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  • Part 1: General

    • 1. Title and Repeal

      (a) This Collective Investment Law 2010 repeals and replaces the Collective Investment Law 2006 ("the Previous Law") and may be cited as the "Collective Investment Law 2010" ("this Law").
      (b) Except where otherwise provided in the Rules, anything done or omitted to be done pursuant to or for the purposes of the Previous Law is deemed to be done or omitted to be done pursuant to or for the purposes this Law.
      (c) Without limiting the generality of Article 1(b), such repeal shall not affect:
      (i) any right, privilege, remedy, obligation or liability accrued to or incurred by any person; or
      (ii) any investigation or legal or administrative proceeding commenced or to be commenced in respect of any right, remedy, privilege, obligation or liability,
      under the Previous Law and, any such investigation or legal or administrative proceeding may be instituted, continued or enforced, including any penalty, fine or forfeiture, under this Law.
      (d) The DFSA may, by Rules, prescribe any transitional or saving provisions as are necessary or deemed necessary to give effect to, or to facilitate, the transition from the Collective Investment Law 2006 to this Law.

    • 2. Legislative Authority

      This Law is made by the Ruler of Dubai.

    • 3. Application of the Law

      This Law applies in the jurisdiction of the Dubai International Financial Centre.

    • 4. Date of Enactment and Commencement

      This Law is enacted on the date specified in the Enactment Notice in respect of this Law.

    • 5. Commencement

      This Law comes into force on the date specified in the Enactment Notice in respect of this Law.

    • 6. Interpretation

      The Schedule contains interpretative provisions and a list of defined terms used in this Law.

    • 7. Administration of the Law

      This Law and any legislation made for the purposes of this Law is administered by the DFSA.

    • 8. General Power to make Rules

      (1) The DFSA Board of Directors may, and where required under this Law shall, make Rules for the purposes of this Law pursuant to the power conferred under Article 23 of the Regulatory Law 2004.
      (2) Where any legislation made under this Law purports to be made in the exercise of a particular power or powers, it shall be taken also to be made in the exercise of all powers under which it may be made.

    • 9. Consultation

      The DFSA shall publish draft Rules in the manner prescribed under Article 24 of the Regulatory Law 2004.

    • 10. Waivers and Modifications of the Rules

      The DFSA may, by written notice, provide that one or more provisions of the Rules either:

      (a) shall not apply in relation to a person; or
      (b) shall apply to a person with such modifications as are set out in the written notice;

      as provided for in Article 25 of the Regulatory Law 2004.