Article 16(a): Removal and Replacement of Fund Manager

a) The Authority shall have the power to remove a Fund Manager in relation to a particular investment fund and to take any action it deems appropriate to appoint a replacement Fund Manager for that investment fund or to take any other measures it deems necessary in the event of:

1. the fund manager ceasing from carrying on management activities without notifying the Authority under the Capital Market Institutions Regulations;

2. the cancellation, withdrawal or suspension by the Authority of the Fund Manager’s relevant authorisation(s) of carrying on management activities.

3. a request by the Fund Manager to the Authority to cancel its relevant authorisation of carrying on management activities;

4. the Authority believing that the Fund Manager has failed, in a manner which the Authority considers material, to comply with the Capital Market Law or its Implementing Regulations;

5. the death, incapacity or resignation of the portfolio manager who manages the assets of the relevant real estate investment fund, if no other registered person employed by the fund manager can manage the assets of the relevant real estate investment fund or the assets of the funds managed by the portfolio manager;

6. The Issuance of a special fund resolution by unitholders of a close ended fund requesting a removal of the Fund Manager; or

7. any other event determined by the Authority, on reasonable basis, to be of material importance.