The authorised fund manager may, with the prior agreement of the depositary, and must without delay, if the depositary so requires, suspend the issue, cancellation, sale and redemption of units in an authorised fund (referred to in this chapter as "dealings in units"), where due to exceptional circumstances it is in the interest of all the unitholders in the authorised fund.
immediately inform the FSA, stating the reason for its action; and
as soon as practicable give written confirmation of the suspension and the reasons for it to:
The suspension of dealings in units must cease as soon as practicable after the exceptional circumstances referred to in (1) have ceased and, in any event, within 28 days of the commencement of the suspension.
The authorised fund manager must inform the FSA of the proposed restart of dealings in units and immediately after the restart must confirm this by giving notice to the FSA and the authorities mentioned in (2)(b)(ii).
If an authorised fund operates limited redemption arrangements, and the event in (1) has affected a valuation point, the authorised fund manager must declare an additional valuation point as soon as possible after the restart of dealings in units.
Status: You are viewing the version of the handbook as on 2005-06-30.