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Dubai Financial Services Authority (DFSA): Contents

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

CIR 13.4.11



Whole Section PDF

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.

If the FundG acquires Real PropertyG through the acquisition of a Special Purpose VehicleG , the following matters must be complied with by the Fund ManagerG for the purpose of the purchase:

(a) a report made by the Fund'sG AuditorG must be prepared on:
(i) the profit and loss of the Special Purpose VehicleG for each of the three years preceding the transaction or any shorter period as is relevant if the Special Purpose VehicleG was in existence for less than three years; and
(ii) the assets and liabilities of the Special Purpose VehicleG as at the last date, which is no more than 6 months old from the date of the report to which the accounts of the Special Purpose VehicleG were prepared;
(b) the report required under (a) must:
(i) indicate how the profits and losses of the Special Purpose VehicleG would, in respect of the SharesG to be acquired, have affected the FundG , if the FundG had at all material times held the SharesG to be acquired; and
(ii) where the Special Purpose VehicleG has subsidiaries, deal with the profits or losses and the assets and liabilities of the Special Purpose VehicleG and its subsidiaries, either as a whole, or separately; and
(c) a valuation report in respect of the Special Purpose Vehicle'sG interest in Real PropertyG must be prepared in accordance with the requirements set out in Rules CIR 13.4.18 to CIR 13.4.22.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]