Section 196
of Securities Markets Regulations, 2015
Section 196
(2)
The events referred to in sub-regulation (1) are
{a} in response to a request to the Authority by the operator, trustee or other member of its board for the removal of a collective investment scheme from the list of registered collective investment schemes, the Authority has agreed, albeit subject to there being no material change in any relevant factor, that, on the conclusion of the winding up of the collective investment scheme, the Authority may accede to that request;
{b)
the collective investment scheme is not commercially viable or the purpose of the collective investment scheme cannot be accomplished;
(c)
the expiration of any period specified in the constitution as the period at the end of which the collective investment scheme is to terminate;
(d} the effective date of a duly approved transfer of the collective investment scheme, which is to result in the collective investment scheme that is subject to the transfer collective investment scheme being left with no property; or
(e}
in the case of a private collective investment scheme, the collective investment scheme is failing, or has failed, to satisfy the criteria specified in these Regulations to remain classified as a private collective investment scheme, unless the collective investment scheme is applying for a licence as a public collective investment scheme.
(3)
In a case falling within sub·regulation (2)(dj, the operator or, if the collective investment scheme is an investment trust, the trustee, must wind up the collective investment scheme in accordance with the approved transfer collective investment scheme.
(4)
In any other case falling within sub-regulation (2) or as specified in the
Order
(a} the operator or the trustee, as the case may be, must 1 as soon as practicable after the collective investment scheme falls to be wound up, realise the collective investment scheme property;
(b} after paying therefrom or retaining adequate provision for all liabilities properly so payable and for the costs of the winding up, the operator must distribute the proceeds of that realisation to the unit holders
(upon production by them of such evidence as the operator may reasonably require as to their entitlement thereto) proportionately to their respective interests in the collective investment scheme as at the date of the relevant event referred to in sub·regulation (2); and
(c)
any unclaimed net proceeds or other cash (including unclaimed distribution payments) held by the operator or trustee after the expiration of 12 months from the date on which they became payable must be paid by the operator or trustee into court, subject to the operator or trustee having a right to retain any expenses incurred by it relating to that payment.
(5)
If the operator or trustee, as the case may be, and one or more unit holders agree that the requirement under sub·regulation (4) to realise the collective investment scheme property does not apply to that part of the property proportionate to the entitlement of that unit holder or those unit holders, the operator or trustee may distribute that part in the form of property, after making adjustments or retaining provisions as the operator or the trustee thinks fit for 315
BRUNEI DARUSSALAM GOVERNMENT GAZETTE ensuring that, that unit holder or those unit holders bear a proportional share of the liabilities and costs.
(6)
The operator or the trustee, as the case may be, must as soon as practicable, after the winding up or termination has commenced -
(a}
if the unit holders have not initiated the winding up under the
Order, inform the unit holders of the winding up or termination; and
(b}
publish a notice of the winding up or termination in the English language in a national newspaper and if the collective investment scheme has a website, on the collective investment scheme's website.
(7)
On completion of the winding up in respect of the events referred to in sub-regulation (2){b}, {c} or {d}, the operator or trustee must notify the Authority in writing of that fact and at the same time the operator or trustee must request to the Authority to revoke the relevant licence or recognition.
Accounting and reports during winding up.