Entire Section

  • Designated Foreign Fund Criteria

    • CIR 15.1.5 CIR 15.1.5

      The criteria prescribed for the purposes of Article 54(1)(a)(i) of the Law to enable an Authorised Firm to Offer a Unit of a Foreign Fund are as follows:

      (a) the Fund is both established and operated in a Recognised Jurisdiction specified in the DFSA's Recognised Jurisdictions Notice and the Fund is a Designated Fund included in that Notice;
      (b) if it is a Property Fund, the requirements in CIR Rule 15.1.7 are satisfied;
      (c) if it is an Exchange Traded Fund, the requirements in CIR Rule 13.9.1 are satisfied;
      (d) if it is a Venture Capital Fund, it is a Closed-ended Fund; and
      (e) if it is a Credit Fund:
      (i) it is a Closed-ended Fund;
      (ii) it satisfies the conditions that would be necessary for it to be an Exempt Fund or Qualified Investor Fund if it was a Domestic Fund;
      (iii) it has in place appropriate policies and procedures for assessing, pricing, granting, managing and acquiring credit;
      (iv) it has in place an appropriate stress testing programme; and
      (v) it is subject to regulatory requirements that provide an equivalent level of protection to that provided under CIR section 13.12 and CIR Rule 14.4.13.
      Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
      [Amended] DFSA RM218/2018 (Made 22nd February 2018). [VER23/12-18]
      [Amended] DFSA RMI279/2020 (Made 28th October 2020). [VER29/11-20]
      [Amended] DFSA RMI 323/2022 (Made 27th April 2022). [VER33/06-22]

      • CIR 15.1.5 Guidance

        For the purposes of the Rules including this Rule, the DFSA has issued and published a Recognised Jurisdictions Notice on its website which sets out the list of Recognised Jurisdictions and which also specifies the Designated Funds.

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