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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 13.3 Private Equity Funds

    • CIR 13.3 Guidance

      See CIR Rule 3.1.6 for the definition of a Private Equity FundG .

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

    • Investment Committee

      • CIR 13.3.1

        (1) A Fund ManagerG of a Private Equity FundG is not required to appoint an Eligible CustodianG for the FundG pursuant to CIR Rule 8.2.2 where it meets the requirements in (2) and (3).
        (2) A Fund ManagerG of a Private Equity FundG must call a meeting of UnitholdersG to vote on the election of at least three experts who are independent of the Fund ManagerG to sit on an investment committee of the FundG .
        (3) The committee members in (2) must not involve themselves in the day to day management of the FundG but are appointed to review investment opportunities.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

        • CIR 13.3.1 Guidance

          1. The DFSAG expects Fund ManagersG of Private Equity FundsG to have proper regard to best practice standards or guidance issued by the DFSAG as well as leading international trade bodies in relation to such FundsG .
          2. Experts are persons whose profession, expertise or reputation gives authority to a statement or opinion made by that person in relation to the subject matter of the statement or opinion.
          3. Where a Private Equity FundG appoints an investment committee pursuant to CIR Rule 13.3.1(2), the annual report of that FundG must also include a report by that committee (see CIR Rule 9.4.7(1)).
          Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
          [Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]

      • CIR 13.3.2

        A Fund ManagerG of a Private Equity FundG must ensure that:

        (a) unless the purpose of the FundG is to invest in a single venture or undertaking, it does not invest more than 25% of the FundG in one such venture or undertaking; and
        (b) it does not invest in companies which are Related PartiesG in relation to the FundG or the Fund ManagerG , except where it does so in compliance with the requirements in CIR Rule 8.3.2.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] RM195/2016 (Made 7th December 2016). [VER22/02-17]

      • CIR 13.3.3

        Where the Fund ManagerG of a Private Equity FundG intends to invest in any venture, the Fund ManagerG must ensure that it makes adequate arrangements for the undertaking of due diligence in respect of that venture including investigating its corporate governance standards.

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

      • CIR 13.3.4

        If a Fund ManagerG of a Private Equity FundG has placed a PersonG on the board of the UndertakingG in which it is investing, it must take reasonable steps to ensure that it manages conflicts and follows good corporate governance.

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