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Dubai Financial Services Authority (DFSA): Contents

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  Versions
(1 version)
 
Jul 11 2010 onwards

CIR 5.1.3



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.

A Fund AdministratorG , in Providing Fund AdministrationG for a Domestic FundG or Foreign FundG , must not hold or control monies or assets belonging to third parties in connection with such administration except in the following circumstances:

(a) holding cheques to the order of a Fund'sG bank account, provided such cheques are securely held for a maximum of three business days prior to being deposited into the relevant Fund'sG bank account or returned to the drawer of the cheque; or
(b) where a mandate over a Fund'sG or other third party's bank account is granted to a Fund AdministratorG and the mandate has been agreed in writing with the bank concerned, and transfers out of the relevant bank account may be made only in circumstances where the mandate restricts instructions to make such payments to being made solely in accordance with the payment of invoiced fees and expenses, made in accordance with the relevant Fund'sG ConstitutionG and ProspectusG and are not remitted to the account of the Fund AdministratorG except by express instructions of the Fund ManagerG .
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]