Versions

 

6. Powers of the Commission to require further information and to object to listing

(1) Subject to subsection (8), the Commission may, by notice to an applicant and a recognized exchange company given within 10 business days from the date the applicant files a copy of its application with the Commission (or if there is more than one such date, the latest date), require the applicant to supply to the Commission such further information as the Commission may reasonably require for the performance of its functions under these Rules.
(2) The Commission may, within the period specified in subsection (6), by notice to an applicant and a recognized exchange company, object to a listing of any securities to which an application relates if it appears to the Commission that —
(a) the application does not comply with a requirement under section 3;
(b) the application is false or misleading as to a material fact or is false or misleading through the omission of a material fact;
(c) the applicant has failed to comply with a requirement under subsection (1) or, in purported compliance with the requirement has furnished the Commission with information which is false or misleading in any material particular; or
(d) it would not be in the interest of the investing public or in the public interest for the securities to be listed.
(3) The Commission may, within the period specified in subsection (6), notify an applicant and a recognized exchange company that —
(a) it does not object to the listing of any securities to which an application relates; or
(b) it does not object to the listing of any securities to which an application relates subject to such conditions as the Commission may think fit to impose.
(4) A recognized exchange company may list the securities to which an application relates only if —
(a) the Commission has not, within the period specified in subsection (6), given a notice in relation to the application under subsection (2) or (3)(b);
(b) the Commission has given a notice in relation to the application under subsection (3)(a); or
(c) the conditions referred to in subsection (3)(b) in relation to the application have been complied with.
(5) Where the Commission objects to a listing under subsection (2) or imposes any condition under subsection (3)(b), the objection or imposition shall take effect immediately.
(6) The period specified for the purposes of subsections (2), (3) and (4) is 10 business days —
(a) where the Commission has not given a notice under subsection (1) in relation to the application, from the date the applicant files a copy of the application with the Commission (or if there is more than one such date, the latest date); or
(b) where the Commission has given a notice under subsection (1) in relation to the application, from the date when the further information is supplied.
(7) A notice given under subsection (2) shall be accompanied by a statement specifying the reasons for the objection.
(8) The Commission shall not give any notice to an applicant under subsection (1) after —
(a) it has given a notice in relation to the application under subsection (3)(a); or
(b) the conditions referred to in subsection (3)(b) in relation to the application have been complied with.