W558/2018 — Gateway Investment Management Services (DIFC) Ltd.
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MODIFICATION NOTICE
To | Gateway Investment Management Services (DIFC) Ltd. |
Address | Level 5, Gate Village 6, DIFC, PO Box 506822, Dubai, UAE |
DFSA Firm Reference No. | F001118 |
Notice No. | W558/2018 |
THE DFSA HEREBY GIVES NOTICE THAT:
The Rules specified in the left hand column of Table A do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.
RULES MODIFIED
The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.
TABLE A | |
Rule | Modified Text |
CIR 13.5.1 |
(1) The above mentioned Person, being the
(2) The Fund is a Qualified Investor Fund
(a) is constituted
(b) is primarily aimed at investments in income-generating Real Property; and
(c) distributes to the Unitholders at least 80% of its audited annual net income.
(3) The Fund Manager ensures that the Fund complies with all the requirements that would normally apply to a Property Fund which is a Public Fund, except to the extent otherwise specified in (4), (5), and (6). (4) The reference to '6 months from the date on which the Units of the Fund are offered to the Public' in CIR Rule 13.4.1(2)(b) is to be read as '24 months from the date on which the Fund Manager notified the DFSA of the initial Offer to issue Units in the Fund'. (5) The Fund Manager is not required to comply with CIR Rule 14.3.1, as long as it complies with the requirements applicable to a Qualified Investor Fund with regard to the Fund's Information Memorandum. (6) The Fund Manager is not required to have in place adequate oversight arrangements referred to in CIR Section 10.3, or to ensure the duties of an oversight provider are carried out, for a period of 24 months from the date of this relief, or the day prior to the admission of the Fund to the Official List of Securities, whichever occurs first.
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CONDITIONS
None.
EFFECTIVE PERIOD
This notice comes into effect on the date of issue of this notice and remains in force for 24 months from the date on which the Fund notified the DFSA of its initial Offer to issue Units in the Fund, or until the admission of the Fund to the Official List of Securities, whichever occurs first.
INTERPRETATION
The provisions in this notice are to be constructed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.
Defined terms are identified in this notice by the capitalisaton of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning
THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:
Name: | Bryan Stirewalt |
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Position: | Managing Director, Supervision |
DATE OF ISSUE: | 26 February 2018 |