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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
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DFSA Codes of Practice
Amendments to Legislation
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Financial Markets Tribunal
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  • CIR 14.5 Obligation Relating to Making a Prospectus Available

    • CIR 14.5.1

      (1) A Fund ManagerG of a Domestic FundG must make the Fund'sG most recent ProspectusG available free of charge to any UnitholderG and to any PersonG who is eligible to invest in the FundG when making an OfferG to issue or sell a UnitG of the FundG to such a PersonG , and, in any case, must not enter into a TransactionG relating to the issue or sale of a UnitG of the FundG with a PersonG unless that TransactionG results from an Excluded OfferG as defined in CIR section 4.1 of this module.
      (2) A Fund ManagerG of a Domestic FundG which is an Exempt FundG or a Qualified Investor FundG must not, and must not cause any other PersonG to, make an OfferG of UnitsG of such a FundG in a manner that would result in a breach of the requirements in Article 16(4) or (5) of the Law as is applicable to that FundG .
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
      [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]

      • CIR 14.5.1 Guidance

        1. CIR Section 4.1 of this module contains the definitions of Excluded OffersG , such as Execution-only TransactionsG and TransactionsG with market CounterpartiesG .
        2. A Fund ManagerG should note the requirements in Article 50(1) of the Law. Accordingly, a ProspectusG drawn up pursuant to CIR Rule 14.1.3 should be made available to prospective UnitholdersG for as long as the OfferG is open and once the OfferG is closed, the Fund Manager'sG obligation to make the ProspectusG available would cease.
        3. Articles 16(4) and (5) of the Law set out the conditions that must be satisfied for Exempt FundsG and Qualified Investor FundsG . In particular, these articles require that UnitsG in an Exempt FundG or a Qualified Investor FundG may only be OfferedG for issue or sale by means of a Private PlacementG with Professional ClientsG .
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]
        [Amended] DFSA RM218/2018 (Made 22nd February 2018). [VER23/12-18]

    • CIR 14.5.2

      (1) Where an Authorised FirmG OffersG a UnitG of a Domestic FundG to a PersonG it must make available to that PersonG a copy of the most recent ProspectusG at the time of the OfferG or before effecting the TransactionG in relation to the UnitsG , unless that TransactionG results from an Excluded OfferG as defined in CIR section 4.1 of this module.
      (2) An Authorised FirmG must not make an OfferG of UnitsG of an Exempt FundG or a Qualified Investor FundG in a manner that would result in a breach of the requirements in Articles 16(4) or (5) of the Law as is applicable to that FundG .
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
      [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]

    • CIR 14.5.3

      A Fund ManagerG and an Authorised FirmG making an OfferG of a UnitG of a FundG meet the requirement in CIR Rule 14.5.1(1) or CIR Rule 14.5.2(1) as is relevant by:

      (a) maintaining at its place of business in the DIFCG copies of the relevant ProspectusG for inspection by ClientsG and by the DFSAG during normal business hours; or
      (b) being able to advise readily of a location in the DIFCG where copies of the ProspectusG are available.
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

      • CIR 14.5.3 Guidance

        Copies of the ProspectusG may be stored electronically so long as ClientsG and the DFSAG have ready and immediate access.

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