CIR 7.1.4 Guidance

1. Article 27(4) of the Law and this Rule give the DFSA the power to make a direction if a name of a Fund, Sub-Fund or class of Units in a Fund is undesirable, misleading or conflicts with a name used by another Fund, Sub-Fund or class of Units of a Fund. In the case of a Protected Cell Company or an Incorporated Cell Company, the PCC and the ICC Regulations confer additional powers on the DFSA to give a direction in relation to those companies and their cells.
2. In determining whether to make a direction under these powers, the matters that the DFSA may take into account include whether the name of the Fund, Sub-Fund or class of Units as the case may be:
a. implies that the Fund, Sub-Fund or class of Units has merits which are not, or might not be, justified;
b. is inconsistent with the Fund's investment objectives or policy;
c. might mislead Unitholders or prospective Unitholders into thinking that a Person other than the Fund Manager is responsible for the Fund, Sub-Fund or class of Units of the Fund;
d. is substantially similar to the name of another Collective Investment Fund in the DIFC or elsewhere;
e. implies that it is a specialist class of Fund or Sub-Fund, where the relevant requirements relating to that class of specialist Fund are not met; or
f. is in the opinion of the DFSA likely to offend the public.
Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]
[Amended] RM158/2015 (Made 9th December 2015). [VER19/02-16]
[Amended] DFSA RMI248/2019 (Made 18th December 2019) [VER26/12-19].