CIS 12.2 Futures and options schemes and geared futures and options schemes
Special rules for sales and redemptions
- (1)
In the case of a futures and options scheme and a geared futures and options scheme, CIS 4.4.3 R (Authorised fund manager's obligation to sell) and CIS 4.4.4 R (Authorised fund manager's obligation to redeem) do not apply:
- (a)
in the 15 minutes immediately before a regular valuation point, or, if the regular valuation points are less than one hour apart, in the last quarter of the interval between them; and
- (b)
if the authorised fund manager has stated in the prospectus that it is not obliged to sell or redeem in the 15 minutes (or lesser period) immediately before a regular valuation point.
- (a)
- (2)
In the case of a futures and options scheme and a geared futures and options scheme that is a dual-priced AUT, CIS 15.4.3 R (Manager's obligation to sell) and CIS 15.4.7 R (Manager's obligation to redeem) are disapplied under the same conditions as in (1)(a) and (b).