Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part IX
143. Suspension of trading on exchanges
Feedback & supportThe 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.
exchange
“exchange” includes a body corporate established as a securities exchange under section 134 and the Labuan International Financial Exchange that was established by the Minister under section 30 of the *Labuan Offshore Securities Industry Act 1998 that was approved and recognized immediately before the effective date;
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Pursuant to subsection (1), suspension of trading shall be carried out in accordance with the rules of the relevant exchange.
rules
“rules”, in relation to an exchange established under Part IX, means the rules governing the conduct of the exchange or its members;
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.
committee
“committee” means the persons responsible for all matters relating to listing, licensing, trading and other matters related to the securities market;
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.
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.
business day
“business day” means a day during any part of which the facilities of an exchange established pursuant to this Part are available to its trading agents for trading purposes or would have been available but for a suspension of trading ordered by the Authority under section 143;
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.