54Effect of deregistration

54 Effect of deregistration

(1) A regulated CIS or a sub‑fund of a regulated CIS that has been deregistered as a passport fund must be operated in accordance with these rules until the regulated CIS or sub‑fund does not have any members who: (a) became members: (i) when the deregistered fund was a passport fund; or (ii) on the expectation that the fund would become a passport fund; and (b) are not: (i) the current operator or any previous operators; or (ii) related parties of the entities mentioned in subparagraph (i). (2) After a regulated CIS or a sub‑fund of a regulated CIS is deregistered as a passport fund neither the regulated CIS or its operator nor any sub‑fund or its operator may charge any fee on withdrawal of a member who satisfies paragraphs (1)(a) and (b). (3) After a regulated CIS or a sub‑fund of a regulated CIS is deregistered as a passport fund neither the regulated CIS or its operator nor any sub‑fund or its operator may issue any interest in, nor accept any money or money’s worth for an issue of an interest in the regulated CIS or sub‑fund of the regulated CIS on the basis the fund is or was a passport fund.