Entire Section

  • Part 2 Part 2 Amendments

    • 5.

      Article 41(1) is replaced as follows:

      "Subject to Article 41 (6), (7) and (9) and Article 42(3), a person shall not carry on a Financial Service in or from the DIFC."

    • 6.

      In Article 41, insert a new (9) as follows:

      "A Fund is exempt from the Financial Services Prohibition with respect to any Financial Service which is carried on for the purposes of, or in connection with, the Fund if the Fund has an Operator and he is a person within Article 42(3). This exemption applies to a Fund even where it does not have legal personality."

    • 7.

      Article 62(6) is replaced as follows:

      "The DFSA shall publish and maintain a register of all Funds which are currently registered and of all Funds where such registration has been withdrawn, in such manner as may be prescribed in the Rules."

    • 8.

      In Article 62 insert a new (7) as follows:

      "The DFSA shall make a reasonably current version of any registers maintained under Article 62(1), (2), (3), (4), (5) and (6) readily available for viewing by the public during the normal business hours of the DFSA."

    • 9.

      Article 63 (1), is replaced as follows:

      Any power which the DFSA may exercise in relation to an Authorised Firm, Authorised Market Institution, Ancillary Service Provider, Authorised Individual, Recognised Body, Recognised Member or Domestic Fund under the Law or Rules or other legislation administered by the DFSA may continue to be exercised for a period of two years after the date on which:

      (a) the Licence of such Authorised Firm or Authorised Market Institution;
      (b) the registration of an Ancillary Service Provider;
      (c) the Authorised Individual status of such Authorised Individual;
      (d) the Recognition Notice for the Recognised Body or Recognised Member; or
      (e) the registration of a Domestic Fund;
      is withdrawn by the DFSA under the Law or other legislation administered by the DFSA.

    • 10.

      In Article 65(1), (2)(c) and (5), insert "or the Collective Investment Prohibitions" after "Financial Services Prohibition".

    • 11.

      In Article 70(3) and in Article 72(2), delete "or" after "Ancillary Service Provider" and insert "and a Fund, even where it does not have legal personality" after "Authorised Individual".

    • 12.

      In Article 73(1), insert "Fund" after "Service Provider".

    • 13.

      In Article 73(2), delete "or" after "Authorised Market Institution" and insert "or Fund" after "Ancillary Service Provider".

    • 14.

      Article 75 is replaced as follows:

      "Imposing Restrictions on Business

      (1) Subject to Article 77, the DFSA may by written notice:
      (a) prohibit an Authorised Firm or Authorised Market Institution from:
      (i) entering into certain specified transactions or types of transaction;
      (ii) soliciting business from certain specified persons or types of person;
      (iii) carrying on business in a specified manner or other than in a specified manner; or
      (iv) using a particular name for a Fund or a sub-fund of a Fund; or
      (b) require an Authorised Firm or Authorised Market Institution to carry on business in, and only in, a specified manner.
      (2) The prohibitions or requirement in Article 75(1) may be imposed on the Operator of a Fund in relation to the operation of a Fund or on the Fund itself, even where the Fund has no legal personality."

    • 15.

      In Article 76(1)(b)(i) and in (2)(a)(i), delete "and/or" and replace with "or".

    • 16.

      In Article 82(1), insert "of this Law or Article 69 of the Collective Investment Law 2006" after "Articles 73, 74 and 80".

    • 17.

      In Article 83, insert "or under any Law administered by the DFSA" after "Part 5".

    • 18.

      Article 97(1), is replaced as follows:

      (1) In this Part, unless expressed otherwise, an auditor means:
      (a) in relation to an Authorised Firm incorporated or formed in the DIFC, an auditor who is registered under this Law; or
      (b) in relation to an Authorised Firm incorporated or formed in a jurisdiction other than the DIFC, an auditor appointed by the Authorised Firm.

    • 19.

      Article 107, is replaced as follows:

      "Definition

      A scheme is a transfer scheme if:

      (a) the whole or part of the business carried on through an establishment in the DIFC by an Authorised Firm ("the firm concerned") is to be transferred to another body ("the transferee") and the business to be transferred consists in whole or in part of financial services business; or
      (b) the Fund Property of a Fund, or of a sub-fund of an Umbrella Fund ("the Fund concerned"), is to be transferred to another Fund ("the transferee")."

    • 20.

      Article 108, is replaced as follows:

      "Application for an order sanctioning a scheme

      (1) An application in relation to a firm may be made to the Court for an order sanctioning a transfer scheme. An application may be made by:
      (a) the firm concerned;
      (b) the transferee; or
      (c) both.
      (2) An application in relation to a Fund may be made to the Court for an order sanctioning a transfer scheme. An application may be made by:
      (a) the Fund concerned;
      (b) the Operator or auditor of the Fund concerned; or
      (c) the transferee.
      (3) The Court may grant such orders if it considers that, in all the circumstances of the case, it is appropriate to sanction the transfer scheme.

    • 21.

      In Article 1(1)(g) of the Schedule, delete "unless the contrary intention appears" and insert that phrase at the end of (1).

    • 22.

      In Defined Terms of the Schedule, insert the following definitions:

      Fund has the meaning given in Article 2 of Schedule 1 to the Collective Investment Law 2006.
      Operator has the meaning given in Article 2 of Schedule 1 to the Collective Investment Law 2006.
      Unitholder has the meaning given in Article 2 of Schedule 1 to the Collective Investment Law 2006.
      Special Resolution has the meaning given in Article 2 of Schedule 1 to the Collective Investment Law 2006.
      Financial Services Prohibition the prohibition prescribed under Article 41 of this Law.
      Collective Investment Prohibitions the operating and marketing prohibitions prescribed under Articles 17 and 18 of the Collective Investment Law 2006.