• Chapter 2 Chapter 2 Registration of Public Funds

    • 107. Registration requirement

      (1) Every Domestic Fund (including any Sub-Fund, where applicable) which is a Public Fund shall be registered with the Regulator.
      (2) The Regulator shall register a Public Fund if the Fund (or Sub-Fund) meets all the requirements in this Chapter.
      (3) The Application for the registration of a Public Fund shall be made to the Regulator by the Fund Manager or, if the Fund is an Investment Trust, jointly by the Fund Manager and the Trustee of that Fund.
      (4) Such an Application shall —
      (a) be made in accordance with any applicable Rules made by the Regulator;
      (b) be made in such manner as the Regulator may direct; and
      (c) contain, and be accompanied by, such other information as the Regulator may reasonably require.

    • 108. Providing information in relation to the Application

      (1) The Regulator may require the Fund Manager, and if relevant the Trustee, to provide such further information (in such form and with such verification) as it reasonably considers necessary to enable it to determine the Application.
      (2) Different directions may be given, and different requirements imposed, in relation to different Applications or categories of Application.
      (3) The Regulator may require an Applicant to provide information which the Applicant is required to provide to it under this section in such form, or to verify it in such a way, as the Regulator may direct.

    • 109. Rejection of an Application

      The Regulator may refuse to grant an Application for registration of a Public Fund if it is not satisfied that the requirements referred to in section 107 have been met.

    • 110. Granting registration

      (1) The Regulator shall grant the registration to come into effect on a specified date.
      (2) Where the Regulator registers a Public Fund, it shall, without undue delay, inform the Fund Manager and, if relevant, the Trustee in writing of —
      (a) that decision; and
      (b) the date on which the registration shall come into effect.

    • 111. Withdrawal of registration

      (1) The Regulator may, subject to subsection (2), withdraw the registration of a Public Fund where one or more of the following circumstances apply —
      (a) the Fund is not operating or has been wound up;
      (b) any information provided to the Regulator by the Fund Manager or, if Appointed, the Trustee, is false or misleading in a material particular or materially misleading;
      (c) the Fund Manager or, if Appointed, the Trustee has contravened these Regulations or any Rules made under these Regulations;
      (d) the Fund Manager or, if Appointed, the Trustee or member of the Fund's Governing Body has not complied with a direction issued by the Regulator under these Regulations;
      (e) a person other than a member of the Fund's Governing Body, Shari'a Supervisory Board, the Trustee or a person providing oversight functions is exercising significant influence over the Fund, the Fund Manager or any member of the Fund's Governing Body;
      (f) the Fund Manager is no longer fit and proper to manage the Fund or is incapable of acting as the Fund Manager of the Fund in compliance with these Regulations, any Rules made by the Regulator or the terms of its Constitution;
      (g) the Trustee is no longer fit and proper to act as Trustee of the Fund or is incapable of acting as Trustee of the Fund in compliance with these Regulations, any Rules made by the Regulator, or the terms of its Constitution; or
      (h) the Fund Manager or, if Appointed, the Trustee requests the Regulator to withdraw the registration of the Fund on the grounds that the Unitholders have passed a Special Resolution approving the Fund to be deregistered.
      (2) The Regulator may withdraw the registration of a Fund under subsection (1) only if it considers that —
      (a) the withdrawal is in the interests of the Unitholders of the Fund; or
      (b) appropriate steps have been taken or may reasonably be taken to protect the interests of the Unitholders.
      (3) Where the Regulator has withdrawn, or proposes to withdraw, a registration under this section, it may, by written notice, direct the Fund Manager or, if Appointed, the Trustee to take such steps as the Regulator considers necessary or desirable to protect the interests of Unitholders in the Fund.
      (4) References in this section to a Fund include references to a Sub-Fund, as applicable.