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CIR 1.4 Guidance

Past version: effective from 01/11/2020 - 31/05/2022
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Article 13 of the Law defines Funds as either Domestic Funds or Foreign Funds. Article 15 of the Law then further divides Domestic Funds into three categories which are listed below in terms of the level of regulation (from most intensively regulated to least intensively regulated):

(a) Public Funds;
(b) Exempt Funds; and
(c) Qualified Investor Funds.

This table illustrates the different Rules applicable to the three categories of Domestic Fund.

 

CIR chapters Public Fund Exempt Fund QIF
Chapter 1: Application & Interpretation ✓ ✓ ✓
Chapter 2: Arrangements not constituting a CIF ✓ ✓ ✓
Chapter 3: Specialist Classes of Fund ✓ ✓ ✓
Chapter 4: Excluded Offers ✓ ✓ ✓
Chapter 5:Fund Administrator ✓ ✓ ✓

Rule 5.1.4 does not apply
Chapter 6: External Fund Managers and External Funds ✓ ✓ ✓
Chapter 6A: Using a Fund Platform ✓ ✓ ✓
Chapter 7: Constitution ✓ ✓ Only Rules 7.1.1; 7.1.2(1)(b); 7.1.2(2) & 7.1.4 apply
Chapter 8: Management and Operation of a Fund ✓ ✓

Sections 8.3 and 8.4, other than Rules 8.3.1(2) and 8.4.1(1)(a), do not apply if the Fund is a Venture Capital Fund.		 Only Rules 8.1.1, 8.1A.1, 8.1A.2, 8.3.1(2) (for a Venture Capital Fund), 8.4.1(1)(a), 8.6A.1 and 8.10.1 apply
Chapter 9: Accounting, Audit & Periodic Reporting of a Fund ✓ ✓

A comparative table for the annual report is not required		 ✓

Rules on interim reports do not apply unless there has been a material change during the interim accounting period.

A comparative table for the annual report is not required
Chapter 10: Requirements specific to Public Funds ✓ X X
Chapter 12: Requirements specific to Exempt Funds X ✓ X
Chapter 12A: Requirements specific to Qualified Investor Funds X X ✓
Chapter 13: Additional Requirements for Specialist Funds ✓ ✓ Only Rules 13.1.1, 13.4.1, 13.5.1, 13.6.3, 13.7 and 13.10 apply
Chapter 14: Marketing of Domestic Funds and Prospectus Disclosure ✓ ✓ Only Rules 14.1.1, 14.2.1, 14.2.4-14.2.7, 14.4.6, 14.4.11, 14.4.12, 14.5.1, 14.5.2 & section 14.6 apply
Chapter 15: Marketing of Foreign Funds X X X
Chapter 16: Transfer Schemes relating to Domestic Funds ✓ ✓ ✓
Chapter 17: Winding up of Domestic Funds ✓ ✓ ✓
APP 1: Delegation & Outsourcing ✓ ✓ X
APP 2: Meeting Procedures ✓ X X
APP 3: Approvals and Notifications ✓ X X
APP 4: Guidance of Asset Valuation and Pricing ✓ ✓ X
APP 5: Constitution of a Domestic Fund ✓ ✓ X
APP 6: Guidance of Fitness and Propriety for Oversight Functions ✓ X X
APP 7: Content of a Public Fund Prospectus ✓ X X
APP 8: Guidance for Hedge Fund Managers ✓ ✓ ✓
APP 9: Use of Price Information Providers ✓ X X

 

[Added] DFSA RM137/2014 (Made 21st August 2014). [VER17/06-14]
[Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]
[Amended] DFSA RMI248/2019 (Made 18th December 2019) [VER26/12-19].
[Amended] DFSA RMI279/2020 (Made 28th October 2020). [VER29/11-20]