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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Part 6 Rules Specific to Specialist Classes of Domestic Funds
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  Versions
(1 version)
 
Feb 1 2016 onwards

CIR 13.4.2 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.

1. A Fund ManagerG of a Public Property FundG may itself act as custodian of Real PropertyG if it has in place adequate systems and controls to ensure the segregation and protection of the Real PropertyG . This option only applies for Real PropertyG (defined as land or buildings, whether freehold or leasehold, where the unexpired term of any lease exceeds 20 years). It does not permit the Fund ManagerG to act as custodian of Property Related AssetsG such as SharesG in a Body CorporateG which invests in Real PropertyG or Units in another Property FundG .
2. In identifying, managing and monitoring conflicts of interest that may arise due to it acting as custodian, the Fund ManagerG must take into account that it is required under the Law to give priority to Unitholders'G interests if there is a conflict between its own interests and the interests of UnitholdersG .
3. If a Fund ManagerG decides to act as custodian of Real PropertyG as permitted under this Rule, it must disclose in the Fund's Prospectus that it acts as custodian, the additional risks that may arise due to it acting as custodian, and how it has addressed those risks (see CIR Rule 14.4.4A).
[Added] RM158/2015 (Made 9th December 2015). [VER19/02-16]