Entire Section

  • Schedule 1 Schedule 1 — Interpretation

    • 1. Rules of interpretation

      (1) In the Law, unless the contrary intention appears, a reference to:
      (a) a statutory provision includes a reference to the statutory 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.

    • 2. Legislation in the DIFC

      References to legislation and Guidance in the Law shall be construed in accordance with the following provisions:

      (a) Federal Law is law made by the federal government of the United Arab Emirates;
      (b) Dubai Law is law made by the Ruler, as applicable in the Emirate of Dubai;
      (c) DIFC Law is law made by the Ruler (including, by way of example, the Law), as applicable in the DIFC;
      (d) the Law is the Collective Investments Law 2006 made by the Ruler;
      (e) the Rules are legislation made by the DFSA for the purpose of this Law and are binding in nature;
      (f) Guidance is indicative and non-binding and may comprise (i) guidance made and issued by the Chief Executive as notations to the Rules; and (ii) any standard or code of practice issued by the DFSA Board of Directors which has not been incorporated into the Rules; and
      (g) references to "legislation administered by the DFSA" are references to DIFC Law and rules conferring functions and powers on the DFSA.

    • 3. Defined Terms

      In the Law, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings:

      Terms Definitions
      Authorised Firm a person who holds a Licence to carry on one or more Financial Services prescribed pursuant to Article 42(1) of the Regulatory Law 2004, as an Authorised Firm.
      Authorised Market Institution a person who is licensed by the DFSA in relation to the carrying on of one or more Financial Services prescribed pursuant to Article 42(1) of the Regulatory Law 2004.
      Collective Investment Fund has the meaning given in Article 15 of this Law subject to any Rules made under Article 16 of this Law.
      Constitution in relation to a Fund:
      (a) which is in the form of a body corporate, the instrument of incorporation;
      (b) which is in the form of trust, the trust deed;
      (c) which is in the form of a partnership, the partnership deed; and
      (d) adopting a form other than one specified in (a) to (c), any instrument creating the legal form of the Fund to which the Operator is a party setting out provisions relating to any aspect of the operation or management of the Fund.
      Court the DIFC Court as established under Dubai Law.
      Designated Fund a Foreign Fund which has been designated by the DFSA under Article 20 of the Law.
      DFSA the Dubai Financial Services Authority.
      DFSA Board of Directors the governing body of the DFSA established under Chapter 2 of Part 2 of the Regulatory Law 2004.
      DIFC the Dubai International Financial Centre.
      Domestic Fund a Fund established or domiciled in the DIFC.
      Foreign Fund a Fund established or domiciled in a jurisdiction other than the DIFC.
      Fund a Collective Investment Fund.
      Governing Body a person who is, or a body of persons who together form the directing mind of a Fund including but not limited to:
      a) its Operator, a member of its main or supervisory board, a General Partner; or
      b) any other person or body of persons exercising equivalent powers and functions in relation to directing the operation of a Fund.
      Investment has the meaning prescribed in the Rules made under the Regulatory Law 2004.
      Investment Company an open or closed ended company established for the sole purpose of collective investment which is incorporated under Article 90 of the Companies Law 2004 in accordance with chapter 13 of the Regulations made under that Law.
      Investment Partnership a limited partnership established for the sole purpose of collective investment which is formed and registered under the Limited Partnership Law 2006 in accordance with the regulations made under that Article.
      Investment Trust a trust created under the Investment Trust Law 2006 for the purposes of collective investment.
      Islamic Fund a Fund whose entire Fund operations are, or are intended to be, conducted in accordance with Shari'a.
      Law the Collective Investment Law 2006.
      Licence a licence granted by the DFSA under Chapter 2 of Part 3 of the Regulatory Law 2004.
      Listed Fund a Fund which has been admitted to the Official List of Securities of an Authorised Market Institution.
      Offered Securities Rules the rules made under the Markets Law 2004.
      Official List of Securities a list of Securities maintained by an Authorised Market Institution in accordance with the Markets Law 2004 and any rules made for this purpose thereunder.
      Operator the person, described under Article 17(3) of the Law, who is responsible for the management of the property held for or within a Fund and otherwise, operating the Fund and, in relation to a Domestic Fund, is authorised under a Licence granted by the DFSA to operate the Fund.
      Private Fund a Fund of the class prescribed under Article 54 to this Law.
      Privileged Communication a communication attracting a privilege arising from the provision of professional legal advice and any other advice or from the relationship of lawyer and client or other similar relationship, but does not include a general duty of confidentiality.
      Prospectus a document containing such information as prescribed by this Law and under any Rules made thereunder and includes a supplementary Prospectus.
      Protected Cell Company has the meaning given in the Companies Law 2004 or Regulations made thereunder.
      Public Fund a Fund of the class prescribed under Article 46 to this Law.
      Recognised Jurisdiction a jurisdiction which has been recognised by the DFSA under Article 20 of this Law.
      Regulator the competent authority of a Recognised Jurisdiction which is responsible for regulating financial services in that jurisdiction.
      Ruler the ruler of the Emirate of Dubai.
      Rules has the meaning given in Article 2(e) of Schedule 1 to the Law.
      Schedule a schedule to the Law.
      Securities has the meaning prescribed in the rules made under the Regulatory Law 2004.
      Special Resolution in relation to a Domestic Fund, a resolution passed by a majority of not less than 75% of the votes validly cast (whether on a show of hands or on a poll) for and against the resolution at a general meeting or class meeting of Unitholders, of which notice specifying the intention to propose the resolution as a special resolution has been duly given.
      Trustee the person described in Article 18 of the Investment Trust Law 2006, who holds the property of the Fund on trust for the Unitholders and, is authorised under a Licence granted by the DFSA to act as Trustee of a Fund.
      Unit a Unit or share representing the rights or interests of Unitholders in a Fund.
      Unitholder in relation to a Fund, means any holder of a Unit in the Fund or of any right or interest in such a Unit, otherwise known as a 'participant'.