Contributed By Walkers
If Euronext Dublin considers that an issuer has contravened the Euronext Rules and considers it appropriate to do so, it may impose sanctions on the issuer including censuring of the issuer and/or suspending or canceling the listing of the issuer's securities. To the extent that the Disciplinary Committee determines that the failure to comply with the Euronext Rules is due to a failure by the directors of the issuer to discharge their duties, Euronext Dublin may, amongst other things, censure the relevant director(s) and, in addition, publish such censure.
Issuers of securities listed on Euronext are also subject to the prospectus, market abuse and transparency regimes. There are wide ranging penalties for a breach of any of the above regimes including criminal liability, criminal and administrative sanctions and civil liability. The transparency and market abuse regimes are most relevant in the context of continuing obligations.
As noted above, a wide range of potential penalties for breaches of the market abuse regime may apply, including civil and criminal penalties (including terms of imprisonment) and administrative sanctions, with potential prescribed fines of up to EUR15,000,000 or 15% of turnover for the most serious breaches. Similarly, penalties for breaches of the transparency regime include civil and criminal penalties (including terms of imprisonment) and administrative sanctions and potential prescribed fines of up to EUR1,000,000 or as may be determined under the CBI's administrative sanctions regime.
Issuers of debt securities listed on the GEM are also subject to the market abuse regime and, accordingly, are subject to the same penalties under the market abuse regime outlined above. Issuers of debt securities listed on the GEM are also subject to the various penalties contained in the GEM Listing Rules.