54. Marketing of Foreign Funds
(1) An Authorised Firm may only Offer a Unit of a Foreign Fund if:
(a) the Foreign Fund meets either:
(i) the criteria for a Designated Fund in a Recognised Jurisdiction; or
(ii) other criteria prescribed in the Rules;
(b) the Authorised Firm has a reasonable basis for recommending the Unit of the Foreign Fund as suitable for the particular Client to whom the Offer is made; or
(c) the Foreign Fund is a type of Fund that:
(i) has its Units offered to persons only by way of a private placement;
(ii) has its Units offered to persons who meet the criteria to be classified as Professional Clients; and
(iii) requires an initial subscription of at least US$50,000 to be paid by a person to become a Unitholder in the Fund.
(iv) requires an initial subscription of at least US$50,000 to be paid by a person to become a Unitholder in the Fund.
(2) For the purposes of Article 54(1), the DFSA may, by Rules, prescribe any additional criteria, requirements or conditions that apply to the Offer of Units of Foreign Funds including:
(i) disclosure to be made to persons to whom such Offers are made;
(ii) when an offer document produced in accordance with the legislation applicable in a jurisdiction other than the DIFC is to be taken to comply with the requirements of this Law and any Rules made for the purposes of this Law;
(iii) whether such Funds are required to be Open-ended or Closed-ended, listed or unlisted or meet any additional requirements relating to its legal form or manner of distribution; and
(iv) the circumstances in which the Islamic quality of the Fund may be promoted by using the words Shari'a compliant or Islamic in the name of the Foreign Fund or otherwise holding out that the Fund is in any way Islamic or Shari'a compliant.