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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Markets Rules (MKT) [VER14/02/19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
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Financial Markets Tribunal
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  • MKT 6.6 Disclosure of Interests by Connected Persons of Listed Funds

    • MKT 6.6 Guidance

      Article 42 of the Law requires certain PersonsG connected to a Reporting EntityG to file with the DFSAG and the Reporting EntityG a report in accordance with the requirements prescribed in the RulesG .

      Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

    • Definitions

      • MKT 6.6.1

        (1) For the purposes of Article 42(2) of the Law, a PersonG is hereby prescribed as a Connected PersonG of a Listed FundG if that PersonG :
        (a) becomes a member of the Governing BodyG of the Listed FundG or an individual involved in the senior management of either the Reporting EntityG of the Fund or a controller of the Reporting EntityG of the Fund or the Trustee of the Fund; or
        (b) owns or beneficially owns voting rights carrying more than 5% of the voting rights attaching to the UnitsG of the FundG or of the TrusteeG of the FundG .
        (2) In (1), a PersonG is a controller of a Reporting EntityG if that PersonG (the first PersonG ), either alone or with the AssociatesG of that PersonG , controls the majority of the voting rights in, or the right to appoint or remove the majority of the BoardG of, the Reporting EntityG or any PersonG who has similar control over the first PersonG , including an ultimate controller of the first PersonG .
        (3) For the purposes of determining whether a PersonG has control for the purposes of (1), any SecuritiesG held by that PersonG and his AssociatesG , including those in which that PersonG or AssociateG of the PersonG has a beneficial interest, are deemed as his SecuritiesG except where;
        (a) any such SecuritiesG are held by that PersonG on behalf of another PersonG who is not an AssociateG of that PersonG ; or
        (b) the PersonG does not have control over the voting rights attaching to the SecuritiesG because some other PersonG manages those SecuritiesG on a discretionary basis.
        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
        [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]

    • Events that Trigger a Report

      • MKT 6.6.2

        A PersonG who is a Connected PersonG of a Listed FundG pursuant to Rule 6.6.1, must file the report within 5 business days of:

        (a) becoming or ceasing to be a DirectorG or a PersonG involved in the senior management of a controller of the Reporting EntityG of the FundG or of the TrusteeG of the FundG ;
        (b) acquiring or ceasing to hold either alone or with an AssociateG of the PersonG 5% of the voting rights attaching to the UnitsG of the FundG or of the TrusteeG of the FundG or a controller of the Reporting EntityG of the FundG or the TrusteeG of the FundG ; or
        (c) an increase or decrease of at least 1% of the level of interest previously reported pursuant to (b).
        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

    • Content of the Report

      • MKT 6.6.3

        A report filed by a Connected PersonG must contain the following information:

        (a) the name and address of the Connected PersonG ;
        (b) the name and address of the Responsible EntityG and its registered address;
        (c) the name and registered address of the Listed FundG ;
        (d) the date on which the event giving rise to the obligation to file a report occurred;
        (e) the date on which the filing was made; and
        (f) the price, amount and class of SecuritiesG or other InvestmentsG as is relevant in relation to the transaction or other event and the previous and new level of interest held.
        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

    • Market Disclosure

      • MKT 6.6.4

        Upon a Connected PersonG filing a report with the Reporting EntityG , the Reporting EntityG must, as soon as possible, disclosure of that report to the market.

        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]