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CIR 14.1 Guidance



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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. While a PersonG is required by virtue of Article 50(1) of the Law when making an OfferG of a UnitG of a Domestic FundG to another PersonG to make available to that other PersonG a ProspectusG , the obligation to produce a ProspectusG is imposed under Article 51(a) of the Law on the Fund ManagerG of a Domestic FundG .
2. This chapter sets out the detailed requirements that apply to the Fund ManagerG who is obliged to produce a ProspectusG , and the obligations and liabilities relating to ProspectusesG , as well as the obligation relating to making available a ProspectusG which applies to the activity of making an OfferG of UnitsG .
3. Some requirements relating to ProspectusG disclosure are common to all Domestic FundsG . However, in other areas, particularly relating to the content of disclosure required in a ProspectusG , and the manner of distribution, different requirements apply depending on whether the FundG is a Public FundG , Exempt FundG or Qualified Investor FundG . Further, specialist class of FundsG attract additional disclosure requirements that are unique to their activities. This chapter sets out those requirements and where necessary by reference to the types and classes of Domestic FundsG .
4. Article 14(2) of the Law provides that the requirements relating to Domestic FundsG do not apply to an External FundG (i.e. a FundG established in a jurisdiction other than the DIFCG by a DFSAG licensed Fund ManagerG ), unless otherwise provided in the Law or RulesG . As a result, the general ProspectusG requirements set out in the Law and this module do not apply to External FundsG , except that:
a. any offer document prepared for the purposes of complying with the requirements applicable in the jurisdiction in which the External FundG is established is regarded as a ProspectusG for the purposes of the requirements relating to the OfferG of UnitsG of such a FundG in or from the DIFCG (see Article 50(3)(c) of the Law); and
b. the DFSAG has the power to prescribe any additional disclosure to be included in such a document (see Article 51(2) of the Law).
Those requirements are specified in Rules CIR 14.2.4CIR 14.2.7.
5. If a Domestic FundG is a Passported FundG and the DIFCG is the Home JurisdictionG of the FundG , certain requirements relating to the ProspectusG for the FundG are specified in the Fund Protocol Rules (FPR), rather than in this chapter. These include requirements relating to the form of the disclaimer in the ProspectusG , the minimum contents of the ProspectusG and the need for a Key Investor Information Document (KIID) that summarises the key features of the FundG and is in both Arabic and English. This chapter cross-refers to requirements in those RulesG where applicable.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]
[Amended] RM235/2019 (Made 20th February 2019). [VER24/02-19]