المادة 47: Index Fund

Article 47: Index Fund

a. An index fund may only invest in constituent securities of a specified index.

b. A specified index for the purposes of this Article is an index which:

1) is published in a manner and place which enables it to be accessed by the public;

2) represents an adequate and appropriate benchmark for the market to which it refers, clearly defined, has a sufficiently diversified composition, and has sufficiently liquid composition;

3) is solely comprised of securities traded on the Exchange or any other exchange which is subject to regulatory standards and requirements at least equivalent to those of the Exchange.

c. If the index fund does not, at any time during its lifetime, fulfil the requirements in Paragraph (b) of this Article, the fund manager must notify the Authority in writing within

(5) days of such requirements not being met and take the necessary measures to ensure compliance with the provisions of this Article