Entire Section

  • Constitution of the Scheme

    • COB 12.2.4

      An Operator of a Scheme must:

      (a) manage the Scheme and any property of the Scheme in accordance with the terms of the Constitution and any applicable laws;
      (b) perform the functions and duties conferred on it by the Constitution and applicable laws; and
      (c) ensure that the Administrator carries out the functions and duties in accordance with the Constitution and applicable laws.
      Derived from DFSA RMI261/2019 (Made 18th December 2019). [VER35/01-20]

    • COB 12.2.5

      An Operator of a Scheme must ensure that the Constitution of the Scheme:

      (a) does not contain any provision that is inconsistent with the requirements of legislation administered by the DFSA that apply to the Operator or Administrator of a Scheme or a Third Party Service Provider;
      (b) requires the property of the Scheme to be held irrevocably for the benefit of the Members of the Scheme;
      (c) does not permit the payment of benefits in circumstances contrary to any applicable legislation; and
      (d) provides for any amount due to a Member, which has not been paid by a Participating Employer, to be recoverable as a debt due to the Scheme.
      Derived from DFSA RMI261/2019 (Made 18th December 2019). [VER35/01-20]

    • COB 12.2.6

      Any provision in the Constitution of a Scheme is void to the extent that it is inconsistent with a requirement in these Rules.

      Derived from DFSA RMI261/2019 (Made 18th December 2019). [VER35/01-20]