英国伦敦证券交易所的上市公司退市法律制度

英国伦敦证券交易所的上市公司退市法律制度

1、伦敦证券交易所的上市公司退市标准

英国2000年《金融服务与市场法》第78条规定，公司出现以下情况时，公司股票将被暂停交易，并进入退市程序：第一，公司出现财务困难，严重损害其持续经营能力，或导致其部分或全部业务终止经营，或公司资不抵债；第二，公司已被清算或被勒令停业：或由于其他原因公司己停止营业；第三，公司资产的接收人或管理人己被任命，或公司已与其债权人达成妥协或计划安排；第四，公司应交纳的行政费用未如数上交；第五，无论是在英国或其他国家及地区，公司有董事己被判定触犯法律；第六，公司所有董事中有人违反金融服务与市场法。

2、伦敦证券交易所的上市公司退市程序

第一，暂停上市的程序。如果出现英国2000年《金融服务与市场法》第78条规定的第一种情形的，即如果出现上市公司的负债远远大于其所拥有的资产的状况时，由上市公司主动提出暂停上市的申请或者由证券交易所决定上市公司的股票暂停上市。如果出现英国2000年《金融服务与市场法》第78条规定的其他几种情形的，将由证券交易所决定上市公司的股票暂停上市。

第二，终止上市的程序。当上市公司在证券交易所被实行了暂停上市的处理之六个月内上市公司应当定期准时向外界发布公告，公布其每一阶段的进展情况，由证券交易所对其阶段性进展进行审查。如果证券交易所经过审查认定上市公司仍然不具备持续上市标准，证券交易所将以书面正式通知的方式告知该上市公司需要在六个月内向证券交易所提交一份重整调整的计划方案。证券交易所将对上市公司对其提交的重整调整计划方案的执行情况进行审查，如果上市公司经过第一次重整调整之后仍然不具备持续上市标准的，证券交易所将向外界发出公告声明该上市公司即将面临退市，警示投资者注意投资风险，同时证券交易所还会再给上市公司6个月的时间，让其第二次提交重整调整计划方案。如果经过此第二次的重整调整之后，上市公司还是无法恢复持续上市标准状态的，证券交易所将决定对上市公司实行终止上市的处理。

附：英国2000年《金融服务与市场法》相关规定

Financial Services and Markets Act 2000

2000 CHAPTER 8

78 Discontinuance or suspension: procedure.

(1) A discontinuance or suspension takes effect—

(a) immediately, if the notice under subsection (2) states that that is the case;

(b) in any other case, on such date as may be specified in that notice.

(2) If the competent authority—

(a) proposes to discontinue or suspend the listing of securities, or

(b) discontinues or suspends the listing of securities with immediate effect,

it must give the issuer of the securities written notice.

(3) The notice must—

(a) give details of the discontinuance or suspension;

(b) state the competent authority’s reasons for the discontinuance or suspension

and for choosing the date on which it took effect or takes effect;

(c) inform the issuer of the securities that he may make representations to the competent authority within such period as may be specified in the notice (whether or not he has referred the matter to the Tribunal);

(d) inform him of the date on which the discontinuance or suspension took effect

or will take effect; and

(e) inform him of his right to refer the matter to the Tribunal.

(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 the securities, the

competent authority decides—

(a) to discontinue or suspend the listing of the securities, or

(b) if the discontinuance or suspension has taken effect, not to cancel it,

the competent authority must give the issuer of the securities written notice. (6) A notice given under subsection (5) must inform the issuer of the securities of his right

to refer the matter to the Tribunal.

(7) If a notice informs a person of his right to refer a matter to the Tribunal, it must give

an indication of the procedure on such a reference.

(8) If the competent authority decides—

(a) not to discontinue or suspend the listing of the securities, or

(b) if the discontinuance or suspension has taken effect, to cancel it,

the competent authority must give the issuer of the securities written notice. (9) The effect of cancelling a discontinuance is that the securities concerned are to be

readmitted, without more, to the official list.

(10) If the competent authority has suspended the listing of securities and proposes to refuse

an application by the issuer of the securities for the cancellation of the suspension, it

must give him a warning notice.

(11) The competent authority must, having considered any representations made in response

to the warning notice—

(a) if it decides to refuse the application, give the issuer of the securities a decision

notice;

(b) if it grants the application, give him written notice of its decision.

(12) If the competent authority decides to refuse an application for the cancellation of the

suspension of listed securities, the applicant may refer the matter to the Tribunal.

(13) “Discontinuance” means a discontinuance of listing under section 77(1).

(14) “Suspension” means a suspension of listing under section 77(2).