56. Initial and ongoing requirements

(1) The Operator of a Private Fund shall notify the DFSA at least 14 days prior to the initial, and if a closed-ended Fund any subsequent, issue or offer of Units in the Fund in the manner prescribed in the Rules.
(2) Such notification must include the name of the Fund and the type of Fund and any further details required under any Rules the DFSA may make under this Article.
(3) To remain classified as a Private Fund, the number of Unitholders in such a Fund must not exceed 100 Unitholders.
(4) The DFSA may make Rules setting out further criteria:
(a) a Fund shall satisfy to be classified as a Private Fund under this Part; and
(b) which the Fund shall continue to satisfy in order to remain classified as a Private Fund.
(5) If a Domestic Fund can no longer be classified as a Private Fund, the Operator must apply for registration of it as a Public Fund under Article 47 or else apply for it to be wound up.