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Dubai Financial Services Authority (DFSA): Contents

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  Versions
(2 versions)
 
Jul 11 2010 - Aug 20 2014Aug 21 2014 onwards

CIR 17.1.6



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.

(1) If the Fund ManagerG of a FundG believes on reasonable grounds that the FundG is not commercially viable or the purpose of the FundG cannot be accomplished, the Fund ManagerG must notify the DFSAG and include the information specified in (2).
(2) The information referred to in (1) is:
(a) name of the FundG ;
(b) size and type of FundG ;
(c) number of UnitholdersG ;
(d) whether dealing in the Fund'sG UnitsG has been suspended;
(e) why the request is being made;
(f) what consideration has been given to the FundG entering into a transfer scheme with another FundG and the reasons why a transfer scheme is not possible;
(g)
i) whether UnitholdersG have been informed of the intention to seek winding up or revocation; and
(ii) if not, when they will be informed;
(h) details of any proposed preferential switching rights offered or to be offered to UnitholdersG if it is an Umbrella FundG ;
(i) details of any proposed rebate of charges to be made to UnitholdersG who recently purchased UnitsG ;
(j) where the costs of winding-up will fall;
(k) a statement obtained from the TrusteeG or Eligible CustodianG or other PersonsG providing the oversight function if the FundG is a Public FundG or a statement from the AuditorG if the FundG is an Exempt FundG or a Qualified Investor FundG :
(i) that the Fund ManagerG , having taken reasonable care in considering the matter, is certain that a transfer scheme is not practical;
(ii) an explanation of what steps have been considered that would result in the FundG not needing to wind up;
(iii) confirmation that the Fund ManagerG has carried out its function and duties in accordance with the Law and RulesG ; and
(iv) whether the Fund'sG investment and borrowing powers have been exceeded;
(l) the preferred date for the commencement of the winding up; and
(m) any additional information considered relevant to the DFSA'sG consideration.
(3) The DFSAG may request further information after receipt of the notification.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]