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November 27, 2012, 08:37:07 AM |
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It's just a matter of time till the topic of delisting a security and complete removal of a security from the exchange will be required. We are in the process of drafting an amendment to our Terms&Conditions and seek your input and feedback on this. We'll collect feedback till 16th December.
Planned addition to the Terms:
Delisting of Projects
Delisting a project is the process of terminating all services pertaining to a project other than remaining the share balances of the share holders.
Reasons for delisting
The Exchange may choose to delist a project for reasons such as (but not limited to):
- violation of terms and conditions
- very low trading volume, with very low trading volume defined as less than an equivalent of 10 USD in a period of 100 days.
- fraud, scams, illegal activities
- discretion of the Exchange
Consequences of delisting
Delisting a project is the process of ceasing services for
- trading
- paying out dividends
- issuing new shares
- post announcements
- any other service not specifically excluded in the following list
Delisted projects will remain to be able:
- issue requests for votes
- shareholder share balances will remain
- share transfers
Process of delisting
The Exchange will - without notification - set a securities status to delisted with immediately terminating the Exchange's services, as listed above. A security issuer can inquire and object the delisting, the Exchange shall provide in reasonable time an explanation on it's decision but it remains the Exchange's sole decision whether to suspend the delisting or even cancel the delisting.
Removal of Projects
Removal of projects is the process of removing all information pertaining to a security, this includes all previous announcements, trading information, share ownership of the shareholders, cancellation of the offline shares.
Reasons for Removal
Project that have been delisted for a period of more than 3 months will be removed. Upon removal, the share issuer will receive an email at his registered email address containing detailed shareownership information. The information will state email address of shareholder, number of shares the shareholder owns.
Consequences of removal
All data related to the security will be deleted. The Exchange will keep an offline copy of the related data in case it is required for legal actions.
Process of Removal
The Exchange will post an announcement of a removal at least 14 calendar days before the execution of the removal. The removal is final and cannot be undone.
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