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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]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
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  • Real Estate Investment Trusts (REITs)

    • CIR 13.5.1

      (1) A Fund ManagerG , or any PersonG making an OfferG of a UnitG of a FundG or otherwise marketing a FundG , must not include the term "Real Estate Investment Trust" or "REIT" or refer to a FundG or otherwise hold out a FundG as being a Real Estate Investment TrustG or a REITG , unless it is a Property FundG which is constituted in accordance with (2).
      (2) A REITG is a Property FundG which:
      (a) is constituted either as an Investment CompanyG or as an Investment TrustG ;
      (b) is primarily aimed at investments in income-generating Real PropertyG ; and
      (c) distributes to the UnitholdersG at least 80% of its audited annual net income.
      (3) If at any time during the operation of the FundG the requirements in (2) are not met, the Fund ManagerG , and, if appointed the TrusteeG , must immediately notify the DFSAG and the exchange of the failure to meet the requirements in these RulesG and what measures have been or will be taken to remedy the breach.
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
      [Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]
      [Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]

    • CIR 13.5.2

      (1) A Fund ManagerG of a REITG must ensure that it distributes to the UnitholdersG as dividends each year an amount not less than 80% of its audited annual net income.
      (2) The PersonsG providing oversight functions in respect of a Public REITG must determine if any;
      (a) revaluation surplus credited to income, or
      (b) gains on disposal of Real PropertyG ,
      shall form part of net income for distribution to UnitholdersG .
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
      [Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]

    • CIR 13.5.3

      Where a Public REITG holds any Real PropertyG via one or more Special Purpose VehiclesG , the Fund ManagerG must ensure that each Special Purpose VehicleG distributes to the FundG all of its income as permitted by the laws and regulations of the jurisdiction where the Special Purpose VehicleG is established.

      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
      [Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]

    • CIR 13.5.4

      (1) A Fund ManagerG of a Public REITG must ensure, subject to (2), that any investment made in respect of property under development whether on its own or in a joint venture is undertaken only where the REITG intends to hold the developed property upon completion.
      (2) The total contract value of the property under development in (1) must not exceed 30% of the net asset value of the Fund PropertyG of the Public REITG .
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
      [Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]

      • CIR 13.5.4 Guidance

        For the purposes of CIR Rule 13.5.4, the DFSAG would not consider property development activities to include refurbishment, retrofitting and renovation.

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

    • CIR 13.5.5 [Deleted]

      [Deleted] RM158/2015 (Made 9th December 2015). [VER19/02-16]