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.