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THURSDAY, APRIL 4, 1985
A SUMMARY OF THE MAJOR PROVISIONS OF THE PROPOSED SECURITIES (STOCK EXCHANGE LISTING) RULES 1985 FOLLOWS:
SECURITIES (STOCK EXCHANGE LISTING) RULES 1985
SUMMARY OF MAJOR PROVISIONS
THE RULES SET OUT CERTAIN REQUIREMENTS AND PROCEDURES IN CONNECTION WITH APPLICATIONS FOR THE LISTING OF SECURITIES ON STOCK EXCHANGES. THE RULES ALSO INTRODUCE FURTHER STATUTORY REQUIREMENTS FOR INCREASED DISCLOSURE OF IMPORTANT COMPANY INFORMATION.
LISTING APPLICATIONS
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A COMPANY SEEKING A LISTING OF ITS SECURITIES ON A STOCK EXCHANGE MUST COMPLY WITH THE REQUIREMENTS OF THE STATUTORY LISTING RULES AS WELL AS THE LISTING EXCHANGE. THE 1985 RULES REQUIRE THE LISTING APPLICATION TO CONTAIN SUFFICIENT INFORMATION TO ENABLE AN INFORMED ASSESSMENT TO BE MADE OF THE COMPANY. TOGETHER WITH DETAILS OF THE SECURITIES TO BE LISTED, THE MANNER OF THEIR ISSUE, THE IDENTITY OF SUBSTANTIAL SHAREHOLDERS OF THE COMPANY OR ITS PARENT COMPANY, THE QUALIFICATIONS OF THE COMPANY'S DIRECTORS AND, CHIEF EXECUTIVE (RULE 3). COPIES OF A LISTING APPLICATION TOGETHER WITH SUPPORTING PROSPECTUS MUST BE SERVED ON THE COMMISSIONER FOR SECURITIES (RULE 4). THE COMMISSIONER MAY DIRECT A STOCK EXCHANGE TO SUSPEND DEALINGS
IN THE SECURITIES OF A COMPANY IF IT HAS FAILED TO COMPLY WITH THE VARIOUS REQUIREMENTS (RULE 5).
THE RULES DO NOT SUPPLANT THE ROLE OF THE LISTING EXCHANGE. ON THE CONTRARY THEY ARE SUPPLEMENTAL TO, AND SUPPORTIVE OF, THE ESSENTIAL ROLE PLAYED BY THE EXCHANGES. IN SOME RESPECTS THEY MERELY FORMAL ISE PROCEDURES THAT HAVE LONG BEEN ACCEPTED IN PRACTICE.
SUSPENSIONS AND CANCELLATIONS
THE COMMISSIONER MAY DIRECT A STOCK EXCHANGE TO SUSPEND DEALINGS IN SECURITIES, IF IT APPEARS TO HIM THAT THIS IS NECESSARY TO MAINTAIN AN ORDERLY MARKET. HOWEVER IN THIS CASE AND IN ANY OTHER CASE WHERE HE DIRECTS A SUSPENSION, HE MUST FORMALLY REPORT THIS TO THE COMMISSION GIVING NOTICE TO THE AFFECTED COMPANY AT THE SAME TIME. AFTER CONSIDERING THE COMMISSIONER'S REPORT AND ANY REPRESENTATIONS MADE BY THE COMPANY CONCERNED, THE COMMISSION MAY AS APPROPRIATE DIRECT THAT THE SUSPENSIÓN BE LIFTED SUBJECT TO CONDITIONS, THAT THE SUSPENSION SHOULD REMAIN IN FORCE OR THAT THE LISTING BE CANCELLED.
QULUZY UNDERTAKING