CIR 13.4.2B

(1) If a Fund Manager wishes to rely on CIR Rule 8.2.2(3)(a)(ii), or a Trustee of an Investment Trust wishes to rely on CIR Rule 8.2.3(b), to make alternative arrangements for the purposes of those Rules, it may do so only if the requirements in (2) and (3) are met.
(2) The Fund Manager or, in the case of an Investment Trust, the Trustee, for the purpose of meeting the legal or regulatory requirements in relation to the ownership of Real Property applicable in the jurisdiction in which the Real Property is situated, may implement alternative arrangements for safekeeping where the arrangements:
(a) in the case of an Investment Trust, enable the Trustee to continue to control the Fund Property; and
(b) in all cases:
(i) do not enable the Fund Manager to have unfettered control of the Fund Property; and
(ii) are in accordance, where applicable, with the requirements in Rules CIR 13.4.6 to CIR 13.4.11.
(3) If the Fund Manager or, in the case of an Investment Trust, the Trustee, implements arrangements in accordance with (2), it must satisfy the DFSA that the arrangements have the effect specified in (2) and are legally effective in the DIFC and in the jurisdiction where the Real Property is situated.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]