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]