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Aug 21 2014 - Dec 17 2018Dec 18 2018 onwards

CIR 12A.3.1 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. Article 27(1)(e) of the Law requires a Domestic FundG that is not an Investment TrustG to have legal title to the Fund PropertyG registered with an eligible person (unless the Rules provide otherwise). Rule 12A.3.1(1) specifies that the person must be an Eligible CustodianG . Rule 12A.3.1(2) disapplies the requirement in relation to Fund PropertyG of certain kinds of Qualified Investor FundsG . Regardless of who holds title to Fund PropertyG , the Fund ManagerG must always ensure that, in accordance with Article 22(2)(f) of the Law, Fund PropertyG is clearly identified as such and held separately from property of the Fund ManagerG and any other FundsG .
2. Where a FundG invests in infrastructure projects (for example, the development of public facilities such as roads, railways or bridges), the Fund ManagerG may hold self-custody of the Fund PropertyG which consists of the interest in the infrastructure project. However, where it does so, the Fund ManagerG is not exempt from the overarching obligation under CIR 8.2.2(1) to UnitholdersG of the QIF to ensure safe custody of the Fund PropertyG . This envisages proper identification and segregation of the interest in the infrastructure project as Fund PropertyG of the QIFG .
[Added] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]
[Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]