REP 4.7.4

(1) A Representative Office must ensure that it does not market a Unit of a Foreign Fund which is a Property Fund unless:
(a) the Fund is a closed-ended structure; and
(b) the Fund is listed and traded on an Authorised Market Institution or on an exchange regulated in a Recognised Jurisdiction, unless the Units are to be Offered, issued or sold by means only of Private Placement.
(2) For the purposes of (1), a "Property Fund" is a Foreign Fund in respect of which 60% or more of the Fund's assets comprise Real Property, Property Related Assets or Units in another Property Fund.
Derived from DFSA RM68/2009 (Made January 3rd 2010). [VER1/01-10]