3. Defined Terms

In the Law, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings:

Terms Definitions
Authorised Firm A person who holds a Licence to carry on one or more Financial Services prescribed pursuant to Article 42(1) of the Regulatory Law 2004, as an Authorised Firm.
Authorised Market Institution A person who is licensed by the DFSA in relation to the carrying on of one or more Financial Services prescribed pursuant to Article 42(1) of the Regulatory Law 2004.
Closed-ended Fund Has the meaning given in Article 18A(3).
Collective Investment Fund has the meaning given in Article 11 of this Law subject to any Rules made under Article 12 of this Law.
Constitution in relation to a Fund:
(a) which is in the form of a body corporate, the instrument of incorporation;
(b) which is in the form of trust, the trust deed; and
(c) which is in the form of a partnership, the partnership deed.
Court the DIFC Court as established under Dubai Law.
Designated Fund A Foreign Fund which has been designated by the DFSA under Article 55 of this Law.
DFSA the Dubai Financial Services Authority.
DFSA Board of Directors the governing body of the DFSA established under Chapter 2 of Part 2 of the Regulatory Law 2004.
DIFC the Dubai International Financial Centre.
Domestic Fund has the meaning given in Article 13(2) of this Law
Exempt Fund has the meaning given in Article 16(4) of this Law.
External Fund has the meaning given in Article 14(1) of this Law.
External Fund Manager has the meaning given in Article 20(5) of this Law.
Financial Markets Tribunal the Financial Markets Tribunal referred to in Article 26 of the Regulatory Law 2004.
FMT the Financial Markets Tribunal
Foreign Fund has the meaning given in Article 13(3) of this Law
Fund a Collective Investment Fund.
Fund Manager Is the person referred to in Article 20(4) of this Law.
Governing Body a person who is, or a body of persons who together form the directing mind of a Fund including but not limited to:
a) its Fund Manager, a member of its main or supervisory board, a General Partner; or
b) any other person or body of persons exercising equivalent powers and functions in relation to directing the management and operation of a Fund.
Investment has the meaning prescribed in the Rules made under the Regulatory Law 2004.
Investment Company an Open or Closed ended company established for the main purpose of collective investment which is incorporated under the DIFC Companies Law and the Regulations made under that Law.
Investment Partnership a limited partnership established for the main purpose of collective investment which is formed and registered under the DIFC Limited Partnership Law.
Investment Trust a trust created under the DIFC Investment Trust Law for the main purpose of collective investment.
Islamic Fund a Fund whose entire Fund operations are, or are intended to be, conducted in accordance with Shari'a.
Law the Collective Investment Law 2010.
Licence a licence granted by the DFSA under Chapter 2 of Part 3 of the Regulatory Law 2004.
Listed Fund a Fund whose Units have been admitted to the Official List of Securities of an Authorised Market Institution.
Official List of Securities a list of Securities maintained by an Authorised Market Institution in accordance with the Markets Law 2012 and any Rules made for the purposes of that law.
Open-ended Fund Has the meaning given in Article 18A(2).
Private Fund has the meaning given in Article 16(3) of this Law.
Private Placement an Offer made to a Person who is likely to be interested in the Offer having regard to:
(a) previous contact between the Person making the Offer and that Person;
(b) a professional or other connection between the Person making the Offer and that Person; or
(c) statements or actions by that Person that indicate that he is interested in Offers of that kind.
Privileged Communication a communication attracting a privilege arising from the provision of professional legal advice and any other advice or from the relationship of lawyer and client or other similar relationship, but does not include a general duty of confidentiality.
Prospectus has the meaning given in Article 50(3) of this Law.
Protected Cell Company has the meaning given in the DIFC Companies Law or Regulations made for the purposes of that law.
Public Fund has the meaning given in Article 16(1) of this Law.
Recognised Jurisdiction a jurisdiction which has been recognised by the DFSA under Article 55 of this Law.
Regulator the competent authority of a Recognised Jurisdiction which is responsible for regulating financial services in that jurisdiction.
Ruler the ruler of the Emirate of Dubai.
Rules has the meaning given in Article 2(e) of Schedule 1 to this Law.
Schedule a schedule to the Law.
Securities has the meaning prescribed in the rules made under the Regulatory Law 2004.
Special Resolution in relation to a Domestic Fund, a resolution passed by a majority of not less than 75% of the votes validly cast (whether on a show of hands or on a poll) for and against the resolution at a general meeting or class meeting of Unitholders, of which notice specifying the intention to propose the resolution as a special resolution has been duly given.
Trustee a person described in Article 21(1) of this Law.
Unit a Unit or share representing the rights or interests of Unitholders in a Fund and includes a right or interest in such a Unit.
Unitholder in relation to a Fund, means any holder of a Unit in the Fund, otherwise known as a 'participant'.