Article 105 - Power to Make Directions in respect of Collective Investment Funds
(1) The Regulatory Authority may give a direction under this Article if it appears to the Regulatory Authority that:
(A) in respect of a Collective Investment Fund registered under Article 104(1), one or more of the requirements under Rules made pursuant to Article 104(1) is no longer satisfied or is likely to be breached; or
(B) it is desirable to give such a direction in order to protect the interests of holders of Units or potential holders of Units in a registered Collective Investment Fund .
(2) A direction under this Article may:
(A) (in the case of a Collective Investment Fund established in the QFC ) require the Person or Persons responsible for the management or operation of a registered Collective Investment Scheme :
(i) to cease the issue or redemption of both the issue and redemption of Units in the Collective Investment Fund ; or
(ii) to wind up the Collective Investment Fund ;
(B) (in the case of any Collective Investment Fund registered under Article 104(1)) withdraw the Regulatory Authority's registration of that Collective Investment Fund ; or
(C) restrict or suspend promotion or sale of Units in a Collective Investment Fund .
(3) Any direction pursuant to this Article may be referred to the Appeals Body by the Person or Persons referred to in Article 105(2)(A) or by the affected Collective Investment Fund .