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Dubai Financial Services Authority (DFSA): Contents

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  Versions
(2 versions)
 
Jul 11 2010 - Jan 31 2016Feb 1 2016 onwards

CIR 13.6.1 Guidance



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 prime broker is a PersonG who provides to a FundG a range of services including custody and depository services, trading and execution services, clearing and settlement services and financing to support the Fund's investment activities. Such financing activities generally include stock lending and borrowing. The restrictions in Rules CIR A1.3.1(c) and (f) of Appendix 1 (App 1) prevent a Fund ManagerG of a Hedge FundG from authorising a prime broker to commingle the assets of the FundG with any other assets held by or available to the prime broker and use those assets as collateral to support the prime broker's cross lending and borrowing activities involving FundsG to which it acts as the prime broker. However, the restrictions in CIR A1.3.2(c) and (f) do not apply if a Fund ManagerG of a Hedge FundG can comply with the requirements relating to the use of prime brokers set out in CIR Rule 13.6.3.

Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]