TITLE IIGENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIES
CHAPTER IVPowers of the national competent authorities
Section 1Decision of admission
Article 11
1.
The competent authorities referred to in Article 105 shall decide on the admission of securities to official listing on a stock exchange situated or operating within their territories.
2.
Without prejudice to the other powers conferred upon them, the competent authorities may reject an application for the admission of a security to official listing if, in their opinion, the issuer's situation is such that admission would be detrimental to investors' interests.