المادة 32(a): Powers of the Authority to Remove and Replace Custodian

a. The Authority shall have the power to remove the custodian which was appointed by the fund manager or take any other measures it deems appropriate, in the event of:

1) The custodian ceasing to carry out custody activity without notification to the Authority under the Capital Market Institutions Regulations;

2) The cancellation or suspension by the Authority of the custodian’s relevant authorisation to carry out custody activity under the Capital Market Institutions Regulations;

3) A request by the custodian to the Authority to cancel its authorisation to carry out custody activity;

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

5) Any other event determined by the Authority – based on reasonable grounds- to be of sufficient significance.