Part 2: Amendments to the Collective Investment Law 2010
The Collective Investment Law 2010 is amended as prescribed in this Law.
Article 26 is deleted and replaced with the following:
26. Permitted Form of a Domestic Fund“(1) Every Domestic Fund shall be one of the following:(a) an Investment Company;(b) an Investment Partnership; or(c) an Investment Trust.(2) In Article 26(1)(a), an Investment Company includes a Protected Cell Company or an Incorporated Cell of an Incorporated Cell Company.(3) The DFSA may, by Rules, prescribe:(a) which of the forms referred to in Article 26(1) may be used by a specialist class of Domestic Funds; and(b) any additional criteria, requirements or conditions applicable to such a Fund.(4) A Person shall not use a form referred to in Article 26(1)(a), (b) or (c) for a purpose other than the main purpose of carrying on the business of a Fund.(5) A Person may only register an Investment Company as a Public Company under the DIFC Companies Law if the company is or is intended to be a Public Fund. In all other cases, a Person shall register an Investment Company as a Private Company.”
Section 1 (Rules of Interpretation) of Schedule 1 is deleted and replaced with the following:
1. Rules of Interpretation“(1) In the Law, unless the contrary intention appears, a reference to:(a) a provision of a law or of an instrument made under a law includes a reference to the provision as amended or re-enacted from time to time;(b) a person includes any natural person, body corporate or body incorporated, including a company, partnership, unincorporated association, government or state;(c) an obligation to publish or cause to be published a particular document shall, unless expressly provided otherwise in the Law, include publishing or causing to be published in printed or electronic form;(d) unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Friday or Saturday or an official State holiday in the DIFC, the obligation shall take place on the next calendar day which is a business day;(e) a calendar year shall mean a year of the Gregorian calendar; and(f) the masculine gender includes the feminine; and(g) any reference to ‘dollars’ or ‘$’ is a reference to United States Dollars.(2) The headings in the Law shall not affect its interpretation.”
In Section 3 (Defined Terms) of Schedule 1, insert the following new defined terms:
3. Defined Terms
Term Definition Incorporated Cell Company (ICC) has the meaning given in the DIFC Companies Law or Regulations made for the purposes of that law. Incorporated Cell has the meaning given in the DIFC Companies Law or Regulations made for the purposes of that law.
In Section 3 (Defined Terms) of Schedule 1, the definition of the term “Investment Company” is deleted and replaced as follows:
3. Defined Terms
Term Definition Investment Company an Open or Closed ended company established for the sole purpose of collective investment which is incorporated under the DIFC Companies Law and the Regulations made under that Law and includes a Protected Cell Company and an Incorporated Cell of an Incorporated Cell Company.