# 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 <a href="#withdrawalordowngrade-goal" id="withdrawalordowngrade-goal"></a>

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 <a href="#withdrawalordowngrade-responsibilities" id="withdrawalordowngrade-responsibilities"></a>

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 <a href="#withdrawalordowngrade-sequence" id="withdrawalordowngrade-sequence"></a>

#### Withdrawal of an Adhering Party <a href="#withdrawalordowngrade-withdrawalofanadheringparty" id="withdrawalordowngrade-withdrawalofanadheringparty"></a>

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acknowledgement known to the withdrawing party, and provides a date on which the withdrawing party will be considered withdrawn from the data space by the Satellite;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 <a href="#withdrawalordowngrade-withdrawalofordowngradeofacertifiedparty" id="withdrawalordowngrade-withdrawalofordowngradeofacertifiedparty"></a>

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 <a href="#withdrawalordowngrade-withdrawalofordowngradeofasatellite" id="withdrawalordowngrade-withdrawalofordowngradeofasatellite"></a>

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.