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Executive Bylaws - CMA

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Executive Bylaws

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11-80 Trustee’s Obligations and Powers Of Module Eleven: Dealing in Securities
Section: Chapter Eleven: Sukuk Regulations
  • Tuesday, 14 February 2017

    An Issuer, in its capacity as a Trustee, and the Delegate on its behalf, shall do the following: 1. Complete the actions of transferring the Sukuk Assets to the Trustee, in accordance with the Prospectus. 2. Perform its duties in accordance with the provisions and powers stipulated in the Trust Document and take necessary actions related thereto in accordance with the nature of each case and best relevant practices. 3. Manage and protect Sukuk Assets in a manner which complies with best practices and does not conflict with the provisions of the Trust Document. 4. Keep the accounting books and ledgers required and register all relevant dealings and activities related to Trust Document in an accurate and organized manner and separately from any other accounts and ledgers of any other activity performed by it. 5. Separate Sukuk Assets from private or other monies it disposes in its capacity as the Trustee in respect of any other Trust Document. 6. Notify the Issuer, Obligor or Originator (as per each case individually) and Sukukholders of any information that may materially affect the value of the Sukuk Assets. 7. Register the Trust Document at the Authority and notify the Authority of any change of such information registered therein. 8. Take actions of liquidation of Sukuk Assets and divide the yields of liquidation among the holders thereof as set out in the Trust Document. 9. Perform other obligations as per the provisions of this chapter. The Trustee shall perform the previous duties in this capacity.

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