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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Archive
Rulebook Modules
Collective Investment Rules (CIR) [VER26/12-19 ]
Part 4 Core Rules Relating to Establishment and Management of Domestic Funds
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices

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  • Delegation and Outsourcing Process and Requirements

    • CIR 8.12.4

      (1) When delegating, a Fund ManagerG or TrusteeG must:
      (a) carry out due diligence on a proposed Service ProviderG to ensure eligibility prior to effecting a delegation of a Financial ServicesG activity; and
      (b) comply with the requirements in GEN chapter 5 of GEN and CIR App1 and ensure that any delegation is made in a written Delegation AgreementG as prescribed in CIR App1.
      (2) Delegation to a Service ProviderG does not relieve the Fund ManagerG or TrusteeG from accountability for the proper conduct of a delegated activity.
      (3) The DFSAG may, as a condition on a Fund Manager'sG or Trustee'sG LicenceG , require the delegation of one or more specified Financial ServiceG activities to a Service ProviderG .
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

      • CIR 8.12.4 Guidance

        The DFSAG may impose a condition under CIR Rule 8.12.4(3) when, for example, it considers that a Fund ManagerG is unable to conduct the activity under its own LicenceG .

        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • CIR 8.12.5

      (1) When a Fund ManagerG or TrusteeG outsources any function to a Service ProviderG , it must:
      (a) comply with any relevant requirements in GEN chapter 5 of GEN;
      (b) enter into an Outsourcing AgreementG which complies with the requirements in CIR App1; and
      (c) before entering into such agreement, carry out due diligence on the proposed Service ProviderG to conclude on reasonable grounds that the PersonG is suitable to perform the relevant functions.
      (2) Outsourcing to a Service ProviderG does not relieve the Fund ManagerG or TrusteeG from accountability for the proper conduct of the outsourced activity.
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]