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Apr 18 2006 - Jul 31 2006Aug 1 2006 - Jul 11 2010

52. Withdrawal of registration



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Past version: effective from Aug 1 2006 - Jul 11 2010.
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(1) The DFSA may withdraw the registration of a Fund where:
(a) one or more of the following circumstances apply:
(i) the Fund is not operating or has been wound up;
(ii) the Operator or, if appointed, the Trustee has, in purported compliance with any requirement under the Law or the Rules, knowingly or recklessly given the DFSA information which is false or misleading in a material particular;
(iii) the Operator or, if appointed, the Trustee has contravened a requirement imposed on him by or under the Law or the Investment Trust Law 2006;
(iv) the Operator or, if appointed, the Trustee or member of the Fund's Governing Body has not complied with a direction issued by the DFSA under the Law;
(v) a person is exercising significant influence over the Fund or Operator or any member of the Fund's Governing Body and that person is not a member of the Fund's Governing Body, Shari'a Supervisory Board, the Trustee or a person providing oversight functions;
(vi) the Operator is no longer fit and proper to operate the Fund or is incapable of operating the Fund in compliance with the Law or Rules or the terms of its Constitution;
(vii) the Trustee is no longer fit and proper to act as Trustee of the Fund or is incapable of acting as Trustee of the Fund in compliance with the Law or Rules or the terms of its Constitution and the Investment Trust Law 2006; or
(viii) the Operator or, if appointed, the Trustee requests the DFSA to withdraw the registration on the grounds that a Special Resolution has been passed by the relevant Unitholders that the Fund should be deregistered; and
(b) the DFSA considers that:
(i) the withdrawal of registration is in the interests of the Unitholders of the Fund; or
(ii) appropriate steps have been taken or may reasonably be taken to protect the interests of the Unitholders.
(2) Where the DFSA has withdrawn, or proposes to withdraw, a registration under this Article, it may, by written notice, direct the Operator or where appointed the Trustee to take such steps as the DFSA considers necessary or desirable to protect the interests of Unitholders in the Fund.
(3) Subject to Article 52(4), the DFSA may only exercise its power under Article 52(1) if it has given the relevant Operator or where appointed the Trustee a suitable opportunity to make representations in person and in writing to the DFSA in relation to the proposed withdrawal and the DFSA has informed the Operator in writing of its response to any such representation.
(4) The restriction imposed on the DFSA under Article 52(3) shall not apply if the Operator or where appointed the Trustee requests the DFSA to withdraw the registration or the Operator is no longer authorised under its Licence to operate the Fund.
(5) Upon deciding to withdraw a registration, the DFSA shall without undue delay inform the Operator in writing of:
(a) such decision;
(b) the date on which such withdrawal shall be deemed to take effect; and
(c) where requested by the Operator or where appointed the Trustee, the reasons for the decision.
(6) The Court may order the DFSA to withdraw the registration of a Public Fund.