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  • Chapter 1: General

    • 49. Applicable Laws

      (1) An offer to issue or sell a Unit or an interest in a Unit of a Fund ("Unit of a Fund") is governed by this Law and the Rules made for the purposes of this Law, except to the extent otherwise provided in Article 49(2).
      (2) With the exception of Part 2 of the Markets Law 2012, the provisions in that law apply to any offer to issue or sell a Unit of a Fund.
      (3) For the purposes of this Part and the Rules made for the purposes of this Part, the offer of a Unit of a Fund ("Offer of a Unit") has the meaning given to it in Article 19.

    • 50. Marketing Prohibition

      (1) Subject to Article 50(2), a person shall not, in or from the DIFC, Offer a Unit of a Fund to a prospective or existing Unitholder unless:
      (a) a Prospectus that complies with the requirements in this Law and the Rules made for the purposes of this Law is made available to such a Unitholder;
      (b) the person making the Offer is either the Fund Manager of the Fund or an Authorised Firm whose Licence authorises it do so; and
      (c) the Offer is made in accordance with the requirements in this Law and the Rules made for the purposes of this Law.
      (2) The DFSA may, by Rules, exempt any person or class of persons from the prohibition in Article 50(1) and in doing so, may subject such person or class of persons to any conditions it considers appropriate.
      (3) A Prospectus includes, except where expressly stated otherwise:
      (a) an Information Memorandum in respect of an Offer of a Unit of an Exempt Fund or a Qualified Investor Fund;
      (b) a Supplementary or Replacement Prospectus; and
      (c) in the case of an External Fund or Foreign Fund, the Units of which are marketed in or from the DIFC, any prospectus or other disclosure document prepared in accordance with the laws applicable to that External Fund or Foreign Fund.