FPR 3.2 FPR 3.2 Notification for Public Funds
This section applies if the
DFSAis the Home Regulatorof a Public Fund.
Fund Managerof a Public Fundwishes to use the passporting procedures under these Rules, it must notify the DFSAof its intention that the Public Fundbe a Passported Fund.
The notice referred to in FPR Rule 3.2.2 must:(a) be in such form as the
DFSAmay from time to time determine;(b) include a certification, given on behalf of the Fund Manager, to the effect that the Public Fundmeets, and will continue to meet, the minimum requirements set out in App1;(c) identify the one or more Host Jurisdictionsin which the Public Fundwill be Promoted;(d) identify the Agents(if any) that will conduct the Promotionof the Public Fund;(e) include a copy of the prospectus 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 Public Fundand, 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)].
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.";(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
DFSAmay reasonably require.
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 Regulatorin the relevant Host Jurisdictionwhere the Passported Fundis intended to be Promoted; and(b) promptly following confirmation from the relevant Host Regulatorthat its respective Registerof 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 3.2.5(1) The
DFSAwill not provide a notice under FPR Rule 3.2.4(a):(a) if it considers that the Fund Manageror the Public Funddoes not comply with, or it has reasonable grounds for determining that the Fund Manageror the Public 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 meet its objectives.(2) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the DFSAto not provide a notice under (1).
FPR 3.2.6(1) The
DFSAwill immediately notify the Fund Managerof its decision not to transmit a notice in accordance with FPR Rule 3.2.5.(2) If the DFSAdecides not to provide a notice, the Fund Managerof that Fundmay 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 3.2.4(b); or(b) the Fund Managerbeing notified that registration on the DFSA's Register of Passported Fundsis complete under FPR Rule 3.2.4(b)(ii),
Passported Fundmay, subject to these Rules (including FPR Rule 3.2.8), be Promotedto any Personsin the Host 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 3.2.2 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 the material change, error or omission.
If, as a result of any material change, error, or omission referred to in Rule 3.2.9, the
Fund Managerwill no longer comply with applicable legislation, including these Rules, or if the DFSAotherwise considers it necessary in the circumstances, the DFSAshall take all due measures, including, if necessary, the de-registration of the Public Fundfrom the DFSA's Register of Passported Fundsin accordance with these Rules.