Cap. 590 чл. 45Notice of discontinuation or suspension.

(1) If the competent authority -

(a) proposes to discontinue or suspend the trading of a virtual financial asset on a VFA exchange; or

(b) decides to suspend the trading of a virtual financial asset on a VFA exchange with immediate effect, it must give the issuer of such virtual financial asset notice in writing: Provided that a notice under this sub-article shall not be required when a virtual financial asset has been admitted to trading irrespective of the issuer’s will.

(2) The discontinuance or suspension of the trading of a virtual financial asset shall take effect immediately or on such date as may be specified in the notice under sub-article (1).

(3) A notice given under sub-article (1) shall -

(a) give details of the discontinuance or suspension;

(b) state the competent authority’s reason for the discontinuance or suspension, provided that the interest of a VFA exchange or the interest of the public or the investors shall constitute sufficient reason;

(c) inform the issuer of a virtual financial asset that he may make representations to the competent authority within such period as may be specified in the notice; and

(d) inform the issuer of the date on which the discontinuance or suspension will take effect or of the date on which the suspension took effect if the notice under sub-article

(1) states that suspension is to take place with immediate effect:

Provided that the obligation to give notice of a decision to suspend the trading of a virtual financial asset and the right of the issuer to make representations in relation thereto shall be without prejudice to the power of the competent authority to suspend the trading of any virtual financial assets with immediate effect.

(4) The competent authority may extend the period within which representations may be made to it.

(5) If having considered any representations made by the issuer of a virtual financial asset the competent authority decides -

(a) to discontinue or suspend the trading of a virtual financial asset; or

(b) if the suspension has taken effect, not to cancel it, the competent authority shall give the issuer of a virtual financial asset notice in writing of its decision.

(6) If the competent authority decides to discontinue or suspend the trading of a virtual financial asset, or if the suspension has taken effect, not to cancel it, the issuer of the virtual financial asset concerned shall have a right of appeal to the Tribunal and a notice given under sub-article (5) shall inform the issuer of his right to refer the matter to the Tribunal.

(7) The effect of cancelling a discontinuance is that the virtual financial asset concerned is to be re-admitted to trading on the VFA exchange on which it had been admitted to trading.

(8) The provisions of 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).