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Dubai Financial Services Authority (DFSA): Contents

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Jul 11 2010 - Jan 31 2016Feb 1 2016 onwards

CIR 16.1.3



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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) Part 9 of the Regulatory Law 2004 is to be read and, to have effect, as if it were subject to the provisions set out in this Rule.
(2) Where, for the purpose of a transfer scheme, it is proposed that the property of a FundG should become the property of another FundG or the property of a Sub-FundG of an Umbrella FundG , the proposal must not be implemented without the sanction of a Special ResolutionG of the UnitholdersG in the FundG , unless (3) applies.
(3) Where, for the purposes of a transfer scheme, it is proposed that Fund PropertyG attributable to a Sub-FundG of an Umbrella FundG should become the property of another FundG , the proposal must not be implemented without the sanction of:
(a) a Special ResolutionG of the UnitholdersG in the Sub-FundG of that Umbrella FundG ; and
(b) in the case of an Umbrella FundG that does not use the form of a Protected Cell CompanyG , unless implementation of the transfer scheme is not likely to result in any material prejudice to the interests of the UnitholdersG in any other Sub-FundG of that Umbrella FundG , a Special ResolutionG of the UnitholdersG of other Sub-FundsG of that that Umbrella FundG .
(4) If it is proposed that a FundG or a Sub-FundG of an Umbrella FundG should receive property, other than its first property pursuant to a transfer scheme, or an arrangement equivalent to a scheme of arrangement entered into with some other FundG or Sub-FundG , or a Body CorporateG , the proposal must not be implemented without the sanction of a Special ResolutionG of the UnitholdersG in the relevant FundG or Sub-FundG and, in the case of an Umbrella FundG which is not in the form of a Protected Cell CompanyG , the class or classes of UnitsG related to the Sub-FundG , unless (5) applies.
(5) In (4), if the Fund ManagerG and if appointed the TrusteeG agree that the receipt of the property concerned for the account of the FundG :
(a) is not likely to result in any material prejudice to the interest of the UnitholdersG of the FundG ;
(b) is consistent with the objectives of the FundG or Sub-FundG of an Umbrella FundG ; and
(c) could be effected without any breach of the requirements relating to the borrowing and investment restrictions relating to the FundG or Sub-FundG in CIR chapter 10.5;
then the transfer may be effective and the issue of UnitsG in exchange for assets as part of a transfer scheme may be undertaken.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]