CIR 14.3 CIR 14.3 Prospectus Content
Public Fund Prospectus
CIR 14.3.1 CIR 14.3.1(1) Without limiting the generality of the
Prospectusdisclosure required under Article 52 of the Law, the Fund Managermust, in the case of a Public Fund, include in the Fund's Prospectus:(b) if the Public Fundis a Passported Fund, the information in CIR App 1 of FPR, including a Key Investor Information Document (KIID);(c) if it is a specialist class of a Public Fund, any information as is relevant to that specialist class of Fundas set out in CIR section 14.4;(d) a Summary Documentcontaining:(i) information to clearly identify the Fundand its classification;(ii) a short description of the Fund's investment objectives and investment policy for achieving those objectives;(iii) past-performance presentation or, where relevant, performance scenarios;(iv) costs and associated charges; and(v) risk/reward profile of the investment, including appropriate guidance and warnings in relation to the risks associated with investments in the relevant Fund;(e) the mandatory statement required under CIR Rule 14.3.3;(f) if Units of the Fund are Security Tokens, information equivalent to that specified in MKT App 7 in respect of those Units;(g) if 10% or more of the gross asset value of the Fund Property consists of Investment Tokens, information equivalent to that specified in MKT App 7 in respect of the Investment Tokens; and(h) if it is an Open-ended Fund, the information relating to the powers available to the Fund Managerto address liquidity risks that may arise in the Fund, and procedures, including triggers, for the exercise of such powers, required under CIR Rule 8.6A.1(2)(d).(2) A Prospectus may consist of a single document, or a multi-part Prospectus containing:(a) a Summary;(b) information relating to the Fund Manager and Trustee; and(c) information relating to the Fund.(3) If a Prospectus is a multi-part Prospectus, the Fund Manager must ensure that the Prospectus as a whole is up-to-date.Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]
[Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]
[Amended] RM235/2019 (Made 20th February 2019). [VER24/02-19]
[Amended] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]
[Amended] DFSA RMI248/2019 (Made 18th December 2019) [VER26/12-19].
[Amended] DFSA RMI314/2021 (Made 30th June 2021). [VER32/10-21]
CIR 14.3.1 Guidance
Where a material part of the Fund Property of a Public Fund consists of Tokens other than Investment Tokens, the DFSA considers that the Prospectus of that Fund should contain information relating to those Tokens that is equivalent to the information specified in MKT App 7. Such information is likely to be relevant under Article 52(2) of the Law, which requires disclosure of all the information a person and his professional advisers would reasonably require and expect to find in the Prospectus to make an informed decision to become a Unitholder of the Fund.Derived from DFSA RMI314/2021 (Made 30th June 2021). [VER32/10-21]
CIR 14.3.2 [Deleted][Deleted] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]
CIR 14.3.2 CIR 14.3.2 Information Memorandum of an Exempt Fund or a Qualified Investor Fund
CIR 14.3.2 Guidance1. Under Article 50(3)(a) of the Law, an
Information Memorandumof an Exempt Fundor a Qualified Investor Fundis a Prospectusfor the purposes of the Law and the Rulesunless otherwise provided. In limited circumstances, the Rulesprescribe additional disclosure to be included in a Prospectusof an Exempt Fund(for example CIR Rule 13.6.3 where an Exempt Fundappoints a prime broker with certain additional powers).2. There is no detailed prescribed disclosure content for the Information Memorandumof an Exempt Fundor a Qualified Investor Fund. However, as an Information Memorandumis a Prospectus, it is subject to the disclosure obligation in Article 52(2) of the Law. As a result, a Fund Managerof such a Fundmust include all the information which Professional Clientsto whom it intends to Offer Unitsof the Fundwould reasonably require and expect to find in such a Prospectus. This is to enable such Clientsto make an informed decision relating to investing in the Fund.3. In the case of an Information Memorandum for an Exempt Fund or Qualified Investor Fund with Units that are Security Tokens, or where a material part of the Fund Property consists of Investment Tokens, the DFSA considers that Professional Clients would reasonably require and expect to find in such a Prospectus the information specified in MKT App 7. Where a material part of the Fund Property consists of Tokens other than Investment Tokens, the DFSA considers that Professional Clients would reasonably require and expect to find in such a Prospectus the equivalent of any information specified in MKT App 7 that is relevant to those Tokens.
CIR 14.3.3(1) A
Fund Managerof a Public Fundmust, except as provided in (1A) and (2), include in the Fund's Prospectus, the following statement displayed prominently on its front page:
"This Prospectus relates to a DIFC Fund in accordance with the Collective Investment Law 2010 and Rules of the Dubai Financial Services Authority ("DFSA").
The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Domestic Fund. Accordingly, the DFSA has not approved this Prospectus or any other associated documents nor taken any steps to verify the information set out in this Prospectus, and has no responsibility for it.
The Units to which this Prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Units offered should conduct their own due diligence on the Units.
If you do not understand the contents of this document you should consult an authorised financial adviser."(1A) For a
Public Fundthat is a Passported Fund, instead of the statement referred to in (1), the F und Managermust include the statement specified in FPR Rule 3.2.3(e).(2) In the case of a Public Fundwhich is a Listed Fund, the Fund Managermust include, instead of the statement referred to in (1), the statement required:(a) under MKT Rule 6.3.1(1)(b)(iii) or (4) as applicable, if it is a conventional Listed Fund; and(b) under IFR Rule 6.5.1(h), if it is an Islamic Fund.(3) If a Fundis an Exempt Fund, the Fund Managermust include, in addition to the statement referred to in (1), the following statement:
"This Information Memorandum is intended for only Professional Clients who can make a minimum subscription of US$50,000 and must not, therefore, be delivered to, or relied on by, a Retail Client or a Professional Client not able to make that minimum subscription."(4) If an
Exempt Fundis a Passported Fund, the Fund Managermust include, instead of the statement in (1), the statement specified in FPR Rule 3.1.3(d) and the statement referred to in (3).
CIR 14.3.5 [Deleted][Deleted] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]