DFSA will approve a Fund Prospectus which has been filed with the DFSA in accordance with Rule 6.3.1 as soon as reasonably practicable where it is satisfied that the Prospectus complies with all the requirements applicable to that Prospectus.
Fund Prospectus is not an Approved Prospectus for the purposes of Article 14(2) of the Law unless the DFSA has issued to the applicant a notice stating its approval:
(a) of the
Prospectus or Supplementary Prospectus, as the case may be; and
(b) in the case of a,
Prospectus in (a) comprising multiple documents, of all the multiple documents.
(3) The procedures in Schedule 3 to the Regulatory Law apply to a decision of the
DFSA under this Rule not to approve a Fund Prospectus.
(4) If the
DFSA decides to exercise its power not to approve a Fund Prospectus under this Rule, the applicant may refer the matter to the FMT for review.