48. Registration requirements
(1) In relation to the legal structure of a Public Fund, subject to any limitations prescribed by the Rules, registration may be granted by the DFSA only where the Fund takes the form of:
(a) an Investment Company;
(b) an Investment Partnership; or
(c) an Investment Trust.
(2) The DFSA may make Rules prescribing the requirements that a Public Fund must meet before registration can be granted by the DFSA. Such Rules may include requirements relating to the appointment of an eligible custodian or Fund Administrator and requirements relating to fitness and proprietary of the Governing Body, persons providing oversight functions and employees of the Fund.
(3) The DFSA may make Rules providing such requirements referred to in Article 48(2) to be varied in cases where a person, other than a Trustee, referred in Article 48(2) are at the time of application, regulated in a jurisdiction other than the DIFC;
(a) prescribing certain persons or categories of person to be exempted from the requirements referred to in Article 48(2); and
(b) providing for any such exemptions to be:
(i) limited to certain types of Fund or specified circumstances; or
(ii) subject to certain conditions and restrictions.