Entire Section

  • 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]