Section 17Part 0 —
Suspension of trading
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The Authority may, by written notice, direct the Exchange to suspend trading on one or more securities markets established and operated by the Exchange, either wholly or in respect of specified securities for a period not exceeding five consecutive business days, if after consulting with the Council, it determines that the orderly conduct of such trading is being or is likely to be prevented by reason of force majeure, natural disaster, strike or lockout, war, revolution or other political upheaval, or economic or financial crises occurring in the Islands or elsewhere.
The Authority may, after consulting with the Council, direct the Exchange to extend the period of suspension of trading under subsection (1), either wholly or in part, for additional periods not exceeding five consecutive business days in each case, if it gives to the Exchange two clear business days' written notice of such extension and indicates in the notice the reason for the extension.
A notice given by the Authority under subsections (1) and (2) shall be effective upon its delivery to the registered office of the Exchange.
The Authority shall, on the business day next following delivery to the Exchange of a notice issued pursuant to subsection (1) and (2), provide an opportunity for the Council to be heard on the need for any suspension of trading or any extension of suspension of trading.
The Authority may revoke, withdraw or modify any direction made under subsection (1) or (2) at any time prior to the expiration of the period of suspension.