Past version: effective from 21/08/2014 - 28/12/2019
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1. Article 17 of the Law confers on the
DFSA the power to prescribe any type of Domestic Fund (i.e. a Public Fund, an Exempt Fund, or a Qualified Investor Fund) as a "specialist class" of a Domestic Fund and in so doing apply any requirements as are suitable for that specialist class of Funds. This Part sets out the requirements that apply to such a Fund by virtue of being a specialist class of Fund.
2. Most of the requirements that are set out in this part as applying to specialist classes of
Domestic Funds are generally in addition to the core requirements that apply to every Domestic Fund (see CIR Part 4). Further, depending on whether it is a Public Fund, an Exempt Fund, or a Qualified Investor Fund, the additional requirements in CIR Part 5 of this module would also apply to a specialist class of Fund.
Qualified Investor Fund may be constituted as a specialist class of a Domestic Fund without being subject to most of the detailed requirements that would normally apply to such specialist classes of Funds. However, there are some requirements which need to be met as the obligation to do so arises under the general provisions applicable to certain specialist classes of Funds, regardless of whether such Funds are Public Funds, Exempt Funds or Qualified Investor Funds. An example is a Fund constituted as an Islamic Fund. While some of the detailed requirements such as the appointment of a Shari'a Supervisory Board do not apply to the Fund Manager of an Islamic Qualified Investor Fund (see IFR 6.2.1), the other general requirements such as ensuring compliance with Shari'a requirements continue to apply to such Funds and the Fund Manager.
4. The only specialist class requirements in this chapter that apply to a
Qualified Investor Fund are those in Rule 13.6.3 and section 13.7 (Umbrella Funds).