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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Collective Investment Rules (CIR) [VER25/07-19]
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  • CIR 6.2.2

    The Fund ManagerG of an External FundG must:

    (a) have systems and controls which are adequate to ensure compliance with the requirements that apply to the External FundG in the jurisdiction in which it is established or domiciled; and
    (b) inform the DFSAG of the jurisdiction in which the FundG is or is to be established or domiciled and the nature of regulatory requirements applicable to the FundG in the host jurisdiction.
    Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • CIR 6.2.2 Guidance

      1. A Fund ManagerG of an External FundG is generally not subject to the requirements that otherwise apply to other Domestic FundsG (see Article 14(2) of the Law). However, some limited requirements apply to External FundsG . See for example the disclosure required under Rules CIR 14.2.4CIR 14.2.7. Should such a requirement conflict with any requirements that apply to an External FundG in the jurisdiction in which the FundG is domiciled, the Fund ManagerG may apply to the DFSAG for appropriate waivers or modifications of the DFSAG requirements.
      2. The DFSAG may, upon receipt of the information referred to in CIR Rule 6.2.2(b), assess the desirability of establishing an External FundG in the particular jurisdiction chosen by the Fund ManagerG . Relevant considerations include:
      a. the Fund Manager'sG need to establish the FundG in the particular jurisdiction for reasons such as the physical location of the FundG assets or investor preference;
      b. any regulatory risks arising from establishing the External FundG in the relevant jurisdiction, particularly if the FundG is to be open to retail investors; and
      c. whether the relevant jurisdiction complies with the FATFG or other relevant international standards or requirements.
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]