Entire Section

  • CIR 6.1 CIR 6.1 Requirements for External Fund Managers

    • Application

      • CIR 6.1.1

        This section applies to an External Fund Manager.

        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • Subjecting to the DIFC Jurisdiction

      • CIR 6.1.2

        An External Fund Manager must:

        (a) be subject to regulation by a Financial Services Regulator in a Recognised Jurisdiction or a jurisdiction otherwise acceptable to the DFSA with respect to its activity of managing Fund; and
        (b) subject itself to the DIFC laws and the jurisdiction of the DIFC Courts so far as they apply to its activities relating to the Domestic Fund, and, for that purpose, sign the appropriate declaration contained in AFN.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • Appointment of Fund Administrator/Trustee

      • CIR 6.1.3 CIR 6.1.3

        (1) An External Fund Manager must:
        (a) appoint to the Fund a Fund Administrator or a Trustee licensed by the DFSA (hereafter referred to as the "Appointed Fund Administrator" or "Appointed Trustee") before any Units in that Fund are Offered to 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 DFSA and Unitholders and prospective Unitholders of the Fund; and
        (c) require the Appointed Fund Administrator or Appointed Trustee to, and for this purpose grant to that Person such powers as are necessary to, facilitate:
        (i) if it is an Open-ended Fund, the issue, resale and redemption of the Units of the Fund and 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 Unitholders of the Fund all the reports required under the Law and the Rules;
        (iii) access to the Constitution and most recent Prospectus of the Fund to Unitholders and prospective Unitholders;
        (iv) access to the Unitholder register; and
        (v) access to the books and records relating to the Fund as required by the DFSA and any person providing the oversight functions of the Fund,
        in or from a place of business in the DIFC.
        (2) If the Fund is structured as an Investment Trust, the Fund Manager may appoint the Trustee as its Appointed Trustee for the purposes of (1).
        (3) An External Fund Manager must continue to meet the criteria in Article 20(5) of the Law.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]

        • CIR 6.1.3 Guidance

          In addition to the requirements in this chapter which apply to the Appointed Fund Administrator or Appointed Trustee, Persons who are appointed to Funds as Fund Administrators or Trustees have other obligations (see for example CIR chapter 5.1).

          Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • Use of a Fund Platform not permitted

      • CIR 6.1.4

        An External Fund Manager must not use a Fund Platform.