Entire Section
FPR 3.1 FPR 3.1 Notification for Private Funds
FPR 3.1.1
This section applies if the
DFSA is theHome Regulator of aPrivate Fund .Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]
FPR 3.1.2
If the
Fund Manager of aPrivate Fund wishes to use the passporting procedures under theseRules , it must notify theDFSA of its intention that thePrivate Fund be aPassported 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 moreHost Jurisdictions in which thePrivate Fund will bePromoted ;(c) identify theAgents (if any) that will conduct thePromotion of thePrivate Fund ;(d) include a copy of the offering document containing a disclaimer to the following effect:
"ThisProspectus relates to aDIFC Fund in accordance with the Collective Investment Law 2010 andRules of theDubai Financial Services Authority ("DFSA").
TheDFSA has no responsibility for reviewing or verifying anyProspectus or other documents in connection with thisDomestic Fund . Accordingly, theDFSA has not approved thisProspectus or any other associated documents nor taken any steps to verify the information set out in thisProspectus , and has no responsibility for it.
No other regulatory authority in theUAE 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 theUAE 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 theUAE has any responsibility for the same.
ThisPassported Fund is aPrivate Fund and, accordingly, the units thereof may only be promoted toQualified Investors in [insert relevant Host Jurisdiction(s)] by means of private placement.
TheUnits to which thisProspectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of theUnits offered should conduct their own due diligence on theUnits .
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 theseRules ; and(f) contain, and be accompanied by, such other information as theDFSA 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 theHost Regulator in the relevantHost Jurisdiction where thePassported Fund is intended to bePromoted ; and(b) promptly following confirmation from the relevantHost Regulator that its respectiveRegister of Passported Funds has been updated to include the details of thePassported Fund :(i) publish the details of thePassported Fund on theDFSA's Register of Passported Funds ; and(ii) notify theFund Manager that registration on theDFSA's Register of Passported Funds is complete.Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]
FPR 3.1.5
(1) TheDFSA will not provide a notice under FPR Rule 3.1.4(a):(a) if it considers that the Fund Manager or thePrivate Fund does not comply with, or it has reasonable grounds for determining that theFund Manager or thePrivate Fund may in the future not comply with, applicable legislation including theseRules ; 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 theRegulatory 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) TheDFSA will immediately notify theFund Manager of its decision not to provide a notice in accordance with FPR Rule 3.1.5.(2) If theDFSA decides to not provide a notice, theFund Manager of the Fund may refer the matter to theFinancial Markets Tribunal for review.Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]
FPR 3.1.7
Following the earlier of:
(a) thePassported Fund appearing on theRegister of Passported Funds of the relevantHost Jurisdiction (s) referred to in FPR Rule 3.1.4(b); or(b) theFund Manager being notified that registration on theDFSA's Register of Passported Funds is complete under FPR Rule 3.1.4(b)(ii),the
Passported Fund may, subject to theseRules (including FPR Rule 3.1.8), be Promoted toQualified Investors in theJurisdiction 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 aHost Regulator stating that the name of thePassported Fund is not available for use in the relevantHost Jurisdiction because it is al in use, or the use of the name is subject to restriction in thatHost Jurisdiction , then theDFSA shall require theFund Manager to immediately ceasePromotion of thePassported Fund and thePassported Fund to adopt, as soon as practicable, an alternative name in theDIFC and in the relevantHost Jurisdiction in order to re-commencePromotion .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 aHost Jurisdiction , theFund Manager becomes aware of any material change, error, or omission reasonably likely to be relevant to such notification, theFund Manager must give written notice to theDFSA without delay. TheDFSA will promptly provide the relevantHost 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 theseRules , or if theDFSA otherwise considers it necessary and appropriate in the circumstances, theDFSA shall take all due measures, including, if necessary, the de-registration of thePrivate Fund from theDFSA's Register of Passported Funds in accordance with theseRules .Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]