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Executive Bylaws - CMA

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Executive Bylaws

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  • February 17
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4-6 Voluntary Delisting Of Module Twelve: Listing Rules
Section: Chapter Four: Listing of Local Funds Units
  • Sunday, 12 February 2017

    Any listed Fund may request to delist its Units from the Exchange in pursuant to the following terms and conditions: 1. Disclosing on the Exchange about the recommendation of the entity that manages the fund to delist from the Exchange and providing reasons. 2. Obtaining the approval of the Unit holders holding the majority of 75% of the Fund’s capital. 3. If the Exchange-traded Funds of certain Unit holders are not able to recover due to the limited number of their units, the Authority will hold the managers of the Fund responsible and shall require redemption of the units owned by the participants in accordance with the last price for the unit assessment at the redemption time. 4. Providing the Authority with the reasons of delisting. 5. Obtaining the approval of the Authority. 6. Specifying the delisting date from the exchange at least six months in advance after the approval of the Authority without including the period of suspension of trading the Units within this period. 7. Provide the Authority with an undertaking guaranteeing payment of any amounts or liabilities due from the fund to all the relevant parties or the Exchange throughout the period of listing the company on the Exchange. 8. Arranging with a Clearing Agency for payment of any liabilities on the Fund towards the Unit holders including cash profits and returns.

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