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 Fundmeans holding the assets of a Fundon trust for the Unitholderswhere the Fundis in the form of an Investment Trust.(2) To the extent that any activity under (1) constitutes Providing Fund Administrationor Providing Custody, such a Financial Serviceis taken to be incorporated within Acting as the Trustee of a Fund.
GEN 2.25.1 Guidance
Rule 2.25.1(2) alleviates any requirement upon a
Trusteeto obtain further authorisations for certain Financial Serviceswhere 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]
Personis not Acting as the Trustee of a Fundmerely because he is acting as an agent, employee or delegate of a Trustee.[Added] DFSA RM56/2008 (Made 1st July 2008). [VER19/07-08]