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 aFund on trust for theUnitholders where theFund is in the form of anInvestment Trust .(2) To the extent that any activity under (1) constitutesProviding Fund Administration orProviding Custody , such aFinancial Service is taken to be incorporated withinActing as the Trustee of a Fund .GEN 2.25.1 Guidance
Rule 2.25.1(2) alleviates any requirement upon a
Trustee to obtain further authorisations for certainFinancial Services where the activities fall within the ordinary scope of the activity ofActing 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 notActing as the Trustee of a Fund merely because he is acting as an agent, employee or delegate of aTrustee .[Added] DFSA RM56/2008 (Made 1st July 2008). [VER19/07-08]