Delisting
Directive Delisting
Delisting
I. GENERAL PROVISIONS
Art. 1 Purpose
This Directive establishes the principles and procedures for cancelling the listing of equity securities, derivatives, and exchange-traded products on MERJ Exchange, ensuring the protection of investors and the maintenance of orderly markets.
Art. 2 Application
This Directive applies to issuers of equity securities, derivatives, or exchange-traded products listed on MERJ Exchange. It governs voluntary delisting at the issuer's request.
II. EQUITY SECURITIES
Art. 3 Application to Equity Securities
- Issuers may request the delisting of their equity securities at their discretion.
- Applications must include:
- A written justification for delisting.
- A signed statement confirming agreement by the issuer’s responsible bodies.
- Supporting documentation (e.g., offering prospectuses, court decisions).
- Details of the free float must be provided unless exempt under Art. 4 para. 3.
- MERJ Exchange reserves the right to request additional information to protect minority shareholder interests.
Art. 4 Announcement of Delisting and Continued Listing Period
- The Listing Committee determines the timing of the delisting announcement and the last trading day, considering investor protection, fair trading, and legal factors.
- The Listing Committee may impose conditions to ensure investor protection such as extended trading periods or buyback guarantees.
- The period between the delisting announcement and the last trading day is typically 3–12 months.
- Shortened continued listing periods of as little as five exchange days may apply in cases such as:
- Mergers or liquidations.
- Takeover offers where delisting intentions are public.
- Nullification of securities.
- Replacement of delisted securities with new ones.
- Announcements must be published on the MERJ website, as an official notice from the issuer, and, where applicable, in widely circulated national newspapers.
See also:
- Directive Procedures Equity Securities
III. DERIVATIVES AND EXCHANGE TRADED PRODUCTS
Art. 5 Principle
- Delisting of derivatives and exchange-traded products is permissible only at the issuer’s request.
- Delisting may proceed if -
- The issuer holds all affected instruments on its books, ensuring no violation of investor rights.
- Where there is open interest:
- All custodial investors have been notified and agree to the delisting.
- A three-month notice period is observed before the last trading day.
Art. 6 Application
- Applications must include -
- A written justification for delisting.
- A signed statement confirming the securities are held on the issuer’s books without violating investor rights.
- In cases of open interest:
- Confirmation that all custodial investors are notified and agree.
- A declaration of indemnity in favor of MERJ Exchange.
- A copy of the official notice for publication.
- Applications must be submitted no later than three exchange days before the delisting announcement.
Art. 7 Decision
MERJ Regulation shall provide their decision by the close of trading on the next trading day following the application.
IV. COMMON PROVISIONS
A. Fees
- Delisting fees are assessed according to the MERJ Listing Fees schedule.
- Fees must be paid at the time of application submission.
See also:
V. FINAL PROVISIONS
Art. 8 Entry into force
This Directive shall enter into force on 1 March 2025.