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CIR 3.1.12

(1) A Fund is an Exchange Traded Fund ("ETF") if it:
(a) is constituted as an Open-ended Public Fund;
(b) has its Units available for trading throughout the day on an exchange that meets the criteria in (2); and
(c) has at least one market maker (Authorised Participant) who:
(i) purchases and redeems "creation Units" of the Fund from the Fund Manager; and
(ii) is prepared to buy and sell Units of the Fund throughout the day on the relevant exchange.
(2) An exchange meets the requirement in (1)(b) if it is:
(a) operated by an Authorised Market Institution;
(b) regulated by a Financial Services Regulator in a jurisdiction that is a signatory to the IOSCO Multilateral Memorandum of Understanding for sharing information; or
(c) regulated by a Financial Services Regulator in a jurisdiction which has entered into a bilateral memorandum of understanding with the DFSA for sharing information.
Derived from DFSA RM218/2018 (Made 22nd February 2018) [VER23/12-18]