70. Stop orders

(1) If the DFSA is satisfied that:
(a) any dealings in a Unit in a Fund or any right or interest in such a Unit would contravene or has contravened this Law or the Rules;
(b) the Operator is operating a type or class of Fund for which it is not authorised under its Licence;
(c) that due to exceptional circumstances it is in the interest of the Unitholders in the Fund;
(d) it is in the interests of the DIFC; or
(e) the Operator has failed to comply with a direction given under Article 21(7);
the DFSA may issue a stop order directing that no offers, issues, redemptions, sales or transfers of such Units or rights or interests may be made for such a period of time as it thinks appropriate.
(2) Upon making a decision in relation to Article 70(1) the DFSA shall without undue delay inform the Fund, the Trustee and the Operator in writing of its decision and where requested by any such persons the reasons for the decision.
(3) The DFSA may only exercise its power to issue a stop order if it has given the relevant person a suitable opportunity to make representations in person and in writing to the DFSA in relation to the proposed stop order.
(4) The requirements imposed on the DFSA in Article 70(3) shall not apply where the DFSA concludes that any delay likely to arise as a result of such requirements is prejudicial to the interests of the DIFC or Unitholders in the Fund.
(5) Where pursuant to Article 70(4) the DFSA has issued a stop order directing that no offers, issues, redemptions, sales or transfers of Units in a Fund or any rights or interests in such Units may be made without providing a prior opportunity to make representations, the DFSA shall:
(a) provide the relevant person an opportunity to make representations in person and in writing to the DFSA within the period of 14 days, or such further period as may be agreed, from the date on which such direction was made; and
(b) provide a response to any such submission, and make any consequential direction, variation or withdrawal of the direction, without undue delay.