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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Collective Investment Rules (CIR) [VER25/07-19]
Part 6 Rules Specific to Specialist Classes of Domestic Funds
CIR 13 Additional Requirements for Specialist Funds
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  Versions
(2 versions)
 
Jul 11 2010 - Jan 31 2016Feb 1 2016 onwards

CIR 13.4.7



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) In making any joint ownership investment under CIR Rule 13.4.6, the Fund ManagerG must:
(a) be able to demonstrate that the arrangement, including the decision to own less than a 100% interest in the property, is in the interests of the UnitholdersG ; and
(b) must obtain a legal opinion in accordance with (2).
(2) The legal opinion referred to in (1)(b) must include:
(a) a description of the significant terms of the joint ownership arrangement;
(b) a statement whether the FundG will have a good and marketable legal and beneficial interest in the property;
(c) a description of the equity and profit sharing arrangements of the parties to the agreement;
(d) a statement that the relevant contract and joint ownership arrangements are legal, valid, binding and enforceable under applicable law;
(e) a statement that all necessary licences and consents required in the location where the subject property is located have been obtained by the FundG or its Special Purpose VehicleG ;
(f) any restriction on divestment by the FundG of its interest, in whole or in part, in the property; and
(e) if applicable, the implication of foreign rules and regulations that may prohibit full ownership of the property by the FundG .
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]