Delisting

Directive 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

1. Issuers may request the delisting of their equity securities at their discretion.

2. Applications must include:

   1. A written justification for delisting.

   2. A signed statement confirming agreement by the issuer’s responsible bodies.

   3. Supporting documentation (e.g., offering prospectuses, court decisions).

3. Details of the free float must be provided unless exempt under Art. 4 para. 3.

4. MERJ Exchange reserves the right to request additional information to protect minority shareholder interests.

Art. 4 Announcement of Delisting and Continued Listing Period

1. The Listing Committee determines the timing of the delisting announcement and the last trading day, considering investor protection, fair trading, and legal factors.

2. The Listing Committee may impose conditions to ensure investor protection such as extended trading periods or buyback guarantees.

3. The period between the delisting announcement and the last trading day is typically 3–12 months.

4. Shortened continued listing periods of as little as five exchange days may apply in cases such as:

   1. Mergers or liquidations.

   2. Takeover offers where delisting intentions are public.

   3. Nullification of securities.

   4. Replacement of delisted securities with new ones.

5. 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

1. Delisting of derivatives and exchange-traded products is permissible only at the issuer’s request.

2. Delisting may proceed if -

   1. The issuer holds all affected instruments on its books, ensuring no violation of investor rights.

   2. Where there is open interest:

      1. All custodial investors have been notified and agree to the delisting.

      2. A three-month notice period is observed before the last trading day.

Art. 6 Application

1. Applications must include -

   1. A written justification for delisting.

   2. A signed statement confirming the securities are held on the issuer’s books without violating investor rights.

   3. In cases of open interest:

      1. Confirmation that all custodial investors are notified and agree.

      2. A declaration of indemnity in favor of MERJ Exchange.

      3. A copy of the official notice for publication.

2. 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

1. Delisting fees are assessed according to the MERJ Listing Fees schedule.

2. Fees must be paid at the time of application submission.

See also:

- Listing Fees

V. FINAL PROVISIONS

Art. 8 Entry into force

This Directive shall enter into force on 1 March 2025.