Entire Section

  • FPR 9.5 FPR 9.5 Exercise of the DFSA's powers as Host Regulator

    • FPR 9.5.1

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

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

    • FPR 9.5.2

      If, despite the measures, if any, taken by a Home Regulator in relation to a Passported Fund, a Fund Manager's activities, or the activities of its Agent or any other Licensed Person that is Promoting the Passported Fund in the DIFC, appear to the DFSA to be materially prejudicial to either:

      (a) Unitholders of the Passported Fund who are situated in the DIFC; or
      (b) the interests of the DIFC,

      the DFSA may request urgent discussions with the Home Regulator.

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

    • FPR 9.5.3

      If the urgent discussions referred to in FPR Rule 9.5.2 fail to resolve the issues to the satisfaction of the DFSA within a period that is reasonable in the circumstances, then the DFSA may take all appropriate measures needed in order to protect the interests of Unitholders situated in the DIFC or the interests of the DIFC.

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

    • FPR 9.5.4

      Subject to FPR Rule 9.5.2, the DFSA may take any action that is necessary and appropriate to enable it to further its objectives, including, but not limited to:

      (a) preventing the Fund Manager, its Agent or any other Licensed Person from further Promotion of the Passported Fund in the DIFC, including de-registering the relevant Passported Fund from its Register of Passported Funds; and
      (b) imposing a penalty on the Fund Manager, its Agent or any other Licensed Person, of such amount as it considers appropriate under the applicable legislation of the DIFC, following consultation with the Home Regulator.
      Derived from RMI233/2019 (Made 20th February 2019). [VER1/02-19]