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Dubai Financial Services Authority (DFSA): Contents

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

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  • 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]