Versions

 

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")."