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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Rulebook Modules
Collective Investment Rules (CIR) [VER26/12-19 ]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases

Whole SectionText only Print Print Manager Link

(1 version)
Jul 11 2010 onwards

CIR A1.3.1

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) A Fund ManagerG or TrusteeG must ensure that a Delegation AgreementG in relation to Providing CustodyG will:
(a) require that the title of any account of the Eligible CustodianG to hold Fund PropertyG sufficiently distinguishes that account from any account containing Investments belonging to the Eligible CustodianG , and is in the form requested by the Fund ManagerG or TrusteeG ;
(b) require that the Fund'sG InvestmentsG will only be credited and withdrawn in accordance with the instructions of the Fund ManagerG or TrusteeG ;
(c) require, subject to (2), that the Eligible CustodianG will hold the Fund'sG InvestmentsG separately from assets belonging to the Eligible CustodianG ;
(d) set out the arrangements for recording and registering the FundsG , claiming and receiving dividends and other entitlements and interest and the giving and receiving of instructions;
(e) require the Eligible CustodianG to deliver a statement to the Fund ManagerG or TrusteeG (including the frequency of such statement), which details the Fund'sG InvestmentsG deposited to the account;
(f) require, subject to (2), that all the InvestmentsG standing to the credit of the account are held by the Eligible CustodianG as the agent of the Fund ManagerG or the TrusteeG and the Eligible CustodianG is not entitled to combine the account with any other account or to exercise any charge, mortgage, lien, right of set-off or counterclaim against InvestmentsG in that account in respect of any sum owed to the Eligible CustodianG on any other account of the Fund ManagerG , TrusteeG or any other PersonG ; and
(g) detail the extent of liability of the Eligible CustodianG in the event of default.
(2) Neither the Fund ManagerG nor the TrusteeG is required to meet the requirements in (1) (c) and (f), where either the Eligible CustodianG or any other PersonG acting as the prime broker of the FundG does so in compliance with the requirements in CIR Rule 13.6.3.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]