Article 8: Procedures and Powers of the Authority in Relation to an Application

Article 8: Procedures and Powers of the Authority in Relation to an Application

a) In considering an application to offer units in a real estate investment fund, the Authority may:

1. Carry out any enquiries that it considers appropriate;

2. Require the applicant or its representative, to attend before the Authority to answer questions and explain any matter the Authority considers relevant to the application. An applicant becomes subject to these Regulations from the date of submission of an application;

3. Require the applicant to submit such additional information or verify the submitted information as the Authority considers appropriate within (30) days of the request; and

4. Verify any information provided by the applicant.

b) The Authority may refuse to consider the application where an applicant has failed to provide the required information, or has failed to provide them within the period specified in paragraph (a/3) of this Article. The Authority reserves the right to reject an application if it believes that the fund would not be in the best interests of investors or may not be suitable for the fund manager’s capacity, or would result in a breach of the Capital Market Law and its Implementing Regulations.

c) The Authority shall, upon receipt of all information and documents required, notify the applicant in writing and shall take any of the following decisions within a maximum period of (30) days from the date of the notice:

1. Approve the application in whole or in part;

2. Approve the application subject to such conditions and limitations as it considers appropriate;

3. Reject the application, giving reasons.

d) The Authority will inform the applicant in writing with the decision it took regarding the application.

e) An applicant may not offer, market or advertise any units in the fund prior to receiving the Authority’s approval decision. Part 3 Regulating the Operation of Real Estate Investment Funds Chapter 1: Fund’s Organizational Structure