Cap. 590 чл. 44Discontinuation or suspension from trading on a VFA exchange.

(1) (a) The competent authority may, in accordance with rules issued under this Act, and whether of its own motion or at the request of a VFA exchange on which a virtual financial asset has been admitted to trading, discontinue or suspend the trading of such virtual financial asset if it is satisfied that there are circumstances which warrant such suspension or discontinuance.

(b) Without prejudice to the right of the competent authority under paragraph (a) to demand suspension or removal of a virtual financial asset from trading, a VFA exchange operator may suspend or remove from trading a virtual financial asset which no longer complies with the definition of a virtual financial asset or the bye-laws of the VFA exchange unless such a step would be likely to cause significant damage to the investors’ interests or the orderly functioning of the VFA exchange. The VFA exchange operator that suspends or removes from trading a virtual financial asset shall make public this decision and communicate the relevant information to the competent authority. Where required, the competent authority shall inform the European regulatory authorities of the other Member States or EEA States of this decision.

(c) When the competent authority demands the suspension or removal of a virtual financial asset from trading on one or more VFA exchanges, it shall immediately make public its decision and inform any regulatory authority, as required, pursuant to the obligations emanating from European legislation or Malta’s international commitments.

(d) A VFA exchange operator that suspends or removes from trading a virtual financial asset shall also suspend or remove any derivatives thereof which relate or are referenced to that virtual financial asset as may be necessary to support the objectives of the suspension or removal of the underlying virtual financial asset. The VFA exchange operator shall make public its decision on the suspension or removal of the virtual financial asset and of any related derivatives and communicate the relevant decisions to the competent authority:

Provided that the term "derivatives" in this paragraph shall exclude the derivatives as referred to in points (4) to

(10) of Section C of Annex I to MiFID.

(e) Paragraph (d) shall also apply when the suspension from trading of a virtual financial asset or derivatives thereof which relate or are referenced to that virtual financial asset is lifted.

(f) The notification procedure referred to in paragraph (d) shall also apply in the case where the decision to suspend or remove from trading a virtual financial asset or derivatives thereof which relate or are referenced to that virtual financial asset is taken by the competent authority.

(2) If the trading of any virtual financial asset is suspended under sub-article (1) such virtual financial asset may still be treated as being traded on a VFA exchange for such purposes as may be set out in rules issued under this Act.

(3) If the competent authority discontinues or suspends the trading of any virtual financial assets, the issuer shall have a right of appeal to the Tribunal in terms of article 51.

(4) This article shall also be applicable where a virtual financial asset is determined by the competent authority to be electronic money or a financial instrument in terms of article 13(2)(b).