Entire Section

  • FPR 3 FPR 3 Procedure for Notification

    • FPR 3.1 FPR 3.1 Notification for Private Funds

      • FPR 3.1.1

        This section applies if the DFSA is the Home Regulator of a Private Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.1.2

        If the Fund Manager of a Private Fund wishes to use the passporting procedures under these Rules, it must notify the DFSA of its intention that the Private Fund be a Passported Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.1.3

        The notice referred to in FPR Rule 3.1.2 must:

        (a) be in such form as the DFSA may from time to time determine;
        (b) identify the one or more Host Jurisdictions in which the Private Fund will be Promoted;
        (c) identify the Agents (if any) that will conduct the Promotion of the Private Fund;
        (d) include a copy of the offering document containing a disclaimer to the following effect:

        "This Prospectus relates to a DIFC Fund in accordance with the Collective Investment Law 2010 and Rules of the Dubai Financial Services Authority ("DFSA").

        The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Domestic Fund. Accordingly, the DFSA has not approved this Prospectus or any other associated documents nor taken any steps to verify the information set out in this Prospectus, and has no responsibility for it.

        No other regulatory authority in the UAE has any responsibility for reviewing or verifying this prospectus or any other documents in connection with the promotion of this fund. Accordingly, no regulatory authority in the UAE has approved this prospectus or any other associated documents, nor taken any steps to verify the information set out herein, and therefore no regulatory authority in the UAE has any responsibility for the same.

        This Passported Fund is a Private Fund and, accordingly, the units thereof may only be promoted to Qualified Investors in [insert relevant Host Jurisdiction(s)] by means of private placement.

        The Units to which this Prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Units offered should conduct their own due diligence on the Units.

        If you do not understand the contents of this document you should consult an authorised financial adviser.";
        (e) include the relevant fee referred to in chapter 7 of these Rules; and
        (f) contain, and be accompanied by, such other information as the DFSA may reasonably require.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.1.4

        The DFSA will:

        (a) within 5 business days of receipt of the duly completed notice referred to in FPR Rules 3.1.2 and 3.1.3, and subject to FPR Rule 3.1.5, provide a notice of the intent to use the passporting procedures to the Host Regulator in the relevant Host Jurisdiction where the Passported Fund is intended to be Promoted; and
        (b) promptly following confirmation from the relevant Host Regulator that its respective Register of Passported Funds has been updated to include the details of the Passported Fund:
        (i) publish the details of the Passported Fund on the DFSA's Register of Passported Funds; and
        (ii) notify the Fund Manager that registration on the DFSA's Register of Passported Funds is complete.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.1.5

        (1) The DFSA will not provide a notice under FPR Rule 3.1.4(a):
        (a) if it considers that the Fund Manager or the Private Fund does not comply with, or it has reasonable grounds for determining that the Fund Manager or the Private Fund may in the future not comply with, applicable legislation including these Rules; or
        (b) if it considers that it is necessary and appropriate to refrain from doing so in order to further one or more of its objectives.
        (2) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSA to not provide a notice under (1).
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.1.6

        (1) The DFSA will immediately notify the Fund Manager of its decision not to provide a notice in accordance with FPR Rule 3.1.5.
        (2) If the DFSA decides to not provide a notice, the Fund Manager of the Fund may refer the matter to the Financial Markets Tribunal for review.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.1.7

        Following the earlier of:

        (a) the Passported Fund appearing on the Register of Passported Funds of the relevant Host Jurisdiction(s) referred to in FPR Rule 3.1.4(b); or
        (b) the Fund Manager being notified that registration on the DFSA's Register of Passported Funds is complete under FPR Rule 3.1.4(b)(ii),

        the Passported Fund may, subject to these Rules (including FPR Rule 3.1.8), be Promoted to Qualified Investors in the Jurisdiction specified in its notification.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.1.8

        If the DFSA receives notice from a Host Regulator stating that the name of the Passported Fund is not available for use in the relevant Host Jurisdiction because it is al in use, or the use of the name is subject to restriction in that Host Jurisdiction, then the DFSA shall require the Fund Manager to immediately cease Promotion of the Passported Fund and the Passported Fund to adopt, as soon as practicable, an alternative name in the DIFC and in the relevant Host Jurisdiction in order to re-commence Promotion.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.1.9

        If, at any time between the notification under FPR Rule 3.1.2 and the commencement of Promotion in a Host Jurisdiction, the Fund Manager becomes aware of any material change, error, or omission reasonably likely to be relevant to such notification, the Fund Manager must give written notice to the DFSA without delay. The DFSA will promptly provide the relevant Host Regulator with all relevant details of such material change, error or omission.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.1.10

        If, as a result of any material change, error, or omission referred to in FPR Rule 3.1.9, the Fund Manager will no longer comply with applicable legislation, including these Rules, or if the DFSA otherwise considers it necessary and appropriate in the circumstances, the DFSA shall take all due measures, including, if necessary, the de-registration of the Private Fund from the DFSA's Register of Passported Funds in accordance with these Rules.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 3.2 FPR 3.2 Notification for Public Funds

      • FPR 3.2.1

        This section applies if the DFSA is the Home Regulator of a Public Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.2.2

        If the Fund Manager of a Public Fund wishes to use the passporting procedures under these Rules, it must notify the DFSA of its intention that the Public Fund be a Passported Fund.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.2.3

        The notice referred to in FPR Rule 3.2.2 must:

        (a) be in such form as the DFSA may from time to time determine;
        (b) include a certification, given on behalf of the Fund Manager, to the effect that the Public Fund meets, and will continue to meet, the minimum requirements set out in App1;
        (c) identify the one or more Host Jurisdictions in which the Public Fund will be Promoted;
        (d) identify the Agents (if any) that will conduct the Promotion of the Public Fund;
        (e) include a copy of the prospectus containing a disclaimer to the following effect:

        "This Prospectus relates to a DIFC Fund in accordance with the Collective Investment Law 2010 and Rules of the Dubai Financial Services Authority ("DFSA").

        The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Domestic Fund. Accordingly, the DFSA has not approved this Prospectus or any other associated documents nor taken any steps to verify the information set out in this Prospectus, and has no responsibility for it.

        No other regulatory authority in the UAE has any responsibility for reviewing or verifying this prospectus or any other documents in connection with the promotion of this fund. Accordingly, no regulatory authority in the UAE has approved this prospectus or any other associated documents, nor taken any steps to verify the information set out herein, and therefore no regulatory authority in the UAE has any responsibility for the same.

        This Passported Fund is a Public Fund and, accordingly, the units thereof may be promoted, including by means of a public offer of the units for public subscription, to persons in [insert relevant Host Jurisdiction(s)].

        The Units to which this Prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Units offered should conduct their own due diligence on the Units.

        If you do not understand the contents of this document you should consult an authorised financial adviser.";
        (f) include the relevant fee referred to in FPR chapter 7 of these Rules;
        (g) include a copy of the Key Investor Information Document (KIID) in both English and Arabic; and
        (h) contain, and be accompanied by, such other information as the DFSA may reasonably require.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.2.4

        The DFSA will:

        (a) within 5 business days of receipt of the duly completed notice referred to in FPR Rules 3.2.2 and 3.2.3, and subject to FPR Rule 3.2.5, provide notice of the intent to use the passporting procedures to the Host Regulator in the relevant Host Jurisdiction where the Passported Fund is intended to be Promoted; and
        (b) promptly following confirmation from the relevant Host Regulator that its respective Register of Passported Funds has been updated to include the details of the Passported Fund:
        (i) publish the details of the Passported Fund on the DFSA's Register of Passported Funds; and
        (ii) notify the Fund Manager that registration on the DFSA's Register of Passported Funds is complete.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.2.5

        (1) The DFSA will not provide a notice under FPR Rule 3.2.4(a):
        (a) if it considers that the Fund Manager or the Public Fund does not comply with, or it has reasonable grounds for determining that the Fund Manager or the Public Fund may in the future not comply with, applicable legislation, including these Rules; or
        (b) if it considers that it is necessary and appropriate to refrain from doing so in order to meet its objectives.
        (2) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSA to not provide a notice under (1).
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.2.6

        (1) The DFSA will immediately notify the Fund Manager of its decision not to transmit a notice in accordance with FPR Rule 3.2.5.
        (2) If the DFSA decides not to provide a notice, the Fund Manager of that Fund may refer the matter to the Financial Markets Tribunal for review.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.2.7

        Following the earlier of:

        (a) the Passported Fund appearing on the Register of Passported Funds of the relevant Host Jurisdiction(s) referred to in FPR Rule 3.2.4(b); or
        (b) the Fund Manager being notified that registration on the DFSA's Register of Passported Funds is complete under FPR Rule 3.2.4(b)(ii),

        the Passported Fund may, subject to these Rules (including FPR Rule 3.2.8), be Promoted to any Persons in the Host Jurisdiction specified in its notification.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.2.8

        If the DFSA receives notice from a Host Regulator stating that the name of the Passported Fund is not available for use in the relevant Host Jurisdiction because it is al in use, or the use of the name is subject to restriction in that Host Jurisdiction, then the DFSA shall require the Fund Manager to immediately cease Promotion of the Passported Fund and the Passported Fund to adopt, as soon as practicable, an alternative name in the DIFC and in the relevant Host Jurisdiction in order to re-commence Promotion.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.2.9

        If, at any time between the notification under FPR Rule 3.2.2 and the commencement of Promotion in a Host Jurisdiction, the Fund Manager becomes aware of any material change, error, or omission reasonably likely to be relevant to such notification, the Fund Manager must give written notice to the DFSA without delay. The DFSA will promptly provide the relevant Host Regulator with all relevant details of the material change, error or omission.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 3.2.10

        If, as a result of any material change, error, or omission referred to in Rule 3.2.9, the Fund Manager will no longer comply with applicable legislation, including these Rules, or if the DFSA otherwise considers it necessary in the circumstances, the DFSA shall take all due measures, including, if necessary, the de-registration of the Public Fund from the DFSA's Register of Passported Funds in accordance with these Rules.

        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]