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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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  • FPR 6 Management and Operation of a Passported Fund

    • FPR 6.1 Compliance with Constitution

      • FPR 6.1.1

        This section applies if the DIFCG is the Home JurisdictionG of a Passported FundG .

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.1.2

        The Fund ManagerG of a Passported FundG must:

        (a) ensure that the Passported FundG is at all times managed and operated in compliance with its ConstitutionG , with the laws of the jurisdiction in which it is domiciled, and with these RulesG ; and
        (b) maintain, or cause to be maintained, a UnitholderG register for the Passported FundG .
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 6.2 Ongoing Appointment of Fund Manager

      • FPR 6.2.1

        This section applies if the DIFCG is the Home JurisdictionG or the Host JurisdictionG of a Passported FundG .

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.2.2

        The governing body or trustee of a Passported FundG must at all times have appointed a Fund ManagerG that is authorised by its Home RegulatorG to conduct the activity of fund management in its Home JurisdictionG .

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 6.3 Promotion by Fund Managers, Agents and other Licensed Persons

      • FPR 6.3.1

        This section applies if the DIFCG is the Host JurisdictionG of a Passported FundG .

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.3.2

        The Fund ManagerG , its AgentG and any other Licensed PersonG established or domiciled in another JurisdictionG , may PromoteG a Passported FundG in the DIFCG without the need for further authorisation or approval by the DFSAG , provided that such PromotionG activities are limited to the Passported FundG and the DIFCG is nominated as a Host JurisdictionG on the relevant Registers of Passported FundsG

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.3.3

        In performing any activities in connection with the PromotionG of a Passported FundG in the DIFCG , the Fund ManagerG , its AgentG and any other Licensed PersonG must comply at all times with the legislation applicable to them in the JurisdictionG in which they are domiciled.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 6.4 Additional criteria for Public Funds

      • FPR 6.4.1

        This section applies if the DIFCG is the Home JurisdictionG or the Host JurisdictionG of a Passported FundG .

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.4.2

        The Fund ManagerG of a Passported FundG that is a Public FundG must ensure that it meets the minimum requirements for Public FundsG set out in App1.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 6.5 Custodian

      • FPR 6.5.1

        This section applies if the DIFCG is the Home JurisdictionG or the Host JurisdictionG of a Passported FundG .

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.5.2

        To the extent that, under the legislation of its Home JurisdictionG , a custodian is required to be appointed for a Private FundG , the Fund ManagerG of a Passported FundG that is a Private FundG must ensure that the custodian:

        (a) meets all requirements as to eligibility and regulatory status as are imposed under the relevant legislation in its Home JurisdictionG ; and
        (b) is not the Fund ManagerG .
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

        • FPR 6.5.2 Guidance

          Passported Private FundsG domiciled in the DIFCG have to comply with the applicable CIRG requirements regarding custodians.

          Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.5.3

        The Fund ManagerG of a Passported FundG that is a Public FundG must ensure that, except in the case of a Property FundG , a custodian is appointed at all times in relation to the FundG . Such custodian must:

        (a) be authorised by the Securities and Commodities Authority to carry on the activity of providing custody or safekeeping and administration of property of a FundG ; and
        (b) not be the Fund ManagerG .
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.5.4

        Nothing in this section prevents a custodian appointing sub-custodians in the UAEG or elsewhere.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 6.6 Reporting changes to the DFSA

      • FPR 6.6.1

        This section applies if the DFSAG is the Home RegulatorG of a Passported FundG .

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.6.2

        The Fund ManagerG of the Passported FundG must notify the DFSAG as soon as practicable of any material events, in accordance with the applicable legislation. In particular, but without limitation, a Fund ManagerG or the governing body or trustee of a Passported FundG must notify the DFSAG as soon as practicable, and in any case no later than 7 days after it becomes aware, of any of the following events:

        (a) the Fund ManagerG intends to retire as manager of the Passported FundG ;
        (b) it is proposed that a successor manager will be appointed in relation to the Passported FundG ;
        (c) the Fund ManagerG has been removed or replaced as manager of the Passported FundG ;
        (d) any material service provider to the Passported FundG (including, without limitation, any custodian) or an AgentG resigns, is appointed, is removed, or is replaced;
        (e) the prospectus or offering document relating to the Passported FundG has been amended or replaced;
        (f) winding-up of the Passported FundG has commenced; or
        (g) the Fund ManagerG intends to vary or revoke its authorisation with its Home RegulatorG , or any of its permissions contained in that authorisation.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.6.3

        The notification referred to in FPR Rule 6.6.2 must be in such prescribed form as the DFSAG may direct from time to time. At a minimum, the notification must be accompanied by reasonable detail of the event and, where the prospectus or offering document has been amended or replaced, by a copy of the new prospectus or offering document.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.6.4

        Upon receiving such a notification as described in FPR Rule 6.6.2, the DFSAG must without undue delay notify the relevant Host RegulatorG of such changes.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.6.5

        To the extent that a Fund ManagerG is already required to make a notification to the DFSAG under applicable legislation in relation to a matter set out in this section, the provisions of this section do not require a further notification to be made.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]