1The authorised fund manager may, with the prior agreement of the depositary, and must without delay, if the depositary so requires, within any parameters which are fair and reasonable in respect of all the unitholders in the scheme and which are set out in the prospectus, temporarily suspend dealings in units of the scheme, a sub-fund or a class.
Any suspension within (1) must only be where the authorised fund manager has determined that due to exceptional circumstances the suspension of dealings is in the interests of unitholders or potential unitholders, and the authorised fund manager must have regard to the interests of all the unitholders in the scheme in reaching such an opinion.
2The authorised fund manager must ensure that it publishes (on its website or by other general means) sufficient details to keep unitholders appropriately informed about the suspension including, if known, its likely duration.
The suspension of dealings in units must cease, as soon as (2) no longer applies.
The authorised fund manager and the depositary must formally review the suspension at least every 28 days and inform the FCA of the results of this review and any change to the information provided in (3).
1In relation to an ICVC, ACS or an AUT which is a long-term asset fund, the provisions in COLL 7.6 (Schemes of arrangement) will apply as appropriate to the authorised fund manager, any other directors of the ICVC and the depositary as if COLL 7.6 applied to a long-term asset fund and did not exclude unitholders becoming unitholders in another long-term asset fund.