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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Collective Investment Rules (CIR) [VER24/02-19]
Part 6 Rules Specific to Specialist Classes of Domestic Funds
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Jul 11 2010 - Dec 17 2018Dec 18 2018 onwards

CIR 13.4.1

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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) A Fund ManagerG of a Domestic FundG which is a Property FundG must use only a Closed-ended legal structure for the investment vehicle, unless it is an Exempt FundG or a Qualified Investor FundG .
(2) In the case of a Property FundG which is or intends to be a Public FundG , the Fund ManagerG :
(a) may only use either an Investment CompanyG or Investment TrustG as the investment vehicle of the FundG ;
(b) must ensure that it is listed and traded on an Authorised Market InstitutionG or is listed and traded on an exchange in a Recognised JurisdictionG within 3 years from the date on which the UnitsG of the FundG are first OfferedG to the public or any other shorter period as specified in the Fund'sG ProspectusG ; and
(c) must ensure that the ConstitutionG of the FundG includes provisions that deal with:
(i) the manner in which the issue and redemption of UnitsG of the FundG will be made to ensure that the FundG is Closed endedG ; and
(ii) if applicable, the circumstances in which any Private PlacementsG may be made.
(3) If the offer document or marketing material of a Property FundG which is an Exempt FundG or QIFG states that it intends to be listed and traded on an Authorised Market InstitutionG , or on an exchange in a Recognised JurisdictionG , it must:
(a) be registered as a Public CompanyG ;
(b) list and trade its UnitsG on the exchange specified in its offer document or marketing material within 3 years of its registration; and
(c) during the period pending its listing and trading, comply with all the requirements applicable to a Public FundG other than the requirements relating to:
(i) the independent oversight function; and
(ii) the issue of a Public Fund ProspectusG .
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]