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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 ]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices

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  • CIR 13.7 Umbrella Funds

    • CIR 13.7 Guidance

      See CIR Rule 3.1.10 for the definition of an Umbrella FundG .

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

    • Form of an Umbrella Fund

      • CIR 13.7.1

        Subject to any restrictions in the Law and the RulesG in this module, an Umbrella FundG :

        (a) may be formed as a Protected Cell CompanyG (PCC); and
        (b) must be an Open-ended Fund if formed as a PCCG .
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]

        • CIR 13.7.1 Guidance

          1. A Protected Cell CompanyG (PCC) is a form of Investment CompanyG which needs to be registered as a PCCG under the Companies RegulationsG . An Umbrella FundG using the PCCG structure has the benefit of legal segregation of Fund PropertyG forming part of each individual cell. Accordingly, Fund PropertyG of one cell of a PCCG is not available to pay any obligations arising in relation to another cell of that PCCG .
          2. It is not mandatory for an Umbrella FundG to be constituted as a PCCG . Instead, such FundsG may be formed as a conventional Investment CompanyG or Investment TrustG . However, the legal segregation available to each cell of a PCCG is not available to Sub-FundsG of Umbrella FundsG not formed as a PCCG .
          Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • Investments of an Umbrella Fund

      • CIR 13.7.2

        A Fund ManagerG of an Umbrella FundG must ensure that none of its Sub-FundsG invests in another of its Sub-FundsG .

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

        • CIR 13.7.2 Guidance

          Requirements that apply to other FundsG apply to Umbrella FundsG equally, although there are some Umbrella FundG specific requirements. For convenience of reference, key provisions specific to Umbrella FundsG are identified in the following Table.

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

      • CIR 13.7.3

        Additional requirements specific to Umbrella Funds

        Rule Requirements
        CIR Rule 3.1.10 Definition
        CIR Rule 13.7.1 Form of an Umbrella Fund
        CIR Rules 9.4.2 Annual and interim reports
        CIR Rules 9.4.6 Content of the annual report of an Umbrella Fund
        CIR Rules 9.4.9 Fund Manager's Report
        CIR Rules 13.7.2 Investment restrictions applicable to Fund of Funds when investing in a Sub-Fund
        CIR AppA7.1.1(2)(h)&17 Content of a Public Fund Prospectus
        CIR Rules 14.3.5 Content of a Short Form Prospectus
        Rules CIR 16.1.1, CIR 16.1.3(3) (4) & (5) Transfer schemes
        Rules CIR 17.1.1 & CIR 17.1.6 Winding up
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]