Article 69: Suspension of Subscription or Redemption of Units

Article 69: Suspension of Subscription or Redemption of Units

a. The fund manager must suspend the subscription and redemption of units if the Authority orders any such suspension.

b. The fund manager may not suspend the subscription and redemption of units, unless in the following circumstances:

1) if the fund manager reasonably believes that any such suspension is in the best interests of the unitholders in the public fund; or

2) if there has been a suspension of dealing on the principal market in which the securities or other assets held by the public fund are dealt, either in general or in relation to assets of the public fund which the fund manager reasonably believes to be material to the net asset value of the public fund.

c. For any suspension imposed by the fund manager pursuant to Paragraph (b) of this Article, the fund manager must:

1) ensure that any suspension continues only for as long as it is necessary and justified having regard to the best interests of the unitholders;

2) review the suspension on a regular basis and shall consult with the fund’s board of directors, the custodian and the fund operator on a regular basis regarding that;

3) notify both the Authority and the unitholders immediately of any suspension, and give the reasons for the suspension, and shall similarly notify both the Authority and the unitholders as soon as the suspension ends and disclose it on its website and any other website available to the public according to the controls set out by the Authority;

d. the Authority shall have the power to lift such suspension if the Authority believes that to do so is in the best interests of unitholders.