CIR 13.4.1

(1) A Fund Manager of a Domestic Fund which is a Property Fund must use only a Closed-ended legal structure for the investment vehicle, unless it is an Exempt Fund or a Qualified Investor Fund.
(2) In the case of a Property Fund which is or intends to be a Public Fund, the Fund Manager:
(a) may only use either an Investment Company or Investment Trust as the investment vehicle of the Fund;
(b) must ensure that it is listed and traded on an Authorised Market Institution or is listed and traded on an exchange in a Recognised Jurisdiction within 3 years from the date on which the Units of the Fund are first Offered to the public or any other shorter period as specified in the Fund'sProspectus; and
(c) must ensure that the Constitution of the Fund includes provisions that deal with:
(i) the manner in which the issue and redemption of Units of the Fund will be made to ensure that the Fund is Closed ended; and
(ii) if applicable, the circumstances in which any Private Placements may be made.
(3) If the offer document or marketing material of a Property Fund which is an Exempt Fund or QIF states that it intends to be listed and traded on an Authorised Market Institution, or on an exchange in a Recognised Jurisdiction, it must:
(a) be registered as a Public Company;
(b) list and trade its Units on the exchange specified in its offer document or marketing material within 3 years of its registration; and
(c) during the period pending its listing and trading, comply with all the requirements applicable to a Public Fund other than the requirements relating to:
(i) the independent oversight function; and
(ii) the issue of a Public Fund Prospectus.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]