading on a regulated market, the Listing Authority shall publish a notice of the sanction on its website and in such other media deemed appropriate in the circumstances.

Where and as applicable, and in terms of Article 41B of the Financial Markets Act, the notice published on the website will indicate clearly whether the penalty or sanction is currently being appealed against. These notices are intended as a summary of the Listing Authority’s decisions and, accordingly, are not the actual decisions themselves.

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