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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Schedule 1 Interpretation



1. Rules of interpretation

(1) In the Law, unless the contrary intention appears, a reference to:
(a) a statutory provision includes a reference to the statutory provision as amended or re-enacted from time to time;
(b) a Person includes any natural Person, Body Corporate or body incorporated, including a company, Partnership, unincorporated association, government or state;
(c) an obligation to publish or cause to be published a particular document shall, unless expressly provided otherwise in the Law, include publishing or causing to be published in printed or electronic form;
(d) a day shall refer to a business day, being a normal working day in the DIFC;
(e) a calendar year shall mean a year of the Gregorian calendar; and
(f) the masculine gender includes the feminine; and
(g) any reference to 'dollars' or '$' is a reference to United States Dollars.
(2) The headings in the Law shall not affect its interpretation.

2. Legislation in the DIFC

References to legislation and Guidance in the Law shall be construed in accordance with the following provisions:

(a) Federal Law is law made by the federal government of the United Arab Emirates;
(b) Dubai Law is law made by the Ruler, as applicable in the Emirate of Dubai;
(c) DIFC Law is law made by the Ruler (including, by way of example, the Law), as applicable in the DIFC;
(d) the Law is the Collective Investments Law 2005 made by the Ruler;
(e) the Rules are legislation made by the DFSA for the purpose of this Law and are binding in nature;
(f) Guidance is indicative and non-binding and may comprise (i) Guidance made and issued by the Chief Executive under the Law; and (ii) any standard or code of practice issued by the DFSA Board of Directors which has not been incorporated into the Rules; and
(g) references to "legislation administered by the DFSA" are references to DIFC Law and rules conferring functions and powers on the DFSA.

3. Defined Terms

In the Law, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings:

Terms Definitions
Authorised Firm a Person who holds a Licence to carry on one or more Financial Services as an Authorised Firm prescribed pursuant to Article 42(1) of the Regulatory Law 2004.
Authorised Individual a natural Person who has been authorised by the DFSA to perform one or more Licensed Functions prescribed pursuant to Article 43(1) of the Regulatory Law 2004.
Collective Investment Fund has the meaning given in Article 18 of this Law and any Rules made under that Article.
Court the DIFC Court as established under Dubai Law.
DFSA the Dubai Financial Services Authority.
DFSA Board of Directors the Governing Body of the DFSA established under Chapter 2 of Part 2 of the Regulatory Law 2004.
DIFC the Dubai International Financial Centre.
Domestic Fund a Collective Investment Fund established or domiciled in the DIFC.
Exempt Fund A Domestic Fund which is exempt pursuant to Article 47(1) from the requirement to register.
Foreign Fund a Collective Investment Fund established or domiciled in a jurisdiction other than the DIFC.
Fund a Collective Investment Fund
Governing Body the body of persons who together form the directing mind of a Fund, that is:
a) in relation to a Domestic Fund, its Operator, a Member of its Oversight Panel and any other Person who is not the Operator or a Member of the panel but who is a Designated Partner or Director of the Fund; and
b) in relation to a Foreign Fund, any Person or body of persons exercising equivalent powers and functions in relation to the Fund.
Investment has the meaning prescribed in the Rules made under the Regulatory Law 2004.
Investment Company an Undertaking established for the sole purpose of collective Investment which is incorporated under Article 90 of the Companies Law 2004 in accordance with the regulations made under that Article.
Investment Partnership an Undertaking established for the sole purpose of collective Investment which is registered under Article 12 of the General Partnership Law 2004 in accordance with the regulations made under that Article.
Islamic Fund a Domestic Fund whose entire Fund operations are conducted in accordance with Shari'a.
Law the Collective Investment Law [2005].
Licence a Licence granted by the DFSA under Chapter 2 of Part 3 of the Regulatory Law 2004.
Offer has the meaning given in Part 3 of the Markets Law 2004 and in the Offered Securities Rules made thereunder.
Offered Securities Rules the Rules made for the purpose of the Markets Law 2004.
Operator the Person responsible for the operation of a Collective Investment Fund, as described in Article 13 (2) and 20 and in relation to a Domestic Fund is, as the case may be, the Authorised Corporate Director or Authorised Corporate Partner of the Fund.
Oversight Panel a panel appointed pursuant to Part 4 comprised of three or more Members of a Domestic Fund's Board or two or more Designated Partners or trustees of a Domestic Fund, where such Members, partners or trustees are independent of the Operator of the Fund, whose purpose is to oversee the activities undertaken by the Operator.
participant in relation to a Collective Investment Fund, means any holder of a Unit in the Fund or of any right or interest in such a Unit, otherwise known as a 'unitholder'.
prescribed function a function prescribed under Article 25 (2)(b) of this Law.
Protected Cell Company has the meaning given under chapter 12 of the Company Regulations made under the Companies Law 2004.
Registered Fund A Domestic Fund which is registered with the DFSA under Article 44.
Qualified Investor a Person who by reason of fulfilling criteria prescribed by the Offered Securities Rules is termed a "Qualified Investor".
Ruler the ruler of the Emirate of Dubai.
Rules has the meaning given in Article 2(e) of Schedule 1 to the Law.
Schedule a schedule to the Law
Securities has the meaning prescribed in the Rules made under the Regulatory Law 2004.
Special Resolution A resolution passed by unitholders of a Domestic Fund who together hold 75% or more of the Units in issue at the time of the resolution.
Unit a unit or share representing the rights or interests of participants in a Collective Investment Fund