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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]
Part 6 Rules Specific to Specialist Classes of Domestic Funds
CIR 13 Additional Requirements for Specialist Funds
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 13.4.19

    For the purpose of CIR Rule 13.4.18, a Fund Manager must appoint a Person:

    (a) who carries on the business of valuing Real Property;
    (b) who is not Related to the Fund Manager; and
    (c) whom the Fund Manager, and if appointed the Trustee, have reasonable grounds to believe would be capable of providing objective valuation of Real Property.
    Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • CIR 13.4.19 Guidance

      1. The term "Related" has the meaning given to it in the GLO module.
      2. A Fund Manager, and where appointed the Trustee, in forming the opinion required under CIR Rule 13.4.19(c), should be satisfied that the Person to be engaged for providing valuation of Real Property meets if not all, at least most of the following criteria:
      a. the Person is a, or has key personnel who are, fellow or associate members of a recognised professional body of surveyors or property valuers and who are qualified to perform property valuations;
      b. the Person has or has access within the organisation to the relevant expertise, that is, knowledge of and experience in the valuation of property of the relevant kind in the relevant area where the property is situated;
      c. the Person has robust internal controls and checks and balances to ensure the integrity of valuation reports and that these reports are properly and professionally prepared in accordance with international best practice;
      d. the Person has adequate professional insurance to cover its usual risks;
      e. the Person does not have ownership or other commercial links with any other Persons providing Financial Services to the Fund (such as investment advisers or investment managers appointed to the Fund), which would impair that Person's ability to provide independent and objective valuation services to the Fund; and
      f. the Person or any of his associates has not been instrumental in relation to the finding of the Real Property for the Fund.
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]