Entire Section

  • GEN 2.25 GEN 2.25 Acting as the Trustee of a Fund

    • GEN 2.25.1 GEN 2.25.1

      (1) In GEN Rule 2.2.2, Acting as the Trustee of a Fund means holding the assets of a Fund on trust for the Unitholders where the Fund is in the form of an Investment Trust.
      (2) To the extent that any activity under (1) constitutes Providing Fund Administration or Providing Custody, such a Financial Service is taken to be incorporated within Acting as the Trustee of a Fund.

      [Added] DFSA RM34/2006 [VER11/08-06]
      [Amended] DFSA RM56/2008 (Made 1st July 2008). [VER19/07-08]

      • GEN 2.25.1 Guidance

        Rule 2.25.1(2) alleviates any requirement upon a Trustee to obtain further authorisations for certain Financial Services where the activities fall within the ordinary scope of the activity of Acting as the Trustee of a Fund. The provision also facilitates the delegation of these discrete activities under CIR section 7.3.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER19/07-08]

    • Exclusions

      • GEN 2.25.2

        A Person is not Acting as the Trustee of a Fund merely because he is acting as an agent, employee or delegate of a Trustee.

        [Added] DFSA RM56/2008 (Made 1st July 2008). [VER19/07-08]