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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Collective Investment Rules (CIR) [VER25/07-19]
Part 4 Core Rules Relating to Establishment and Management of Domestic Funds
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CIR 8.2.2

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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

(1) In the case of an Investment CompanyG or an Investment PartnershipG , the Fund ManagerG is responsible to the UnitholdersG for the safekeeping of the Fund PropertyG .
(2) Without removing the generality of the obligation under (1) and subject to (3), a Fund ManagerG must, in the case of a FundG which is an Investment CompanyG or Investment PartnershipG :
(a) delegate the activity of Providing CustodyG in relation to the Fund PropertyG to a Service ProviderG who is an Eligible CustodianG ; and
(b) comply with the delegation procedures set out in CIR section 8.12 in relation to such a delegation.
(3) The requirement in (2) does not apply to:
(a) a Property FundG in respect of Real PropertyG :
(i) that is held by the Fund ManagerG in accordance with CIR Rule 13.4.2 or CIR 13.4.2A; or
(ii) for which the Fund ManagerG has made adequate alternative arrangements in accordance with CIR Rule 13.4.2B;
(b) a Private Equity FundG where the Fund ManagerG has made adequate alternative arrangements that are in accordance with CIR Rule 13.3.1; or
(c) an Exempt FundG where the Fund PropertyG :
(i) comprises of an interest in the operation of a Real PropertyG asset (such as an investment in an infrastructure project); and
(ii) the Fund ManagerG makes alternative arrangements to ensure that the Fund PropertyG is clearly distinguishable as belonging to the FundG , and is segregated from the assets of the Fund ManagerG and from the assets of any other FundG which the Fund ManagerG manages.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]
[Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]