Entire Section

  • CIR 13.4.2A CIR 13.4.2A

    A Fund Manager of an Exempt Property Fund is not required to appoint an Eligible Custodian under CIR Rule 8.2.2(2) for Real Property if:

    (a) the Fund Manager acts as custodian of the Real Property or, if the Fund Manager uses a Fund Platform, the Incorporated Cell Company acts as custodian of the Real Property; and
    (b) the Fund Manager has in place effective arrangements which ensure that the Real Property is not available to creditors if the Fund Manager or the Incorporated Cell Company (as the case may be) becomes insolvent.
    [Added] RM158/2015 (Made 9th December 2015). [VER19/02-16]
    [Amended] DFSA RMI248/2019 (Made 18th December 2019) [VER26/12-19].

    • CIR 13.4.2A Guidance

      Under this Rule, the arrangements must be legally effective to ensure that the Real Property is not available to creditors if the Fund Manager or ICC becomes insolvent. This might involve, for example, the use of trust arrangements or registration of title in the name of the Fund. This option only applies to custody of Real Property and not, for example, to Property Related Assets.

      [Added] RM158/2015 (Made 9th December 2015). [VER19/02-16]
      [Amended] DFSA RMI248/2019 (Made 18th December 2019) [VER26/12-19].