Article 22

fails to comply with the requirements that apply to the portfolio composition, in breach of Article 5;

markets, in breach of Article 6, the units and shares of a qualifying social entrepreneurship fund to non-eligible investors;

uses the designation ‘F3SEF’ but is not registered in accordance with Article 15, or the qualifying social entrepreneurship fund is not registered in accordance with Article 15a;

uses the designation ‘F4SEF’ for the marketing of funds which are not established in accordance with point (b)(iii) of Article 3(1);

has obtained registration through false statements or any other irregular means, in breach of Article 15 or Article 15a;

fails to act honestly, fairly or with due skill, care or diligence, in conducting their business, in breach of point (a) of Article 7;

fails to apply appropriate policies and procedures for preventing malpractices, in breach of point (b) of Article 7;

repeatedly fails to comply with the requirements under Article 13 regarding the annual report;

repeatedly fails to comply with the obligation to inform investors in accordance with Article 14.

take measures to ensure that the manager of a qualifying social entrepreneurship fund concerned complies with Articles 5 and 6, points (a) and (b) of Article 7, and Articles 13 to 15a, as applicable;

prohibit the manager of the qualifying social entrepreneurship fund concerned from using the designation ‘F6SEF’ and remove that manager, or the qualifying social entrepreneurship fund concerned, from the register.