Suspension of trading and exclusion of financial instruments

(1) The operator of a multilateral or organised trading facility may suspend trading in a financial instrument or exclude that instrument from trading, where this appears necessary to safeguard orderly trading or to protect the public, in particular where
1. the financial instrument no longer complies with the rules of the trading facility,
2. there is a suspicion of market abuse within the meaning of Article 1 of Regulation (EU) No 596/2014, or of a failure to disclose inside information contrary to Article 17 of Regulation (EU) No 596/2014, in relation to the financial instrument, or
3. a takeover bid has been published in relation to the issuer of the financial instrument. In the case of a measure under the first sentence, the operator also suspends trading in, or discontinues trading in, derivatives connected with or referencing that financial instrument, where this is necessary to achieve the objectives of the measure under the first sentence. A measure under the first or second sentence is not taken where it could significantly harm the interests of the investors concerned or the orderly functioning of the market. The operator publishes decisions under the first and second sentences and notifies them to the Bundesanstalt without delay.
(2) Where a financial instrument that, in the cases referred to in subsection (1), first sentence, no. 2 or no. 3, is the subject of a measure under subsection (1), first or second sentence, or a derivative connected with or referencing such a financial instrument, is also traded on another domestic multilateral or organised trading facility, or by a systematic internaliser, the Bundesanstalt likewise orders measures under subsection (1), first or second sentence. Subsection (1), third sentence, applies correspondingly.
(3) The Bundesanstalt publishes measures under subsections (1) and (2) without delay and transmits them to the European Securities and Markets Authority and to the competent authorities of the other Member States of the European Union and of the states party to the Agreement on the European Economic Area. Where the Bundesanstalt itself receives such a notification from a competent authority of another Member State of the European Union or of a state party to the Agreement on the European Economic Area, it notifies this to the managements of the exchanges on which the financial instruments concerned are traded, and to the relevant exchange supervisory authority. It likewise orders measures under subsection (1), first or second sentence, against the operators of domestic multilateral and organised trading facilities, and against systematic internalisers, that trade the financial instruments concerned. Subsection (1), third sentence, applies correspondingly. The Bundesanstalt informs the European Securities and Markets Authority and the competent authorities of the other Member States of the European Union and of the states party to the Agreement on the European Economic Area of measures it has ordered under the third sentence, including an explanation where no suspension or discontinuation of trading has taken place. The first to fifth sentences apply correspondingly to the lifting of a trading suspension.