Entire Section

  • Part 9: Part 9: DFSA Powers in Relation to a Fund

    • 68. Powers of Supervision

      (1) Without limiting the generality of the DFSA powers under Part 5 of the Regulatory Law 2004, the DFSA may, at any time, require from the Fund Manager and where appointed the Trustee of a Domestic Fund, such information as is necessary or deemed necessary to ascertain whether the Fund and the Fund Manager or if appointed Trustee are complying with the Fund's Constitution or Prospectus and with any relevant provisions of or made under any legislation administered by the DFSA.
      (2) The Fund Manager and where appointed the Trustee shall comply with any such request for information within any time limit specified by the DFSA.

    • 69. Stop Orders

      (1) If the DFSA is satisfied that:
      (a) any Prospectus or other document referred to in Article 56(1)(a) is misleading or deceptive;
      (b) any dealings in a Unit in a Domestic Fund would contravene or have contravened this Law or the Rules;
      (c) the Fund Manager is operating a type of, or specialist class of, a Domestic Fund for which it is not authorised under its Licence;
      (d) due to exceptional circumstances it is in the interest of the Unitholders in the Fund;
      (e) it is in the interests of the DIFC; or
      (f) the Fund Manager has failed to comply with a direction given under Article 27(4);
      the DFSA may issue a stop order directing that no Offers, issues, redemptions, sales or transfers of the Units of the Fund be made for such a period of time as it thinks appropriate.
      (2) The procedures in Schedule 3 to the Regulatory Law 2004 apply to a decision of the DFSA under this Article. The DFSA shall give both the Fund Manager and the Trustee (if appointed) the opportunity to make representations under those procedures.
      (3) If the DFSA decides to exercise its power under this Article, the Fund Manager or the Trustee (if appointed) may refer the matter to the FMT for review.