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Withdrawal or Downgrade

This part of the iSHARE Trust Framework is considered normative and is therefore compliant with RFC 2119.


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, Adhering Party and/or Satellite wants to withdraw from the iSHARE network;
  • A Certified Party/Satellite wants to downgrade to an Adhering Party;
  • Any other situation in which an Adhering party, Certified Party or Satellite (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 and Satellites.

Goal

The goal of the withdrawal process is to let parties withdraw from iSHARE in a simple and controlled way, minimising impact to the trust in the iSHARE Trust Framework and disruption to the functioning of the iSHARE network.

Responsibilities

Several parties have responsibilities and tasks in the withdrawal process:

  • The Satellite/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

  1. The withdrawing party formally indicates its intention to withdraw from the data space to the Satellite.
  2. The Satellite has 5 working days to acknowledge the intention to withdraw of the withdrawing party; the Satellite 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acknowledgement known to the withdrawing party, and provides a date on which the withdrawing party will be considered withdrawn from the data space by the Satellite;
  3. The withdrawing party communicates its withdrawal to the parties it interacts (interacted) with in the data space;
  4. The withdrawing party, in cooperation with the Satellite, withdraws from the data space.

Withdrawal of or Downgrade of a Certified Party

  1. The withdrawing/downgrading party formally indicates its intention to withdraw/downgrade from the data space to the Satellite. It includes a withdrawal plan based on the (to be set up) template withdrawal procedure;
  2. The Satellite has 5 working days to acknowledge the intention to withdraw/downgrade of the withdrawing/downgrading party; the Satellite makes the acknowledgement known to the withdrawing/downgrading party, and provides up to date guidelines;
  3. If necessary, the withdrawing/downgrading party sends an updated withdrawal plan to the Satellite, keeping in mind the guidelines provided by the Satellite;
  4. The Satellite accepts the withdrawal/downgrading plan or indicates where it requires changes;
  5. The Satellite and the withdrawing/downgrading party communicate the intended withdrawal with the data space per date in a dd-mm-yyyy format;
  6. The withdrawing/downgrading party, in cooperation with the Satellite, withdraws/downgrades from the data space in accordance with the withdrawal plan;
  7. The Satellite communicates the completed withdrawal to the data space.

Withdrawal of or Downgrade of a Satellite

  1. 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;
  2. 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;
  3. 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;
  4. The Scheme Owner accepts the withdrawal/downgrading plan or indicates where it requires changes;
  5. The Scheme Owner and the withdrawing/downgrading party communicate the intended withdrawal with the iSHARE network per date in a dd-mm-yyyy format;
  6. The withdrawing/downgrading party, in cooperation with the Scheme Owner, withdraws/downgrades from the iSHARE network in accordance with the withdrawal plan;
  7. The Scheme Owner communicates the completed withdrawal to the iSHARE network.
  8. The remaining participants in the data space operated by the withdrawing/downgrading Satellite are free to join a different data space, create a new data space or select a new Satellite. This is subject to the reason for withdrawal of the satellite. 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. 
  9. For a data space without a satellite, the Scheme Owner may act as a temporary Satellite. 


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