MKT 6.6 MKT 6.6 Disclosure of Interests by Connected Persons of Listed Funds
MKT 6.6 Guidance
Article 42 of the Law requires certain
Personsconnected to a Reporting Entityto file with the DFSAand the Reporting Entitya report in accordance with the requirements prescribed in the Rules.
MKT 6.6.1(1) For the purposes of Article 42(2) of the Law, a
Personis hereby prescribed as a Connected Personof a Listed Fundif that Person:(a) becomes a member of the Governing Bodyof the Listed Fundor an individual involved in the senior management of either the Reporting Entityof the Fund or a controller of the Reporting Entityof the Fund or the Trustee of the Fund; or(b) owns or beneficially owns voting rights carrying more than 5% of the voting rights attaching to the Unitsof the Fundor of the Trusteeof the Fund.(2) In (1), a Personis a controller of a Reporting Entityif that Person(the first Person), either alone or with the Associatesof that Person, controls the majority of the voting rights in, or the right to appoint or remove the majority of the Boardof, the Reporting Entityor any Personwho has similar control over the first Person, including an ultimate controller of the first Person.(3) For the purposes of determining whether a Personhas control for the purposes of (1), any Securitiesheld by that Personand his Associates, including those in which that Personor Associateof the Personhas a beneficial interest, are deemed as his Securitiesexcept where;(a) any such Securitiesare held by that Personon behalf of another Personwho is not an Associateof that Person; or(b) the Persondoes not have control over the voting rights attaching to the Securitiesbecause some other Personmanages those Securitieson a discretionary basis.
Events that Trigger a Report
Personwho is a Connected Personof a Listed Fundpursuant to Rule 6.6.1, must file the report within 5 business days of:(a) becoming or ceasing to be a Directoror a Personinvolved in the senior management of a controller of the Reporting Entityof the Fundor of the Trusteeof the Fund;(b) acquiring or ceasing to hold either alone or with an Associateof the Person5% of the voting rights attaching to the Unitsof the Fundor of the Trusteeof the Fundor a controller of the Reporting Entityof the Fundor the Trusteeof the Fund; or(c) an increase or decrease of at least 1% of the level of interest previously reported pursuant to (b).
Content of the Report
A report filed by a
Connected Personmust contain the following information:(a) the name and address of the Connected Person;(b) the name and address of the Responsible Entityand its registered address;(c) the name and registered address of the Listed Fund;(d) the date on which the event giving rise to the obligation to file a report occurred;(e) the date on which the filing was made; and(f) the price, amount and class of Securitiesor other Investmentsas is relevant in relation to the transaction or other event and the previous and new level of interest held.
Connected Personfiling a report with the Reporting Entity, the Reporting Entitymust, as soon as possible, disclosure of that report to the market.