Entire Section

  • 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]