CIR 6.1 CIR 6.1 Requirements for External Fund Managers
This section applies to an
External Fund Manager.
Subjecting to the DIFC Jurisdiction
External Fund Managermust:(a) be subject to regulation by a Financial Services Regulatorin a Recognised Jurisdictionor a jurisdiction otherwise acceptable to the DFSAwith respect to its activity of managing Fund; and(b) subject itself to the DIFClaws and the jurisdiction of the DIFC Courtsso far as they apply to its activities relating to the Domestic Fund, and, for that purpose, sign the appropriate declaration contained in AFN.
Appointment of Fund Administrator/Trustee
CIR 6.1.3 CIR 6.1.3(1) An
External Fund Managermust:(a) appoint to the Funda Fund Administratoror a Trusteelicensed by the DFSA(hereafter referred to as the "Appointed Fund Administrator" or "Appointed Trustee") before any Unitsin that Fundare Offeredto any Person;(b) nominate, and require, the Appointed Fund Administrator or Appointed Trustee, as the case may be, to be its agent in relation to its dealings with the DFSAand Unitholdersand prospective Unitholdersof the Fund; and(c) require the Appointed Fund Administrator or Appointed Trustee to, and for this purpose grant to that Personsuch powers as are necessary to, facilitate:(i) if it is an Open-ended Fund, the issue, resale and redemption of the Unitsof the Fundand the publication of the price at which such issue, resale or redemption will occur as provided under the Law and the Rules;(ii) the sending to Unitholdersof the Fundall the reports required under the Law and the Rules;(iii) access to the Constitutionand most recent Prospectusof the Fundto Unitholdersand prospective Unitholders;(iv) access to the Unitholderregister; and(v) access to the books and records relating to the Fundas required by the DFSAand any person providing the oversight functions of the Fund,in or from a place of business in the DIFC.(2) If the Fundis structured as an Investment Trust, the Fund Managermay appoint the Trusteeas its Appointed Trustee for the purposes of (1).(3) An External Fund Managermust continue to meet the criteria in Article 20(5) of the Law.
CIR 6.1.3 Guidance
In addition to the requirements in this chapter which apply to the Appointed Fund Administrator or Appointed Trustee,
Personswho are appointed to Fundsas Fund Administratorsor Trusteeshave other obligations (see for example CIR chapter 5.1).
Use of a Fund Platform not permitted
An External Fund Manager must not use a Fund Platform.