Article 85 Of Chapter 8
Section: Collective Investment Schemes
The Authority may revoke the license of any Collective Investment Scheme in the following situations:
1 - Proven failure to meet any of the requirements of granting the license.
2 - Cancellation is in the interest of the participants in the Scheme.
3 - The manager or Investment Controller or Custodian has violated any law or and regulation, or has submitted to the Authority incorrect or misleading information.
4 - The Scheme’s manager has requested the cancellation of the license, in which case the Authority shall reject the request if it deems it necessary to investigate anything related to the Scheme or to secure the interests of the participants in the Scheme.
* Article (85) is amended pursuant to Law No. 22 of 2015 Amending Some Provisions of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities.