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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Collective Investment Rules (CIR) [VER25/07-19]
Part 6 Rules Specific to Specialist Classes of Domestic Funds
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Feb 1 2016 onwards

CIR 13.4.2

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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 of a Public Property FundG is not required to appoint an Eligible CustodianG under CIR Rule 8.2.2(2) for Real PropertyG if the Fund ManagerG :
(a) acts as custodian of the Real PropertyG ;
(b) has in place adequate systems and controls to ensure the proper segregation and protection of the Real PropertyG ; and
(c) has in place effective arrangements which ensure that the real Property is not available to creditors if the Fund ManagerG becomes insolvent.
(2) The systems and controls referred to in (1)(b) must, as a minimum, ensure that:
(a) legal title to the Real PropertyG is registered in the name of the FundG ;
(b) the Fund ManagerG identifies, manages and monitors any conflicts of interest that may arise due to it acting as custodian of the Real PropertyG ;
(c) the Fund ManagerG clearly designates the employees who are responsible for safeguarding the ownership rights of the FundG over any Real PropertyG including but not limited to:
(i) safekeeping title deeds and other legally relevant documents relating to the Real PropertyG ; and
(ii) ensuring that legal title to the Real PropertyG is registered in the name of the FundG ; and
(d) the employees referred to in (c) are not required to carry out duties and functions which may conflict with their duties and functions referred to in that paragraph.
[Added] RM158/2015 (Made 9th December 2015). [VER19/02-16]