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Up to May 1 2010May 2 2010 onwards

111. Requirements of a scheme



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(1) Subject to Article 111(4), an application under Article 108 in respect of a scheme shall be accompanied by a report on the terms of the transfer scheme ("a scheme report").
(2) A scheme report may be made only by a person:
(a) appearing to the DFSA to have the skills necessary to enable him to make a proper report; and
(b) nominated or approved for the purpose by the DFSA.
(3) A scheme report must be made in a form approved by the DFSA.
(4) The DFSA may, by written notice to the firm concerned, direct that a scheme report need not be provided, if it appears to the DFSA that, by reason of urgency, it is in the interests of the DIFC so to do.
(5) The firm concerned must give written notice of the proposed transfer to all interested parties, such parties to be determined by the DFSA, to their last known mailing address.
(6) The firm concerned must advise of the proposed transfer by way of a notice published in an appointed newspaper. An appointed newspaper is a publication best suited to bring the proposed transfer of business to the attention of any persons who may be affected by the transfer.
(7) The DFSA may, by written notice to the firm concerned, direct that notice as prescribed in Articles 111(5) and (6) need not be provided, if it appears to the DFSA that, by reason of urgency, it is in the interests of the DIFC so to do.
(8) The Court may not determine an application under Article 108 if the applicant or the firm concerned have failed to comply with the requirements in Article 111.