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  • FPR 6 FPR 6 Management and Operation of a Passported Fund

    • FPR 6.1 FPR 6.1 Compliance with Constitution

      • FPR 6.1.1

        This section applies if the DIFC is the Home Jurisdiction of a Passported Fund.

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

      • FPR 6.1.2

        The Fund Manager of a Passported Fund must:

        (a) ensure that the Passported Fund is at all times managed and operated in compliance with its Constitution, with the laws of the jurisdiction in which it is domiciled, and with these Rules; and
        (b) maintain, or cause to be maintained, a Unitholder register for the Passported Fund.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

    • FPR 6.2 FPR 6.2 Ongoing Appointment of Fund Manager

      • FPR 6.2.1

        This section applies if the DIFC is the Home Jurisdiction or the Host Jurisdiction of a Passported Fund.

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

      • FPR 6.2.2

        The governing body or trustee of a Passported Fund must at all times have appointed a Fund Manager that is authorised by its Home Regulator to conduct the activity of fund management in its Home Jurisdiction.

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

    • FPR 6.3 FPR 6.3 Promotion by Fund Managers, Agents and other Licensed Persons

      • FPR 6.3.1

        This section applies if the DIFC is the Host Jurisdiction of a Passported Fund.

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

      • FPR 6.3.2

        The Fund Manager, its Agent and any other Licensed Person established or domiciled in another Jurisdiction, may Promote a Passported Fund in the DIFC without the need for further authorisation or approval by the DFSA, provided that such Promotion activities are limited to the Passported Fund and the DIFC is nominated as a Host Jurisdiction on the relevant Registers of Passported Funds

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

      • FPR 6.3.3

        In performing any activities in connection with the Promotion of a Passported Fund in the DIFC, the Fund Manager, its Agent and any other Licensed Person must comply at all times with the legislation applicable to them in the Jurisdiction in which they are domiciled.

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

    • FPR 6.4 FPR 6.4 Additional criteria for Public Funds

      • FPR 6.4.1

        This section applies if the DIFC is the Home Jurisdiction or the Host Jurisdiction of a Passported Fund.

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

      • FPR 6.4.2

        The Fund Manager of a Passported Fund that is a Public Fund must ensure that it meets the minimum requirements for Public Funds set out in App1.

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

    • FPR 6.5 FPR 6.5 Custodian

      • FPR 6.5.1

        This section applies if the DIFC is the Home Jurisdiction or the Host Jurisdiction of a Passported Fund.

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

      • FPR 6.5.2 FPR 6.5.2

        To the extent that, under the legislation of its Home Jurisdiction, a custodian is required to be appointed for a Private Fund, the Fund Manager of a Passported Fund that is a Private Fund must ensure that the custodian:

        (a) meets all requirements as to eligibility and regulatory status as are imposed under the relevant legislation in its Home Jurisdiction; and
        (b) is not the Fund Manager.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

        • FPR 6.5.2 Guidance

          Passported Private Funds domiciled in the DIFC have to comply with the applicable CIR requirements regarding custodians.

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

      • FPR 6.5.3

        The Fund Manager of a Passported Fund that is a Public Fund must ensure that, except in the case of a Property Fund, a custodian is appointed at all times in relation to the Fund. Such custodian must:

        (a) be authorised by the Securities and Commodities Authority to carry on the activity of providing custody or safekeeping and administration of property of a Fund; and
        (b) not be the Fund Manager.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.5.4

        Nothing in this section prevents a custodian appointing sub-custodians in the UAE or elsewhere.

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

    • FPR 6.6 FPR 6.6 Reporting changes to the DFSA

      • FPR 6.6.1

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

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

      • FPR 6.6.2

        The Fund Manager of the Passported Fund must notify the DFSA as soon as practicable of any material events, in accordance with the applicable legislation. In particular, but without limitation, a Fund Manager or the governing body or trustee of a Passported Fund must notify the DFSA as soon as practicable, and in any case no later than 7 days after it becomes aware, of any of the following events:

        (a) the Fund Manager intends to retire as manager of the Passported Fund;
        (b) it is proposed that a successor manager will be appointed in relation to the Passported Fund;
        (c) the Fund Manager has been removed or replaced as manager of the Passported Fund;
        (d) any material service provider to the Passported Fund (including, without limitation, any custodian) or an Agent resigns, is appointed, is removed, or is replaced;
        (e) the prospectus or offering document relating to the Passported Fund has been amended or replaced;
        (f) winding-up of the Passported Fund has commenced; or
        (g) the Fund Manager intends to vary or revoke its authorisation with its Home Regulator, or any of its permissions contained in that authorisation.
        Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]

      • FPR 6.6.3

        The notification referred to in FPR Rule 6.6.2 must be in such prescribed form as the DFSA may direct from time to time. At a minimum, the notification must be accompanied by reasonable detail of the event and, where the prospectus or offering document has been amended or replaced, by a copy of the new prospectus or offering document.

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

      • FPR 6.6.4

        Upon receiving such a notification as described in FPR Rule 6.6.2, the DFSA must without undue delay notify the relevant Host Regulator of such changes.

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

      • FPR 6.6.5

        To the extent that a Fund Manager is al required to make a notification to the DFSA under applicable legislation in relation to a matter set out in this section, the provisions of this section do not require a further notification to be made.

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