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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
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  Versions
(1 version)
 
Jul 11 2010 onwards

CIR 13.4.10

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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) The Fund ManagerG of a Property FundG may hold Real PropertyG for the FundG through a Special Purpose VehicleG , subject to (2) and (3), only if the FundG has majority ownership and control of the Special Purpose VehicleG .
(2) A Special Purpose VehicleG set up by the Fund ManagerG of a FundG under (1) may itself hold Real PropertyG through another Special Purpose VehicleG (the second Special Purpose VehicleG ) for the sole purpose of directly holding Real PropertyG for the FundG or arranging financing for the FundG but the second Special Purpose VehicleG must not hold Real PropertyG for the FundG through another Special Purpose VehicleG .
(3) The Fund ManagerG of the FundG must ensure that:
(a) neither the ConstitutionG of any Special Purpose VehicleG nor the organisation, transactions or activities of such vehicles under any circumstance contravene any requirements of the RulesG in this section;
(b) the board of directors of each of the Special Purpose VehiclesG is appointed by the Fund ManagerG in agreement with the TrusteeG or PersonsG performing oversight functions of the FundG where applicable and, where elected, the investment committee; and
(c) both the FundG and the Special Purpose VehiclesG must appoint the same AuditorG and adopt the same accounting principles and policies.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]