المادة 31: Removal of Custodian by the Fund Manager

Article 31: Removal of Custodian by the Fund Manager

a. The custodian appointed by the fund manager of an investment fund may be subject to removal by written notice by the fund manager of that investment fund upon the fund manager forming the reasonable opinion that the removal is for the interest of the unitholders, the fund manager shall notify the Authority and the unitholders in writing immediately.

b. upon removing the custodian, the fund manager must appoint a replacement custodian within (30) days of the custodian's receipt of the written notification issued in accordance with Paragraph (a) of this Article. The removed custodian must co-operate fully with the fund manager in order to facilitate a smooth transfer of responsibilities to the replacement custodian, and must transfer, where necessary and applicable, all contracts related to the relevant investment fund to the replacement custodian.

c. The fund manager must immediately disclose on its website the appointment of a replacement custodian. The fund manager of a public fund shall also disclose on any other website available to the public according to the controls set out by the Authority regarding the appointment of a replacement custodian for the public fund.

d. The traded funds shall be exempted from the requirement to notify unitholders in writing stipulated in Paragraph (a) of this Article. Provided the announcement of such shall be on the fund manager’s website and the Exchange’s website. PUBLIC FUNDS