Withdrawal or Downgrade
The withdrawal process describes the steps that parties MUST take to withdraw from a particular data space or the iSHARE network.
Withdrawal or downgrade includes:
A Certified Party or Adhering Party wants to withdraw from the data space/iSHARE network;
A Certified Party wants to downgrade to an Adhering Party;
Any other situation in which an Adhering party or Certified Party (un)expectedly withdraws from the data space or iSHARE network (e.g. bankruptcy).
The term of notice for withdrawal is 1 month for Adhering Parties, and 6 months for Certified Parties.
Goal
The goal of the withdrawal process is to let parties withdraw from the data space/iSHARE network in a simple and controlled way, minimising impact to the trust and disruption to the functioning of the data space/iSHARE network.
Responsibilities
Several parties have responsibilities and tasks in the withdrawal process:
The Data Space Governance Body/Scheme Owner is responsible for facilitation of the process, so that continued operation of the data space and the iSHARE network is not disrupted in any way;
The withdrawing/downgrading party is responsible for delivering a withdrawal plan and to minimise the disruption to the functioning of the data space/iSHARE network. The withdrawing party also benefits from a controlled process itself, as it should help to minimise disruption to internal operations.
Sequence
Withdrawal of an Adhering Party
The withdrawing party formally indicates its intention to withdraw from the data space to the Data Space Governance Body.
The Data Space Governance Body has 5 working days to acknowledge the intention to withdraw of the withdrawing party; the Data Space Governance Body makes the acknowledgement known to the withdrawing party, and provides a date on which the withdrawing party will be considered withdrawn from the data space;
The withdrawing party communicates its withdrawal to the parties it interacts (interacted) with in the data space;
The withdrawing party, in cooperation with the Data Space Governance Body, withdraws from the data space.
Withdrawal of or Downgrade of a Certified Party
The withdrawing/downgrading party formally indicates its intention to withdraw/downgrade from the data space to the Data Space Governance Body. It includes a withdrawal plan based on the (to be set up) template withdrawal procedure;
The Data Space Governance Body has 5 working days to acknowledge the intention to withdraw/downgrade of the withdrawing/downgrading party; the Data Space Governance Body makes the acknowledgement known to the withdrawing/downgrading party, and provides up to date guidelines;
If necessary, the withdrawing/downgrading party sends an updated withdrawal plan to the Data Space Governance Body, keeping in mind the guidelines provided by the Data Space Governance Body;
The Data Space Governance Body accepts the withdrawal/downgrading plan or indicates where it requires changes;
The Data Space Governance Body and the withdrawing/downgrading party communicate the intended withdrawal with the data space per date in a dd-mm-yyyy format;
The withdrawing/downgrading party, in cooperation with the Data Space Governance Body, withdraws/downgrades from the data space in accordance with the withdrawal plan;
The Participant Registry registers and communicates the completed withdrawal to the data space.
Withdrawal of or Downgrade of a Participant Registry
The withdrawing/downgrading party formally indicates its intention to withdraw/downgrade from the iSHARE network to the Scheme Owner. It includes a withdrawal plan based on the (to be set up) template withdrawal procedure;
The Scheme Owner has 5 working days to acknowledge the intention to withdraw/downgrade of the withdrawing/downgrading party; the Scheme Owner makes the acknowledgement known to the withdrawing/downgrading party, and provides up to date guidelines;
If necessary, the withdrawing/downgrading party sends an updated withdrawal plan to the Scheme Owner, keeping in mind the guidelines provided by the Scheme Owner;
The Scheme Owner accepts the withdrawal/downgrading plan or indicates where it requires changes;
The withdrawing/downgrading party, in cooperation with the Scheme Owner, withdraws/downgrades from the iSHARE network in accordance with the withdrawal plan;
The remaining participants in the data space operated by the withdrawing/downgrading Participant Registry are free to join a different data space, create a new data space or select a new Participant Registry. This is subject to the reason for withdrawal of the Participant Registry. If security/ compliance breach is reported and the reason for suspension/ withdrawal, the compliance of all members will need to be reevaluated before allowing their participation in the iSHARE network.
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