CIR 1.5 Guidance
1. The authorities responsible for the regulation of Funds in the UAE (the DFSA , SCA and the FSRA ) have entered into arrangements (the "Fund Protocol") to facilitate domestic funds established or domiciled in one jurisdiction (the Home Jurisdiction ) being Promoted in the other jurisdictions (the Host Jurisdictions ).
2. The Fund Protocol Rules (FPR) set out, among other things, the procedures and requirements that apply if a Fund established or domiciled in the DIFC (whether a Public Fund , Exempt Fund or Qualified Investor Fund ) wishes to Promote the Fund in the other jurisdictions (a 'Passported Fund').
3. A Fund established or domiciled in the DIFC that wishes to be a Passported Fund will, in addition to complying with the procedures and requirements in FPR , still need to comply with relevant requirements in this module. In some cases, requirements in this module are modified for a Passported Fund for consistency with FPR . In summary, the main additional or modified requirements in FPR relate to:
(a) custodian requirements for Public Funds ;
(b) prospectus requirements for Public Funds , including the requirement for a Key Investor Information Document (KIID); and
(c) requirements for notification of certain material events.
4. For more information about the procedures and requirements for a Passported Fund , see the Fund Protocol Rules (FPR).
5. If a Passported Fund is established or domiciled in one of the other UAE jurisdictions, many of the requirements in this module do not apply to the Fund as it is a Foreign Fund rather than a Domestic Fund (as those terms are defined in the Law ). Only certain requirements in this module apply to Foreign Funds (e.g. Chapter 15: marketing of Foreign Funds). Instead, the Passported Fund will need to comply with the requirements in its Home Jurisdiction , including the relevant Fund Protocol rules or regulations made by its Home Regulator .
Derived from RM235/2019 (Made 20th February 2019). [VER24/02-19]