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  Versions
(1 version)
 
Jul 11 2010 onwards

Part 3: Amendments to Investment Trust Law 2006



13. The Investment Trust Law 2006 is amended as prescribed in this Part.
14. Throughout this Law any reference to "Collective Investment Law 2006" shall be deleted and replaced with "Collective Investment Law 2010"
15. In Article 13:
(a) in paragraph (1) (a) delete the words "an Operator under Article 17(2)" and replace with "a Fund Manager under Article 20(1) (a) or (b)"; and
(b) in paragraph (2) after the words "as defined in Article" delete "15" and replace with "11".
16. In Article 15 after the words "with the requirements in" delete "Part 9" and replace with "Article 35".
17. In Article 16 after the words "with the requirements in" delete "Part 10" and replace with "Part 8".
18. In Article 17(2) delete the word "Operator" and replace with "Fund Manager".
19. In Article 18:
(a) in paragraph (a) delete the words "body corporate;" and replace with "person specified in Article 21(1) of the Collective Investment Law 2010; and";
(b) delete paragraph (b) and renumber paragraph (c) to (b); and
(c) in the renumbered paragraph (b) delete the word "Operator" and replace with "Fund Manager".
20. In Article 19:
(a) throughout this article delete the word "Operator" and replace with "Fund Manager"; and
(b) after the words "for the purposes of Article 18" delete "(c)" and replace with "(b)".
21. Throughout Article 20(3) delete the word "Operator" and replace with "Fund Manager".
22. In Article 22(1) delete the words "Part 4" and replace with "chapter 2 of Part 5"
23. Throughout Articles 23, 24 and 25 delete the word "Operator" and replace with "Fund Manger".
24. In Article 26(2) delete the words "an Operator" and replace with "a Fund Manager"
25. In Article 26(3):
(a) in paragraph (a) delete the word "Operator" and replace with "Fund Manager"; and
(b) in paragraphs (i) and (ii) delete the word "Operator's" and replace with "Fund Manager's".
26. In Article 26(4) delete the words "Article 58" and replace with "Article 35".
27. In Article 26(5) delete the word "Operator" and replace with "Fund Manager".
28. In Article 27:
(a) delete the words "Article 25" and replace with "Article 26"; and
(b) delete the word "Operator" and replace with "Fund Manager".
29. In Schedule 1 paragraph 3, Defined Terms in the definition of Governing Body delete the word "Operator" and replace with "Fund Manager".
30. In Schedule 1 paragraph 3, Defined Terms in the definition of Operator :
(a) in the Term column delete the word "Operator" and replace with "Fund Manager"; and
(b) in the Definition column delete "Article 17(3)" and replace with "Article 20(4)";
(c) after the words "Collective Investment Law 2010" delete ", who is responsible for the management of the property held for or within a Fund and otherwise, operating the Fund and, in relation to a Domestic Fund, is authorised under a Licence granted by the DFSA to operate the Fund".