This part of the iSHARE scheme Scheme is considered normative and is therefore compliant with RFC 2119.
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The withdrawal process describes the steps that parties MUST take to withdraw from the iSHARE network.
Withdrawal includes:
- A certified Certified and/or adhering party Adhering Party wants to withdraw from the iSHARE network;
- A certified party Certified Party wants to downgrade to an adhering partyAdhering Party;
- Any other situation in which an adhering Adhering or certified party Certified Party (un)expectedly withdraws from the iSHARE network (e.g. bankruptcy).
The term of notice for withdrawal is 1 month for adhering partiesAdhering Parties, and 6 months for certified partiesCertified Parties.
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 scheme Scheme and disruption to the functioning of the iSHARE network.
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- The Scheme Owner is responsible for facilitation of the process, so that continued operation of 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 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
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Adhering Party
- The withdrawing party formally indicates its intention to withdraw from the iSHARE network to the Scheme Owner.
- The Scheme Owner has 5 working days to acknowledge the intention to withdraw of the withdrawing party; the Scheme Owner makes the acknowledgement known to the withdrawing party, and provides a date on which the withdrawing party will be considered withdrawn from the iSHARE scheme by the Scheme Owner;
- The withdrawing party communicates its withdrawal to the parties it interacts (interacted) with under iSHARE;
- The withdrawing party, in cooperation with the Scheme Owner, withdraws from the iSHARE network.
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