Offer of Units of Foreign Funds under Article 54(1)(c) of the Law
CIR 15.1.9 CIR 15.1.9(1) An
Authorised Firmmay not make an Offerof a Unitof a Foreign Fundunder the criteria in Article 54(1)(c) of the Law unless:(a) it has first satisfied itself on reasonable grounds that the Fundmeets the criteria specified in Article 54(1)(c)(i), (ii) and (iii) of the Law; and(b) it makes the Offerin a manner that is in accordance with the criteria in Article 54(1)(c)(i) and (ii) of the Law.(2) An Authorised Firmthat relies on (1) for Offering Unitsof a Foreign Fundmust be able to demonstrate to the DFSAthat it conducted adequate due diligence to ensure compliance with (1)(a).
CIR 15.1.9 Guidance
Rule 15.1.9 allows an
Authorised Personto make an Offerof a Unitin a Foreign Fundwhere the Fundand the Offerof the Unitsatisfy criteria equivalent to those applicable to an Exempt Fundor Qualified Investor Fund.[Added] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]