Print Options

(1) This Part does not prevent the Commission from suspending the licence of any unit trust or mutual fund subject to the conditions that the Commission shall specify in writing.

(2) The Commission shall

(a) before suspending a licence notify the unit trust or mutual fund of its intentions; and

(b) by the notice, invite the unit trust or mutual fund to make, within a period of not more than twenty one days from the date of the service of the notice, the representations it may desire to make in respect of the suspension of the licence.

(3) The Commission may suspend the licence of the unit trust or mutual fund if

(a) after the expiration of the period the unit trust or mutual fund has not made representations; or

(b) it is not satisfied with representations made by the unit trust or mutual fund.

(4) The Commission shall communicate its decision to suspend the licence of the wittrust or mutual fund within thirty days after the representations have been made or if none is made, within thirty days after the last day for making the representation.