Entire Section

  • CIR 13.7 CIR 13.7 Umbrella Funds

    • CIR 13.7 Guidance

      See CIR Rule 3.1.10 for the definition of an Umbrella Fund.

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

    • Form of an Umbrella Fund

      • CIR 13.7.1 CIR 13.7.1

        Subject to any restrictions in the Law and the Rules in this module, an Umbrella Fund:

        (a) may be formed as a Protected Cell Company (PCC); and
        (b) must be an Open-ended Fund if formed as a PCC.
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
        [Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]

        • CIR 13.7.1 Guidance

          1. A Protected Cell Company (PCC) is a form of Investment Company which needs to be registered as a PCC under the Companies Regulations. An Umbrella Fund using the PCC structure has the benefit of legal segregation of Fund Property forming part of each individual cell. Accordingly, Fund Property of one cell of a PCC is not available to pay any obligations arising in relation to another cell of that PCC.
          2. It is not mandatory for an Umbrella Fund to be constituted as a PCC. Instead, such Funds may be formed as a conventional Investment Company or Investment Trust. However, the legal segregation available to each cell of a PCC is not available to Sub-Funds of Umbrella Funds not formed as a PCC.
          Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]

    • Investments of an Umbrella Fund

      • CIR 13.7.2 CIR 13.7.2

        A Fund Manager of an Umbrella Fund must ensure that none of its Sub-Funds invests in another of its Sub-Funds.

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

        • CIR 13.7.2 Guidance

          Requirements that apply to other Funds apply to Umbrella Funds equally, although there are some Umbrella Fund specific requirements. For convenience of reference, key provisions specific to Umbrella Funds are identified in the following Table.

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

      • CIR 13.7.3

        Additional requirements specific to Umbrella Funds

        Rule Requirements
        CIR Rule 3.1.10 Definition
        CIR Rule 13.7.1 Form of an Umbrella Fund
        CIR Rules 9.4.2 Annual and interim reports
        CIR Rules 9.4.6 Content of the annual report of an Umbrella Fund
        CIR Rules 9.4.9 Fund Manager's Report
        CIR Rules 13.7.2 Investment restrictions applicable to Fund of Funds when investing in a Sub-Fund
        CIR AppA7.1.1(2)(h)&17 Content of a Public Fund Prospectus
        CIR Rules 14.3.5 Content of a Short Form Prospectus
        Rules CIR 16.1.1, CIR 16.1.3(3) (4) & (5) Transfer schemes
        Rules CIR 17.1.1 & CIR 17.1.6 Winding up
        Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]