Withdrawal

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


The withdrawal process describes the steps that parties MUST take to withdraw from the iSHARE network.

Withdrawal includes:

  • A Certified and/or Adhering Party wants to withdraw from the iSHARE network;
  • A Certified Party wants to downgrade to an Adhering Party;
  • Any other situation in which an Adhering or Certified Party (un)expectedly withdraws from the 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 iSHARE in a simple and controlled way, minimising impact to the trust in the iSHARE Scheme and disruption to the functioning of the iSHARE network.

Responsibilities

Several parties have responsibilities and tasks in the withdrawal process:

  • 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 Adhering Party

  1. The withdrawing party formally indicates its intention to withdraw from the iSHARE network to the Scheme Owner.
  2. 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acknowledgement known to the withdrawing party, and provides a date on which the withdrawing party will be considered withdrawn from the iSHARE scheme by the Scheme Owner;
  3. The withdrawing party communicates its withdrawal to the parties it interacts (interacted) with under iSHARE;
  4. The withdrawing party, in cooperation with the Scheme Owner, withdraws from the iSHARE network.

Withdrawal of a Certified Party, downgrade of a Certified Party

  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 dd-mm-yyyy;
  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.