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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Collective Investment Rules (CIR) [VER25/07-19]
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(1 version)
Jul 11 2010 onwards

CIR A1.2.1

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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) A Fund ManagerG or TrusteeG must ensure that any agreement specified in Rule A1.1.1:
(a) sets out the functions or activities and service standards that will be applied to the carrying out of such functions or activities;
(b) provides that the Service ProviderG cannot in turn, delegate any activities delegated to it, or outsource any functions outsourced to it, without prior approval of the Fund ManagerG or TrusteeG as applicable;
(c) requires the Service ProviderG to:
(i) maintain records to show and explain transactions in relation to each activity or function performed in relation to the FundG ;
(ii) maintain such records in a manner to enable the Fund ManagerG or TrusteeG to prepare accounts in compliance with these RulesG and any other applicable legislation;
(iii) retain the records for at least six years from the date to which they relate;
(iv) keep the records, at all reasonable times, open to inspection by the DFSAG , the Fund'sG AuditorG and any PersonG providing the oversight function for the FundG ; and
(v) ensure that the records are, if requested by the DFSAG , capable of reproduction within a reasonable period not exceeding 3 days, in hard copy and in English.
(2) A Fund ManagerG or TrusteeG must ensure that a Delegation AgreementG contains an undertaking by the Service ProviderG to:
(a) comply with any DFSAG RulesG applicable to the activity; and
(b) disclose to the DFSAG and to the Fund ManagerG or TrusteeG , as the case may be, any material information that it would disclose to its Financial Services RegulatorG , if relevant, in relation to the conduct of the activity.
(3) A Fund ManagerG or TrusteeG must maintain records of all agreements, and any instructions given to a Service ProviderG under the terms of an agreement, for at least six years.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]