Entire Section

  • MKT 6.6 MKT 6.6 Disclosure of Interests by Connected Persons of Listed Funds

    • MKT 6.6 Guidance

      Article 42 of the Law requires certain Persons connected to a Reporting Entity to file with the DFSA and the Reporting Entity a report in accordance with the requirements prescribed in the Rules.

      Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

    • Definitions

      • MKT 6.6.1

        (1) For the purposes of Article 42(2) of the Law, a Person is hereby prescribed as a Connected Person of a Listed Fund if that Person:
        (a) becomes a member of the Governing Body of the Listed Fund or an individual involved in the senior management of either the Reporting Entity of the Fund or a controller of the Reporting Entity of the Fund or the Trustee of the Fund; or
        (b) owns or beneficially owns voting rights carrying more than 5% of the voting rights attaching to the Units of the Fund or of the Trustee of the Fund.
        (2) In (1), a Person is a controller of a Reporting Entity if that Person (the first Person), either alone or with the Associates of that Person, controls the majority of the voting rights in, or the right to appoint or remove the majority of the Board of, the Reporting Entity or any Person who has similar control over the first Person, including an ultimate controller of the first Person.
        (3) For the purposes of determining whether a Person has control for the purposes of (1), any Securities held by that Person and his Associates, including those in which that Person or Associate of the Person has a beneficial interest, are deemed as his Securities except where;
        (a) any such Securities are held by that Person on behalf of another Person who is not an Associate of that Person; or
        (b) the Person does not have control over the voting rights attaching to the Securities because some other Person manages those Securities on a discretionary basis.
        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
        [Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]

    • Events that Trigger a Report

      • MKT 6.6.2

        A Person who is a Connected Person of a Listed Fund pursuant to Rule 6.6.1, must file the report within 5 business days of:

        (a) becoming or ceasing to be a Director or a Person involved in the senior management of a controller of the Reporting Entity of the Fund or of the Trustee of the Fund;
        (b) acquiring or ceasing to hold either alone or with an Associate of the Person 5% of the voting rights attaching to the Units of the Fund or of the Trustee of the Fund or a controller of the Reporting Entity of the Fund or the Trustee of the Fund; or
        (c) an increase or decrease of at least 1% of the level of interest previously reported pursuant to (b).
        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

    • Content of the Report

      • MKT 6.6.3

        A report filed by a Connected Person must contain the following information:

        (a) the name and address of the Connected Person;
        (b) the name and address of the Responsible Entity and its registered address;
        (c) the name and registered address of the Listed Fund;
        (d) the date on which the event giving rise to the obligation to file a report occurred;
        (e) the date on which the filing was made; and
        (f) the price, amount and class of Securities or other Investments as is relevant in relation to the transaction or other event and the previous and new level of interest held.
        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]

    • Market Disclosure

      • MKT 6.6.4

        Upon a Connected Person filing a report with the Reporting Entity, the Reporting Entity must, as soon as possible, disclosure of that report to the market.

        Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]