FPR 3.1 FPR 3.1 Notification for Private Funds
This section applies if the
DFSAis the Home Regulatorof a Private Fund.
Fund Managerof a Private Fundwishes to use the passporting procedures under these Rules, it must notify the DFSAof its intention that the Private Fundbe a Passported Fund.
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 Jurisdictionsin which the Private Fundwill be Promoted;(c) identify the Agents(if any) that will conduct the Promotionof the Private Fund;(d) include a copy of the offering document containing a disclaimer to the following effect:
Prospectusrelates to a DIFC Fundin accordance with the Collective Investment Law 2010 and Rulesof the Dubai Financial Services Authority("DFSA").
DFSAhas no responsibility for reviewing or verifying any Prospectusor other documents in connection with this Domestic Fund. Accordingly, the DFSAhas not approved this Prospectusor 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
UAEhas 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 UAEhas 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 UAEhas any responsibility for the same.
Passported Fundis a Private Fundand, accordingly, the units thereof may only be promoted to Qualified Investorsin [insert relevant Host Jurisdiction(s)] by means of private placement.
Unitsto which this Prospectusrelates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Unitsoffered 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 DFSAmay reasonably require.
DFSAwill:(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 Regulatorin the relevant Host Jurisdictionwhere the Passported Fundis intended to be Promoted; and(b) promptly following confirmation from the relevant Host Regulatorthat its respective Register of Passported Fundshas been updated to include the details of the Passported Fund:(i) publish the details of the Passported Fundon the DFSA's Register of Passported Funds; and(ii) notify the Fund Managerthat registration on the DFSA's Register of Passported Fundsis complete.
FPR 3.1.5(1) The
DFSAwill not provide a notice under FPR Rule 3.1.4(a):(a) if it considers that the Fund Manager or the Private Funddoes not comply with, or it has reasonable grounds for determining that the Fund Manageror the Private Fundmay 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 Lawapply to a decision of the DFSA to not provide a notice under (1).
FPR 3.1.6(1) The
DFSAwill immediately notify the Fund Managerof its decision not to provide a notice in accordance with FPR Rule 3.1.5.(2) If the DFSAdecides to not provide a notice, the Fund Managerof the Fund may refer the matter to the Financial Markets Tribunalfor review.
Following the earlier of:(a) the
Passported Fundappearing on the Register of Passported Fundsof the relevant Host Jurisdiction(s) referred to in FPR Rule 3.1.4(b); or(b) the Fund Managerbeing notified that registration on the DFSA's Register of Passported Fundsis complete under FPR Rule 3.1.4(b)(ii),
Passported Fundmay, subject to these Rules(including FPR Rule 3.1.8), be Promoted to Qualified Investorsin the Jurisdictionspecified in its notification.
DFSAreceives notice from a Host Regulatorstating that the name of the Passported Fundis not available for use in the relevant Host Jurisdictionbecause it is al in use, or the use of the name is subject to restriction in that Host Jurisdiction, then the DFSAshall require the Fund Managerto immediately cease Promotionof the Passported Fundand the Passported Fundto adopt, as soon as practicable, an alternative name in the DIFCand in the relevant Host Jurisdictionin order to re-commence Promotion.
If, at any time between the notification under FPR Rule 3.1.2 and the commencement of
Promotionin a Host Jurisdiction, the Fund Managerbecomes aware of any material change, error, or omission reasonably likely to be relevant to such notification, the Fund Managermust give written notice to the DFSAwithout delay. The DFSAwill promptly provide the relevant Host Regulatorwith all relevant details of such material change, error or omission.
If, as a result of any material change, error, or omission referred to in FPR Rule 3.1.9, the
Fund Managerwill no longer comply with applicable legislation, including these Rules, or if the DFSAotherwise considers it necessary and appropriate in the circumstances, the DFSAshall take all due measures, including, if necessary, the de-registration of the Private Fundfrom the DFSA's Register of Passported Fundsin accordance with these Rules.