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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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  • CIR 9.4 Periodic Reports

    • Annual and Interim Reports

      • CIR 9.4.1

        (1) In order to provide the UnitholdersG with relevant and up-to-date information about the performance and management of a FundG , a Fund ManagerG must, subject to (2), produce one interim report and one annual report in respect of each FundG it operates in accordance with the RulesG in this section.
        (2) The Fund ManagerG of a Qualified Investor FundG is not required to comply with the requirements in (1) relating to the production of an interim report for that FundG unless there has been a material change relating to the Fund during the relevant period.
        (3) For the purposes of (2), the relevant period in relation to a Qualified Investor FundG is the 6 month period referred to in Rule 9.4.2(4).
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]

      • CIR 9.4.2

        (1) A Fund ManagerG must produce the required annual report and interim report as follows:
        (a) an annual report within four months after the end of each annual accounting period; and
        (b) an interim report within two months after the end of each interim accounting period.
        (2) For the purposes of (1), the first annual accounting period of a FundG begins:
        (a) in the case of a Public FundG , on the date of registration by the DFSAG ; or
        (b) in the case of an Exempt FundG or a Qualified Investor FundG , on the date of notification to the DFSAG ; and
        ends 12 months later. Thereafter, annual accounting periods cover the period between each subsequent financial year end.
        (3) Notwithstanding the requirement in (2), a Fund ManagerG may, subject to the prior approval of the DFSAG , produce the Fund'sG reports and financial statements in accordance with the Fund Manager'sG reporting periods.
        (4) For the purposes of (1), an interim accounting period is the period covering:
        (a) 6 months after the date of registration of the FundG with the DFSAG in the case of a Public FundG , or the date of notification to the DFSAG in the case of an Exempt FundG or Qualified Investor FundG ; and
        (b) 6 months after the anniversary of each annual accounting period.
        (5) If a FundG intends to change its annual or interim accounting period, the Fund ManagerG must:
        (a) obtain written confirmation from its Registered AuditorG that the change of its annual accounting period would not result in any significant distortion of the financial position of the FundG ; and
        (b) obtain the DFSA'sG prior consent before implementing the change.
        (6) For a FundG which is an Umbrella FundG , the Fund ManagerG must prepare an interim report for each Sub-FundG , but this is not necessary for the Umbrella FundG as a whole.
        (7) The Fund ManagerG must prepare the annual and interim reports of the FundG in accordance with CIR Rule 9.2.1.
        (8) The reports must:
        (a) be supplied free of charge to UnitholdersG ;
        (b) be available in English,
        (c) be sent to the DFSAG ; and
        (d) if the FundG is a Public FundG , be available for inspection free of charge during ordinary office hours at a place specified.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]

      • CIR 9.4.3

        The Fund ManagerG must take reasonable steps to ensure that the interim and annual reports for a FundG or the Sub-FundsG of an Umbrella FundG are clear, complete and true and contain information for the relevant period and:

        (a) the name of the FundG or Sub-FundG , its stated investment objectives, the policy of achieving those objectives and a brief assessment of its risk profile;
        (b) a review of the Fund'sG or Sub-Fund'sG investment activities and investment performance during the period;
        (c) sufficient information to enable UnitholdersG to form a view on where the portfolio is invested at the end of the period and the extent to which that has changed over the period; and
        (d) any other significant information which would reasonably enable UnitholdersG to make an informed judgment on the activities of the FundG or Sub-FundG during the period and the results of those activities at the end of the reporting period.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • Contents of the Interim Report

      • CIR 9.4.4

        The Fund ManagerG must produce an interim report which contains:

        (a) the total expense ratio at the end of the period;
        (b) particulars of any material issues raised by the Eligible CustodianG and, if applicable, the TrusteeG , the investment committee or any PersonG providing oversight in relation to the FundG ; and
        (c) matters required to be included in the Fund Manager'sG report under CIR Rule 9.4.9.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • Contents of the Annual Report

      • CIR 9.4.5

        An annual report of a FundG , other than a FundG which is an Umbrella FundG , must contain:

        (a) the full audited financial statements for the annual accounting period;
        (b) the report produced by the Registered AuditorG in accordance with CIR Rule 9.3.8(b);
        (c) the report of the Fund ManagerG in accordance with CIR Rule 9.4.9;
        (d) if the FundG is a Public FundG , the comparative table in accordance with Rule CIR 9.4.10; and
        (e) if the FundG is a Public FundG , the OversightG report in accordance with CIR Rule 10.3.13.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]

      • CIR 9.4.6

        An annual report on a FundG which is an Umbrella FundG must contain:

        (a) for each Sub-FundG :
        (i) the full audited financial statements for the annual accounting period;
        (ii) the report of the Fund ManagerG in accordance with CIR Rule 9.4.9; and
        (iii) if the FundG is a Public FundG , the comparative table in accordance with CIR Rule 9.4.10;
        (b) an aggregation of the financial statements required by (a)(i) for each Sub-FundG ;
        (c) the report produced by the Registered AuditorG in accordance with CIR Rules 9.3.8(b); and
        (d) if the FundG is a Public FundG , the Oversight ReportG in accordance with CIR Rule 10.3.13.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]

      • CIR 9.4.7

        (1) Where a FundG is required to appoint an investment committee pursuant to CIR Rule 13.3.1(1) or CIR 13.4.3, the annual report must also include a report by that committee.
        (2) Where a FundG is a Hedge FundG , the annual report must also include a report of its Eligible CustodianG .
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]

      • CIR 9.4.8

        The Fund ManagerG must ensure that the financial statements give a true and fair view of the net income and the net gains and the losses on the Fund PropertyG of the FundG , or, the Sub-FundG , for the annual accounting period in question and the financial position of the FundG or Sub-FundG as at the end of that period.

        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]

    • Fund Manager's Report

      • CIR 9.4.9

        The matters set out in (a) to (h) must be included in any Fund Manager'sG report:

        (a) a restatement of the investment objectives of the FundG ;
        (b) a restatement of the policy for achieving those objectives;
        (c) a review of the investment activities, including in relation to (a) and (b), during the period to which the report relates;
        (d) particulars of any fundamental change requiring prior approval by UnitholderG meeting made since the date of the last report;
        (e) particulars of any significant change requiring pre-event notification since the date of the last report;
        (f) any other information which would enable UnitholdersG to make an informed judgement on the development of the activities of the FundG during this period and the results of those activities as at the end of that period;
        (g) for a report on an Umbrella FundG , the information required in (a) to (h) must be given for each Sub-FundG if it would vary from that given in respect of the Umbrella FundG as a whole; and
        (h) for a FundG which invests a substantial proportion of its assets in other FundsG , a statement as to the maximum proportion of management fees charged to the FundG itself and to other FundsG in which that FundG invests.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • Comparative Table

      • Guidance

        In presenting past performance information, the DFSAG recommends that Fund ManagersG follow the Global Investment Performance Standards (GIPS) issued by Institute of Chartered Financial Analysts of the USA.

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

      • CIR 9.4.10

        The comparative table for the annual report for a Public FundG must set out:

        (a) the performance record over the last five calendar years, or if the FundG has not been in existence during the whole of that period, over the whole period in which it has been in existence, showing:
        (i) the highest and the lowest price of a UnitG of each class in issue during each of those years; and
        (ii) the net income distributed or, for accumulation UnitsG , allocated for a UnitG of each class in issue during each of those years, taking account of any sub-division or consolidation of UnitsG that occurred during that period;
        (b) as at the end of each of the last three annual accounting periods or all of the Fund'sG annual accounting periods, if less than three:
        (i) the total net asset value of the Fund PropertyG at the end of each of those years;
        (ii) the net asset value per UnitG of each class; and
        (iii) for a report of the directors of an Investment CompanyG , the number of UnitsG of each class in issue; or
        (iv) for a report of the Fund ManagerG of any other FundG , the number of UnitsG of each class in existence or treated as in existence; and
        (c) if, in the period covered by the table:
        (i) the Fund ManagerG has been the subject of any event such as a transfer scheme having a material effect on the size of the FundG , but excluding any issue or cancellation of UnitsG for cash; or
        (ii) there have been changes in the investment objectives of the FundG ;
        an indication, related in the body of the table to the relevant year in the table, of the date of the event or change in the investment objectives and a brief description of its nature.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]