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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]
CIR App 2 Meeting Procedures
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • CIR App 2 Meeting Procedures

    • CIR A2.1 Nomination of a Chair

      • CIR A2.1.1

        (1) A Fund ManagerG of a Public FundG , or in the case of a FundG which is structured as an Investment TrustG , the TrusteeG , must nominate in writing a PersonG to be the chairman of a meeting of UnitholdersG and such a PersonG must be a UnitholderG other than the Fund ManagerG .
        (2) If no such chairman is nominated or if at any meeting the PersonG nominated is not present within 15 minutes after the time appointed for holding the meeting, the UnitholdersG present must choose another chairman.
        (3) In the case of an equality of votes cast whether on a show of hands or on a poll in respect of a resolution put to a meeting of the UnitholdersG , any chairman appointed in accordance with the ConstitutionG or under these RulesG is entitled to a casting vote in addition to any other vote the chairman may have.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]

      • Notice of Meetings

        • CIR A2.1.2

          (1) UnitholdersG of a Public FundG must be given at least 14 days written notice or any longer period of notice specified for the purpose in the ConstitutionG or these RulesG , inclusive of the date on which the notice is first served and the day of the meeting.
          (2) The notice must specify the place, day and hour of the meeting and the terms of the resolutions to be proposed.
          (3) In the case of an Investment TrustG , unless the TrusteeG has convened the meeting, a copy of the notice must be sent to the Trustee no later than the time at which it is sent to the UnitholdersG .
          (4) The accidental omission to give notice to, or the non-receipt of notice by, any of the UnitholdersG does not invalidate the proceedings at any meeting.
          (5) Notice of any adjourned meeting of UnitholdersG must be given to UnitholdersG and, if relevant, to the TrusteeG .
          Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

      • Quorum

        • CIR A2.1.3

          (1) In the case of an Investment TrustG , the quorum at a meeting of UnitholdersG is the UnitholdersG present in person or by proxy or, in the case of a body corporate, by a duly authorised representative, of one-tenth in value or any proportion more than one-tenth in value specified for this purpose in the Trust DeedG of all the UnitsG in issue.
          (2) In the case of an Investment CompanyG , the quorum at a meeting of UnitholdersG is two UnitholdersG , present in PersonG or by proxy or, in the case of a Body CorporateG , by a duly authorised representative.
          (3) Business must not be transacted at any meeting unless the requisite quorum is present at the commencement of business.
          (4) If within half an hour from the time appointed for the meeting, a quorum is not present, the meeting:
          (a) if convened on the requisition or request of UnitholdersG , must be dissolved; and
          (b) if any other case, must stand adjourned to:
          (i) a day and time which is seven or more days after the day and time of the meeting; and
          (ii) a place to be appointed by the chairman if a chairman has been appointed in accordance with the ConstitutionG or otherwise by the OperatorG .
          (5) If, at an adjourned meeting under (4)(b), a quorum is not present within 15 minutes from the time appointed for the meeting, one person entitled to be counted in a quorum present at the meeting is a quorum.
          (6) Notice of any adjourned meeting of UnitholdersG must be given to UnitholdersG . That notice must state that one or more UnitholdersG present at the adjourned meeting whatever their number and whatever the number of UnitsG held by that UnitholderG or UnitholdersG will form a quorum.
          Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

        • CIR A2.1.4

          (1) No Fund ManagerG , or other member of the Governing BodyG of the FundG is entitled to be counted in the quorum of, and no Fund ManagerG or other member of the Governing BodyG of the FundG nor any associate of such a PersonG is entitled to vote at, any meeting of the FundG .
          (2) The prohibition in (1) does not apply to the exercise of voting rights attaching to any UnitsG which the Fund ManagerG or other member of the Governing BodyG of the FundG or its associate holds on behalf of, or jointly with, another PersonG who is not subject to the prohibition in (1) and from whom the Fund ManagerG or other member of the Governing BodyG of the FundG or its associate, as the case may be, has received voting instructions.
          (3) Therefore, for the purpose of RuleG , UnitsG held, or treated as held, by any Fund ManagerG or other member of the Governing BodyG of the FundG , must not, except as mentioned in (2), be regarded as being in issue.
          Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

        • CIR A2.1.5

          If a resolution is required under these Rules for the approval of a Related Party TransactionG , a UnitholderG who is the Related PartyG proposing to enter into the transaction, and a UnitholderG who is an AssociateG of that Related PartyG , is not entitled to vote on the resolution.

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