32. Withdrawal of Registration

(1) The DFSA may, subject to Article 32(2), withdraw the registration of a Public Fund where one or more of the following circumstances apply:
(a) the Fund is not operating or has been wound up;
(b) any information provided to the DFSA by the Fund Manager or, if appointed, the Trustee, is false or misleading in a material particular or materially misleading;
(c) the Fund Manager or, if appointed, the Trustee has contravened a requirement imposed on it by or under this Law or the Investment Trust Law 2006;
(d) the Fund Manager or, if appointed, the Trustee or member of the Fund's Governing Body has not complied with a direction issued by the DFSA under the Law;
(e) a person other than a member of the Fund's Governing Body, Shari'a Supervisory Board, the Trustee or a person providing oversight functions is exercising significant influence over the Fund, the Fund Manager or any member of the Fund's Governing Body;
(f) the Fund Manager is no longer fit and proper to manage the Fund or is incapable of acting as the Fund Manager of the Fund in compliance with the Law or Rules or the terms of its Constitution;
(g) the Trustee is no longer fit and proper to act as Trustee of the Fund or is incapable of acting as Trustee of the Fund in compliance with this Law or Rules or the terms of its Constitution and the Investment Trust Law 2006;
(h) the Fund Manager or, if appointed, the Trustee requests the DFSA to withdraw the registration of the Fund on the grounds that the Unitholders have passed a Special Resolution approving the Fund to be deregistered;
(i) the Fund Manager is no longer authorised under its Licence to manage the Fund; or
(j) in the case of a an External Fund Manager, that person ceases to meet the requirements in Article 20(5).
(2) The DFSA may withdraw the registration of a Fund under Article 32(1) only if it considers that:
(a) the withdrawal is in the interests of the Unitholders of the Fund; or
(b) appropriate steps have been taken or may reasonably be taken to protect the interests of the Unitholders.
(3) Where the DFSA has withdrawn, or proposes to withdraw, a registration under this Article, it may, by written notice, direct the Fund Manager, or if appointed, the Trustee to take such steps as the DFSA considers necessary or desirable to protect the interests of Unitholders in the Fund.
(4) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under this Article. The DFSA shall give both the Fund Manager and the Trustee (if appointed) the opportunity to make representations under those procedures.
(5) If the DFSA decides to exercise its power under this Article, the Fund Manager or the Trustee (if appointed) may refer the matter to the FMT for review.
(6) The Court may order the DFSA to withdraw the registration of a Public Fund.