Entire Section

  • Schedule Interpretation

    • 1. Rules of interpretation

      (1) In this 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 unincorporated, including a company, partnership, unincorporated association, government or state;
      (c) 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;
      (d) a calendar year shall mean a year of the Gregorian calendar; and
      (e) the masculine gender includes the feminine.
      (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 State;
      (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 Rules are legislation made by the DFSA for the purpose of this Law and are binding in nature;
      (e) Guidance in the Rules 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
      (f) 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 this Law, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings:

      Terms Definition
      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.
      Collective Investment Fund has the meaning given in the Collective Investment Law 2010.
      Constitution has the meaning given in the Collective Investment Law 2010
      Court the DIFC Court as established under Dubai 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.
      Financial Markets Tribunal the Financial Markets Tribunal referred to in Article 26 of the Regulatory Law 2004.
      FMT the Financial Markets Tribunal
      Financial Service is a financial activity prescribed in GEN section 2.2 of the DFSA Rulebook.
      Fund a Collective Investment Fund.
      Fund Manager the person, described under Article 20(4) of the Collective Investment Law 2010.
      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 Fund Manager, 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 Trust an express trust created solely for collective investment purposes as provided under Article 12 of this Law.
      Law the Investment Trust Law 2006.
      Licence a licence granted by the DFSA under Chapter 2 of Part 3 of the Regulatory Law 2004.
      Prospectus a document containing such information as prescribed under the Collective Investment Law 2010 and rules made for the purposes of that law.
      Ruler the ruler of the Emirate of Dubai.
      Special Resolution has the meaning given in the Collective Investment Law 2010.
      State United Arab Emirates
      Trustee a person who is appointed as Trustee under the Trust Deed that constitutes an Investment Trust.
      Trust Deed a deed that meets the requirements in Article 12 of this Law.
      Unit is an interest representing rights or interests of a participant in an Investment Trust.
      Unitholder is a person who holds a Unit or interest in a Unit of an Investment Trust.