Section 143
Suspension of trading on exchanges
of Labuan Financial Services and Securities Act 2010
The Authority may direct any exchange established under section 134 by written notice to suspend trading, or any committee established under section 138 may, after notifying the
Authority, suspend trading, on such exchange either wholly for a period not exceeding five consecutive business days or in respect of specified securities for such period as the Authority deems fit if the Authority after consultation with the committee determines that the orderly conduct of such trading is being or is likely to be prevented by reason of force majeure, natural disaster, strike or lock-out, revolution or other political upheaval or economic or financial crisis, wherever occurring.
Labuan Financial Services and Securities 141
(2)
Pursuant to subsection (1), suspension of trading shall be carried out in accordance with the rules of the relevant exchange.
(3)
The Authority may, after consultation with the committee, direct an exchange to extend the period of suspension of trading under subsection (1) either wholly for additional periods not exceeding five consecutive business days or in relation to specified securities for such additional periods as it deems fit.
(4)
The Authority shall within two business days give written notice of such extension to an exchange indicating therein the reason therefor and duration thereof and such notices shall take effect upon its delivery to such exchange.
(5)
The Authority shall on the business day next following delivery to an exchange of the notice under this section and if so requested by such exchange provide an opportunity for such exchange to be heard on the need for any suspension of trading or any extension thereof.
(6)
The Authority may revoke, withdraw or modify any direction made under subsections (1) and (3) at any time prior to expiry of the period of suspension or extension thereof.