20. Fund Manager

(1) A person shall not manage a Domestic Fund unless:
(a) that person:
(i) is a body corporate;
(ii) is an Authorised Firm whose Licence authorises it to act as the Fund Manager of the particular type or specialist class of the Fund;
(iii) is meets any additional criteria, requirements or conditions that may be prescribed in the Rules;
(b) the person is an External Fund Manager.
(2) For the purposes of this Law, any other DFSA administered law and any rules made for the purposes of those laws, the person who "manages" a Fund, subject to Article 20(3), is the person who:
(a) is legally accountable to the Unitholders in the Fund for the management of the Fund, including the property held for or within the Fund ("Fund Property"); and
(b) establishes, manages or otherwise operates or winds up the Fund.
(3) The DFSA may, by Rules, prescribe when a person who engages in any of the activities specified in Article 20(2) is not managing a Fund.
(4) A person referred to in Article 20(1)(a) or (b) is a "Fund Manager" and a reference to a "Fund Manager" in this Law or in any other DIFC Law or any legislation made for the purposes of such laws includes both persons, unless otherwise provided.
(5) A person is an External Fund Manager if that person:
(a) is a body corporate;
(b) manages a Domestic Fund:
(i) which is not an External Fund; and
(ii) which is excluded from the Financial Services Prohibition under Article 41(9) of the Regulatory Law 2004; and
(c) manages the Fund in (b):
(i) from a place of business in a Recognised Jurisdiction or a jurisdiction otherwise acceptable to the DFSA; and
(ii) in accordance with any additional requirements prescribed by the DFSA for the purposes of this Article.