英国停牌、摘牌研究.doc

LR 5.1?Suspending listing （停牌）窗体底端 FSA may suspend listing（FAS可暂停交易） LR 5.1.1?01/07/2005 (1)? 1The FSA may suspend, with effect from such time as it may determine, the listing of any securities if the smooth operation of the market is, or may be, temporarily jeopardised or it is necessary to protect investors. [Note: article 18(1) CARD] 如果市场的运营被或可能被破化或停牌有利于保护投资者，FSA可对任何证券停牌，停牌自决定后生效 (2)? An issuer that has the listing of any of its securities suspended must continue to comply with all listing rules applicable to it. 发行人停牌后必须继续符合上市规则 If the FSA suspends the listing of any securities, it may impose such conditions on the procedure for lifting the suspension as it considers appropriate. 如果FAS暂停某个证券的交易，可按FAS认为合适的方式，给发行人恢复交易提出一些条件 Examples of when FSA may suspend（FAS停牌的例子） LR 5.1.2?01/07/2005 Examples of when the FSA may suspend the listing of securities include (but are not limited to) situations where it appears to the FSA that: FAS可暂停证券交易的例子列举如下（包括但不限于） (1)? the issuer has failed to meet its continuing obligations for listing; or 发行人未能符合持续上市义务，或 (2)? the issuer has failed to publish financial information in accordance with the listing rules; or 发行人未能按上市规则公布财务信息，或 (3)? the issuer is unable to assess accurately its financial position and inform the market accordingly; or 发行人未能准确估计自己的财务状况并相应的通知市场，或 (4)? there is insufficient information in the market about a proposed transaction; or 市场未能获得与可能的交易相关的足够信息 (5)? the issuers securities have been suspended elsewhere; or 发行人的证券在其他地方停牌 (6)? the issuer has appointed administrators or receivers, or is an investment trust and is winding up; or 发行人已经任命了行政管理人或接收人（值破产清算），或是一个投资信托正在结束 (7)? for a securitised derivative that relates to a single underlying instrument, the underlying instrument is suspended; or 对于与一个基础金融工具相关的证券化衍生品，如果基础金融工具停牌，衍生品停牌 for a securitised derivative that relates to a basket of underlying instruments, one or more underlying instruments of the basket are suspended. 对于以一篮子基础金融工具相关的证券化衍生品，一个或更多的基础金融工具停牌