Disclosure Relating to Shari'a Supervisory Board
IFR 3.8.1 IFR 3.8.1(1) An
Authorised Firm, subject to (2), must disclose to each Client:(a) at the outset of the relationship and thereafter at any time on request, details of the members of the Authorised Firm's Shari'a Supervisory Board; and(b) at any time on request, details of the manner and frequency of Shari'a reviews.(2) An Authorised Firmdoes not have to make the disclosure required under (1) if it is a Fund Managerof a Fundand is making an Offerof Unitsof that Fundin accordance with the disclosure requirements in the Collective Investment Law 2010, the CIR module and this module.(3) An Authorised Market Institutionmust disclose the following information to each Persongranted access to its facilities at the outset of the relationship, and thereafter whenever the information changes:(a) the members of the Authorised Market Institution's Shari'a Supervisory Board; and(b) if the Persongranted access to its facilities requests, the manner and frequency of Shari'a reviews.
IFR 3.8.1 Guidance1. An
Authorised Firmmay make the initial disclosures required under IFR Rule 3.8.1(a) by including such information in the Client Agreementprovided under COB chapter 3.2. An Authorised Firm Managing a PSIAmay make additional disclosure required to be made relating to PSIAby including such information in the Client Agreement. See IFR chapter 5 for additional disclosure for PSIAs.3. A Fund Managermaking an Offerof a Unitof a Fundit manages is required under Rules CIR 14.3.1(b) and CIR 14.3.2(b) to include information specified in IFR Rule 3.8.1(1) in the Prospectuswhich it must prepare and make available to Clients, hence the exemption in IFR Rule 3.8.1(2). A similar exemption is available to Fund Managerswith regard to key information that must be provided to a Client under COB Rule 3.3.1(e).