Entire Section
GEN 2.10 GEN 2.10 Managing assets
GEN 2.10.1
In GEN Rule 2.2.2
Managing Assets means managing on a discretionary basis assets belonging to anotherPerson if the assets include anyInvestment or rights under a contract ofLong-Term Insurance , not being a contract of reinsurance.
Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]Exclusions
GEN 2.10.2 GEN 2.10.2
A
Person who is not anAuthorised Firm or anAuthorised Market Institution does notManage Assets if:(a) he is aPerson formally appointed in writing by the owner of the assets to manage the assets in question; and(b) all day-to-day decisions relating to theInvestments which are included in those assets are taken by anAuthorised Firm or aRegulated Financial Institution .
Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]GEN 2.10.2 Guidance
1. APerson does not become aFund Manager of aFund merely by being appointed by aFund Manager of aFund to provide theFinancial Service ofManaging Assets to theFund . This is because theFund Manager remains legally accountable to theUnitholders of theFund for the proper management of theFund in accordance with itsConstitution andProspectus .2. If anAuthorised Firm has a discretionary portfolio mandate from aClient to manage assets on behalf of theClient , the firm controls thoseClient Assets as it can execute transactions relating to those assets, within the parameters set in the mandate (see also COB Rule 6.11.4(d)).[Added] DFSA RM72/2010 (Made 11th July 2010) [VER26/07-10]
[Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]