Section 195

An operator of a collective investment scheme may, within any parameters which are fair and reasonable in respect of all unit holders in the collective investment scheme and which are set out in the prospectus, suspend dealings in units of the collective investment scheme, a sub-collective investment scheme or a class.

Any suspension in sub-regulation (1) must only be implemented where the operator has determined on reasonable grounds that there are good and sufficient reasons in the interests of unit holders or prospective unit holders, and the operator must have regard to the interests of all unit holders in the collective investment scheme in reaching such a determination.

In the case of an investment trust, any suspension in sub-regulation (1)

must only be implemented with the prior approval of the trustee.

At the commencement of any suspension under sub-regulation (1), the operator must immediately inform the Authority, the custodian or other persons appointed to provide oversight of the collective investment scheme and the auditor of the collective investment scheme of the suspension and the reasons for it.

Subject to sub-regulation (8), the suspension of dealings in the units must cease within 28 days of its commencement or, if earlier, as soon as sub-regulation (3) no longer applies.

!7)

The operator of the collective investment scheme must immediately inform the Authority of the resumption of any dealings.

The Authority may, on request by the operator or on its own initiative, extend the period referred to in sub-regulation (6) by written notice.

Winding up collective investment scheme.