DFSA Collective Investment Rules (CIR)chapter by chapter

1.1.5(2)1.1 Application

Establish governance oversight so Directors/Partners charged with managing the Fund actively monitor and ensure the Fund's compliance with all applicable CIR obligations.

5.1.25.1 General

Apply the full AML/CDD/monitoring framework under the AML module to Unitholders and prospective Unitholders of each Fund administered.

5.1.35.1 General

Implement controls preventing the Fund Administrator from holding or controlling client money/assets outside the two permitted exceptions, including a maximum 3-business-day cheque-holding rule and a compliant restricted bank mandate where used.

5.1.4(1)5.1 General

Execute and maintain an App1-compliant Delegation Agreement with the Fund Manager/Trustee for every Domestic Fund administered (non-QIF).

5.1.5(1)5.1 General

Put in place a documented SLA with the Foreign Fund's fund manager specifying scope of services and applicable service standards before administration begins.

5.1.5(2)5.1 General

Include a contractual sub-delegation approval clause in every Foreign Fund SLA and operate a sub-delegate approval workflow requiring fund manager sign-off before any sub-delegation.

5.1.5(3)5.1 General

Build a post-termination records-retention clause into the SLA and a corresponding offboarding procedure to preserve all delegated-activity records upon contract termination.

5.1.65.1 General

Maintain a complete, transaction-level record-keeping system covering every fund administration activity/function performed for each Fund and its Unitholders.

5.1.7(a)5.1 General

Ensure record-keeping systems produce sufficient detail/audit trail to demonstrate to the Governing Body that prepared accounts meet CIR and other applicable legislative requirements.

5.1.7(b)5.1 General

Implement a minimum 6-year retention policy and archiving system for all fund administration records.

5.1.7(c)5.1 General

Maintain records in a state and location that allows prompt access for inspection by the DFSA, the Fund's Auditor, and oversight function holders on request.

5.1.7(d)5.1 General

Maintain the capability to reproduce any requested record in hard copy, in English, within 3 days of a DFSA request.

6.1.2(a)6.1 Requirements for External Fund Managers

Verify and document that the External Fund Manager holds appropriate regulatory authorisation/status in a Recognised (or DFSA-acceptable) Jurisdiction before and throughout the appointment.

6.1.2(b)6.1 Requirements for External Fund Managers

Obtain a signed AFN declaration submitting to DIFC law and DIFC Courts' jurisdiction before/at the point of appointment as External Fund Manager.

6.1.3(1)(a)6.1 Requirements for External Fund Managers

Complete appointment of a DFSA-licensed Fund Administrator or Trustee prior to launching any Unit offer.

6.1.3(1)(b)6.1 Requirements for External Fund Managers

Formalise in the appointment agreement that the Appointed FA/Trustee acts as agent for DFSA and Unitholder dealings, and notify relevant parties of that agency arrangement.

6.1.3(1)(c)6.1 Requirements for External Fund Managers

Grant the Appointed FA/Trustee, via the appointment agreement, all powers needed to perform Unit issue/resale/redemption and pricing, Unitholder reporting, and access to the Constitution, Prospectus, Unitholder register and books/records, all from a DIFC place of business.

6.1.3(3)6.1 Requirements for External Fund Managers

Establish ongoing monitoring to confirm the External Fund Manager continues to satisfy the Article 20(5) criteria.

6.1.46.1 Requirements for External Fund Managers

Implement a control to prevent any External Fund Manager from being onboarded onto, or using, a Fund Platform (ICC structure).

6.1.56.1 Requirements for External Fund Managers

Implement a screening control preventing an External Fund Manager from being appointed to, or continuing to manage, any Domestic Fund classified as a Credit Fund.

6.2.2(a)6.2 Requirements for External Funds

Design and maintain systems and controls specifically tailored to ensure the External Fund's compliance with its home-jurisdiction regulatory requirements.

6.2.2(b)6.2 Requirements for External Funds

Submit a notification to the DFSA identifying the External Fund's jurisdiction of establishment/domicile and describing the applicable host-jurisdiction regulatory requirements.

6.2.36.2 Requirements for External Funds

Implement a control preventing management of an External Credit Fund unless it is structured/classified as a Qualified Investor Fund.

6A.1.36A.1 Using a Fund Platform

Establish governance/oversight arrangements over the ICC's activities equivalent to direct accountability, since the Fund Manager bears full legal responsibility for ICC acts/omissions.

6A.1.4(a)6A.1 Using a Fund Platform

Assess and maintain ICC infrastructure (systems, staffing, controls) sufficient for the type/specialist class of each Fund established as an Incorporated Cell.

6A.1.4(b)6A.1 Using a Fund Platform

Implement scope-of-activity controls ensuring the ICC only performs activities within the Fund Manager's licensed authorisation for each Fund on the platform.

6A.1.4(c)6A.1 Using a Fund Platform

Implement controls confirming ICC services are provided exclusively to Funds constituted as Incorporated Cells of that ICC, with documented functional separation for any shared resources used for other Funds.

6A.1.4(d)6A.1 Using a Fund Platform

Maintain up-to-date procedures and records for each Incorporated Cell Fund evidencing ICC activities performed and compliance with all applicable Fund-type/specialist-class requirements, available for DFSA review.

6A.1.56A.1 Using a Fund Platform

Structure board composition or veto rights for the ICC/each Incorporated Cell to ensure the Fund Manager retains control, via director majority or a documented veto mechanism.

6A.1.66A.1 Using a Fund Platform

Implement a control ensuring only natural persons (not corporate entities) are appointed as Directors of any Incorporated Cell Fund on the platform.

7.1.2(1)(a)7.1 Application

Constitution drafting/review checklist mapped to Appendix 5 disclosure requirements.

7.1.2(1)(b)7.1 Application

Legal review confirming no prejudicial provisions in the Constitution.

7.1.2(2)7.1 Application

Constitution maintenance and version-control / alteration procedure.

7.1.3(1)7.1 Application

Pre-issuance impact assessment of new/additional Unit class rights.

7.1.3(2)7.1 Application

Pre-issuance check against Constitution/Prospectus limits and a prejudice assessment.

7.1.3(3)7.1 Application

Trustee pre-execution compliance check on Fund Manager unit-issuance instructions.

7.1.47.1 Application

Fund/Sub-Fund/Unit-class naming due-diligence (name-clearance) check prior to use.

7.1.5(a)7.1 Application

Guarantor due-diligence pack (authority and financial resources evidence) submitted to the DFSA.

7.1.5(b)7.1 Application

Prospectus disclosure drafting/review covering guarantee terms and exclusions.

8.1A.2(1)(a)8.1A Corporate Director

Board composition control ensuring no directors other than the Corporate Director.

8.1A.2(1)(b)8.1A Corporate Director

Articles of Association review/drafting to include the enabling appointment provision.

8.1A.2(2)(a)8.1A Corporate Director

Ongoing monitoring control confirming continued compliance with 8.1A.2(1)(a)/(b).

8.1A.2(2)(b)8.1A Corporate Director

Maintain valid DIFC company registration for the Corporate Director.

8.1A.2(2)(c)8.1A Corporate Director

Minimum-director-count control for the Corporate Director.

8.1A.2(2)(d)8.1A Corporate Director

Restriction control preventing the Corporate Director from acting for other Funds or Persons.

8.2.1(1)8.2 Duties in relation to Fund Property

Pre-trade/investment compliance check against Constitution and Prospectus investment restrictions.

8.2.1(2)8.2 Duties in relation to Fund Property

Trade/transaction execution and booking control ensuring correct Fund/Sub-Fund allocation and documentation.

8.2.1(3)8.2 Duties in relation to Fund Property

Pre-instruction compliance check before issuing instructions to the Trustee.

8.2.2(1)8.2 Duties in relation to Fund Property

Fund Property safekeeping oversight framework/policy.

8.2.2(2)(a)8.2 Duties in relation to Fund Property

Eligible Custodian appointment and due-diligence process.

8.2.2(2)(b)8.2 Duties in relation to Fund Property

Delegation-procedure compliance checklist per section 8.12.

8.2.2(3)(c)8.2 Duties in relation to Fund Property

Asset segregation/identification arrangement for infrastructure-type Fund Property.

8.2.2(4)8.2 Duties in relation to Fund Property

Crypto Token custody control ensuring no exemption is applied to Crypto Token holdings.

8.2.3(a)8.2 Duties in relation to Fund Property

Trust deed / custody arrangement confirming the Trustee's safekeeping role, with Fund Manager oversight of performance.

8.2.3(b)8.2 Duties in relation to Fund Property

Legal title registration verification for Fund Property held by the Trustee.

8.2.3(c)8.2 Duties in relation to Fund Property

Instruction-compliance gatekeeping control prior to Trustee execution.

8.2.58.2 Duties in relation to Fund Property

Enhanced custodian eligibility check against FPR Rule 6.5.3 for passported Public Funds.

8.2.6(1)(b)8.2 Duties in relation to Fund Property

Crypto-custodian due-diligence and determination process.

8.2.6(2)8.2 Duties in relation to Fund Property

Standardised Crypto-custodian due-diligence questionnaire covering all six mandatory factors.

8.3.1(1)8.3 Conflicts of interest

Conflicts-of-interest policy and pre-transaction conflict screening for Fund Property dealings.

8.3.1(2)8.3 Conflicts of interest

Conflict disclosure notice to Unitholders.

8.3.1(3)8.3 Conflicts of interest

Fund-specific remuneration policy aligned with the risk management framework.

8.3.2(1)8.3 Conflicts of interest

Related Party Transaction (RPT) approval gate preventing non-compliant transactions.

8.3.2(2)8.3 Conflicts of interest

Arm's-length terms benchmarking analysis for each Related Party Transaction.

8.3.2(3)(a)8.3 Conflicts of interest

Unitholder RPT circular preparation and distribution.

8.3.2(3)(b)8.3 Conflicts of interest

Unitholder resolution process for material RPTs meeting the 5% NAV threshold.

8.3.2(4)(a)8.3 Conflicts of interest

Post-meeting voting-results notice to Unitholders.

8.3.2(4)(b)8.3 Conflicts of interest

RPT disclosure and certification section in interim/annual reports.

8.3.2(4)(c)8.3 Conflicts of interest

Annual-report RPT aggregate disclosure section.

8.3.3(a)8.3 Conflicts of interest

Best execution policy and monitoring for Fund trades.

8.3.3(b)8.3 Conflicts of interest

Trade allocation policy and periodic allocation testing.

8.3.3(c)8.3 Conflicts of interest

Portfolio turnover monitoring against the stated investment objective.

8.3.3(d)8.3 Conflicts of interest

Underwriting arrangement best-interest review and approval.

8.4.1(1)(a)8.4 Valuation of Fund Property

Valuation schedule/calendar appropriate to the Fund type.

8.4.1(1)(b)8.4 Valuation of Fund Property

Per-Unit-class valuation preparation process.

8.4.1(1)(c)8.4 Valuation of Fund Property

Unit price publication process.

8.4.1(2)8.4 Valuation of Fund Property

Valuation calculation methodology incorporating expense and borrowing deductions.

8.4.1(3)8.4 Valuation of Fund Property

Valuation methodology alignment with the Constitution/Prospectus.

8.4.1(4)8.4 Valuation of Fund Property

Valuation calculation rule excluding acquisition/disposal charges from asset value.

8.4.1(5)8.4 Valuation of Fund Property

Dilution levy/adjustment governance control (Prospectus authorisation check plus fair-application methodology).

8.4.2(1)(a)8.4 Valuation of Fund Property

Units-in-issue vs. register reconciliation control at each valuation point.

8.4.2(1)(b)8.4 Valuation of Fund Property

Self-dealing/benefit conflict-prevention control within the valuation and pricing processes.

8.4.2(2)8.4 Valuation of Fund Property

Valuation error correction and reimbursement procedure.

8.4.2(3)(a)8.4 Valuation of Fund Property

Trustee notification procedure for valuation errors.

8.4.2(3)(b)8.4 Valuation of Fund Property

Trustee oversight and notification control over Fund Manager valuation compliance.

8.6.1(1)8.6 Issue and redemption of Fund Units

Maintain continuous subscription/dealing capacity during each dealing day and a documented, non-discriminatory basis for accepting or refusing subscription requests.

8.6.1(2)8.6 Issue and redemption of Fund Units

Maintain continuous redemption capacity during each dealing day and a documented fair-treatment policy governing redemption execution.

8.6.1(3)8.6 Issue and redemption of Fund Units

Pay redemption proceeds in full within the constitution/Prospectus-specified settlement period, with any withholding formally justified and documented.

8.6A.1(1)8.6A Systems and controls for liquidity risk management in Open-ended Funds

Maintain an ongoing liquidity adequacy assessment for each Open-ended Domestic Fund calibrated to its redemption terms, asset class and risk profile.

8.6A.1(2)(a)8.6A Systems and controls for liquidity risk management in Open-ended Funds

Document and maintain liquidity buffer levels, illiquid-asset limits, and any standby funding facilities (e.g. credit lines) within the liquidity risk management policy.

8.6A.1(2)(b)8.6A Systems and controls for liquidity risk management in Open-ended Funds

Incorporate asset-class liquidity profiling, market liquidity data, and investor redemption behaviour analysis into the liquidity risk framework.

8.6A.1(2)(c)8.6A Systems and controls for liquidity risk management in Open-ended Funds

Implement periodic liquidity stress testing and monitoring mechanisms, with documented escalation/remediation procedures for identified gaps.

8.6A.1(2)(d)8.6A Systems and controls for liquidity risk management in Open-ended Funds

Document a liquidity stress management toolkit (anti-dilution levies, side-pocketing, redemption gates/suspension powers) with defined activation triggers and governance sign-off procedures.

8.6B.1(1)8.6B Confirmation notes

Generate and dispatch a Transaction confirmation note to the Unitholder within 2 business days of execution.

8.6B.1(2)8.6B Confirmation notes

Build and maintain a confirmation note template that captures all prescribed data fields for every subscription/redemption Transaction.

8.7.1(1)8.7 Unitholder register

Establish and operate a Unitholder register for each Domestic Fund.

8.7.1(2)8.7 Unitholder register

Ensure the register template/system captures Unitholder identity, unit class holdings (including fractions) and registration date for every entry.

8.7.1(3)8.7 Unitholder register

Implement reconciliation and update controls to keep the Unitholder register accurate and current.

8.7.1(4)8.7 Unitholder register

Provide a facility (physical or electronic) at a DIFC location for Unitholders to inspect the register during normal business hours.

8.7.1(5)8.7 Unitholder register

Confirm the Trustee maintains and makes available a compliant Unitholder register for Investment Trust-structured Funds.

8.8.18.8 Meetings of Unitholders

Schedule and hold at least two Governing Body meetings per rolling 12-month period from Fund registration.

8.8.2(1)8.8 Meetings of Unitholders

Schedule and convene an annual general meeting of Unitholders within each 12-month cycle (and within 12 months of registration for a Public Fund).

8.8.2(2)8.8 Meetings of Unitholders

Prepare the annual report and table it as an agenda item at the AGM.

8.8.3(1)(b)8.8 Meetings of Unitholders

Establish a process to receive, validate and act immediately on Unitholder requisitions for a general meeting.

8.8.48.8 Meetings of Unitholders

Follow the Constitution/Prospectus-specified meeting requirements for Exempt Fund Unitholder meetings.

8.8.5(1)8.8 Meetings of Unitholders

Draft and maintain a Unitholder meetings procedures manual covering all prescribed topics.

8.8.5(2)8.8 Meetings of Unitholders

Cross-check the meetings procedures manual against DFSA CIR App2 and remove/correct any inconsistent provisions.

8.8.5(3)8.8 Meetings of Unitholders

Distribute the current meetings procedures manual to all Unitholders (and upon subsequent updates).

8.8.5(4)8.8 Meetings of Unitholders

Submit the meetings procedures manual to the Trustee for prior written approval before adoption/amendment.

8.9.1(a)8.9 Approvals and notifications

Identify proposed changes that qualify as 'fundamental' under App3 and obtain prior Unitholder approval before implementation.

8.9.1(b)8.9 Approvals and notifications

Identify proposed 'significant' changes under App3 and issue pre-event notification to Unitholders within the required timeframe before implementation.

8.9.1(c)8.9 Approvals and notifications

Identify 'notifiable' changes under App3 and issue post-notification to Unitholders after implementation.

8.10.1(1)8.10 Maintenance of records

Maintain a comprehensive recordkeeping framework evidencing compliance with all CIR obligations.

8.10.1(2)8.10 Maintenance of records

Maintain a 6-year record of the Fund Manager's own Unit holdings/acquisitions/disposals by class.

8.10.1(3)8.10 Maintenance of records

Provide a documented process to give the DFSA/Trustee/Custodian free, prompt access to and copies of records on request.

8.10.1(4)8.10 Maintenance of records

Maintain a 6-year record of dilution levy/adjustment calculations and the underlying policy/methodology for each instance applied.

8.11.1(1)8.11 Capital

Monitor Fund capital against the Constitution-stated minimum and trigger an immediate DFSA notification if it is breached.

8.11.1(2)8.11 Capital

Prepare a notification package containing either the viability rationale plus supporting Unitholder resolution, or the Fund wind-up plan.

8.12.1(a)8.12 Delegation and outsourcing

Ensure legal title to Fund Property is registered in the name of/with the appointed Eligible Custodian.

8.12.2(2)8.12 Delegation and outsourcing

Verify and document the prospective Fund Administration delegate's regulatory status/authorisation before finalising delegation.

8.12.2(3)8.12 Delegation and outsourcing

Verify and document the prospective investment manager delegate's regulatory authorisation before finalising delegation.

8.12.3(1)8.12 Delegation and outsourcing

Review and provide (or withhold) prior written consent before the Trustee delegates Fund Administration or Custody functions.

8.12.3(2)8.12 Delegation and outsourcing

Confirm, as part of the Fund Manager's consent/oversight role, that the Trustee's proposed Fund Administration delegate meets the eligibility criteria.

8.12.3(3)8.12 Delegation and outsourcing

Confirm, as part of the Fund Manager's consent/oversight role, that the Trustee's proposed custody delegate is an Eligible Custodian.

8.12.4(1)(a)8.12 Delegation and outsourcing

Complete and document formal due diligence on any proposed delegate before executing a delegation.

8.12.4(1)(b)8.12 Delegation and outsourcing

Execute a written Delegation Agreement meeting GEN Ch.5/App1 requirements for every delegation.

8.12.5(1)(a)8.12 Delegation and outsourcing

Apply GEN Ch.5 outsourcing requirements to every function outsourced.

8.12.5(1)(b)8.12 Delegation and outsourcing

Execute a written Outsourcing Agreement meeting App1 requirements for every outsourced function.

8.12.5(1)(c)8.12 Delegation and outsourcing

Complete and document due diligence establishing the proposed outsourcing provider's suitability before contracting.

8.12.68.12 Delegation and outsourcing

Implement an ongoing Service Provider oversight/monitoring framework (KPIs, reporting, escalation) for every delegated/outsourced arrangement.

8.12.7(1)8.12 Delegation and outsourcing

Conduct a formal 6-monthly Service Provider performance review and present findings to the Governing Body/Trustee.

8.12.7(2)-(3)8.12 Delegation and outsourcing

Establish an incident process to remediate Service Provider agreement breaches immediately and assess/execute DFSA and governance notification.

8.13.1(1)8.13 Fees, charges and other levies

Restrict all issue/sale charges and levies to those permitted by the Constitution and Prospectus.

8.13.1(2)8.13 Fees, charges and other levies

Ensure any preliminary/redemption charge applied is both Constitution-permitted and structured as a fixed amount or percentage of Unit price.

8.13.1(3)8.13 Fees, charges and other levies

Cap the preliminary charge applied at the rate/amount disclosed in the current Prospectus for each Unit class.

8.13.2(1)8.13 Fees, charges and other levies

Limit all Fund Manager remuneration/reimbursement from Fund Property to Constitution-permitted, Prospectus-disclosed terms.

8.13.2(2)8.13 Fees, charges and other levies

Issue 90 days' written notice to Unitholders before implementing any fee increase within existing Constitution/Prospectus parameters.

8.13.38.13 Fees, charges and other levies

Obtain Unitholder Special Resolution approval and provide 90 days' notice before introducing a new remuneration category or an out-of-parameter fee increase.

8.13.4(1)8.13 Fees, charges and other levies

Validate all payments to the Trustee/Custodian/oversight providers against Prospectus-disclosed remuneration terms or properly incurred expense criteria before payment.

8.13.4(2)8.13 Fees, charges and other levies

Confirm Constitution authority before releasing any disclosed remuneration payment to the Trustee/Custodian/oversight provider.

8.13.58.13 Fees, charges and other levies

Restrict any promotional payment/performance fee to the Fund Manager to Constitution-permitted, Prospectus-disclosed arrangements.

8.13.68.13 Fees, charges and other levies

Ensure any amortisation of Fund set-up/initial offer costs does not exceed a five-year period.

8.13.7(2)8.13 Fees, charges and other levies

Confirm Constitution authority and adequate Prospectus disclosure before allocating any charge/expense to capital or income account.

8.13.98.13 Fees, charges and other levies

Assess and document Constitution permissibility and adequacy of provisioning before paying any post-transfer liability out of Fund Property.

9.2.1(1)9.2 Preparation of Fund financial statements

Prepare annual financial statements for each Fund for every financial year.

9.2.1(2)9.2 Preparation of Fund financial statements

Adopt and apply IFRS (or USGAAP plus SORP) as the accounting framework for all Fund financial statements.

9.2.29.2 Preparation of Fund financial statements

Maintain complete, up-to-date Accounting Records supporting ongoing and year-end financial position disclosure.

9.2.39.2 Preparation of Fund financial statements

Structure and maintain Accounting Records in a form that enables governance/oversight bodies to verify legislative compliance of financial statements.

9.2.4(a)9.2 Preparation of Fund financial statements

Implement a minimum six-year retention policy for all Fund Accounting Records.

9.2.4(b)9.2 Preparation of Fund financial statements

Maintain Accounting Records in a state of readiness for inspection by the DFSA or Registered Auditor at any reasonable time.

9.2.4(c)9.2 Preparation of Fund financial statements

Ensure systems/processes can produce hard-copy English-language reproductions of Accounting Records within 3 business days of any request.

9.3.1(a)9.3 Auditors of a Fund

Submit DFSA notification (via AFN) of Registered Auditor appointment.

9.3.1(b)9.3 Auditors of a Fund

Conduct and document due diligence on prospective Registered Auditor's skills/resources/experience prior to appointment.

9.3.1(c)9.3 Auditors of a Fund

Verify and continuously monitor the Registered Auditor's DFSA registration status.

9.3.29.3 Auditors of a Fund

File immediate DFSA notification upon auditor termination/resignation.

9.3.39.3 Auditors of a Fund

Identify and appoint a replacement Registered Auditor promptly upon any vacancy.

9.3.4(1)9.3 Auditors of a Fund

Assess and maintain Registered Auditor independence and conflict-of-interest controls.

9.3.4(2)9.3 Auditors of a Fund

Notify DFSA immediately upon identifying a loss of auditor independence or a conflict of interest.

9.3.5(a)9.3 Auditors of a Fund

Establish a process for timely provision of requested information to the Registered Auditor.

9.3.5(b)9.3 Auditors of a Fund

Grant the Registered Auditor timely access to relevant records/systems.

9.3.5(c)9.3 Auditors of a Fund

Permit and facilitate copying of records by the Registered Auditor.

9.3.5(d)9.3 Auditors of a Fund

Implement controls/training to prevent interference with the auditor's work.

9.3.5(e)9.3 Auditors of a Fund

Establish an escalation channel for reporting significant financial matters to the Registered Auditor.

9.3.5(f)9.3 Auditors of a Fund

Maintain capacity to fulfil ad hoc reasonable requests for assistance from the Registered Auditor.

9.3.69.3 Auditors of a Fund

Ensure, via oversight of the Trustee where appointed, that the Trustee's cooperation obligations to the Registered Auditor under 9.3.5 are fulfilled.

9.3.79.3 Auditors of a Fund

Include Registered Auditor cooperation clauses in all delegation/outsourcing agreements.

9.3.8(a)9.3 Auditors of a Fund

Formalise (in writing/engagement letter) the requirement that the Registered Auditor audit per IAASB standards.

9.3.8(b)9.3 Auditors of a Fund

Ensure engagement terms require delivery of a Fund Auditor's Report compliant with AUD App6 for each audit.

9.4.1(1)9.4 Periodic Reports

Produce one annual report and one interim report per Fund per relevant period.

9.4.1(2)-(3)9.4 Periodic Reports

Assess each QIF interim period for material changes and produce an interim report only if a material change occurred.

9.4.2(1)(a)9.4 Periodic Reports

Complete and issue the annual report within a 4-month deadline after the Fund's year-end.

9.4.2(1)(b)9.4 Periodic Reports

Complete and issue the interim report within a 2-month deadline after the interim period end.

9.4.2(3)9.4 Periodic Reports

Obtain DFSA prior approval before adopting the Fund Manager's own reporting periods for Fund reports/financial statements.

9.4.2(5)(a)9.4 Periodic Reports

Obtain the Registered Auditor's written confirmation of no significant distortion before changing the Fund's accounting period.

9.4.2(5)(b)9.4 Periodic Reports

Obtain DFSA prior consent before implementing any change to the Fund's accounting period.

9.4.2(6)9.4 Periodic Reports

Prepare interim reports at Sub-Fund level for Umbrella Funds.

9.4.2(7)9.4 Periodic Reports

Ensure annual/interim report financial content is prepared under the same accounting framework required by Rule 9.2.1.

9.4.2(8)(a)9.4 Periodic Reports

Distribute reports to all Unitholders at no cost.

9.4.2(8)(b)9.4 Periodic Reports

Ensure all reports are produced/available in the English language.

9.4.2(8)(c)9.4 Periodic Reports

Submit each annual and interim report to the DFSA upon issuance.

9.4.2(8)(d)9.4 Periodic Reports

Make Public Fund reports available for free public inspection at a designated location during office hours.

9.4.3(a)9.4 Periodic Reports

Include Fund name, investment objectives, policy and risk profile assessment in every report.

9.4.3(b)9.4 Periodic Reports

Include an investment activities/performance review section in each report.

9.4.3(c)9.4 Periodic Reports

Include portfolio composition and change-over-period disclosure in each report.

9.4.3(d)9.4 Periodic Reports

Assess and include any other material information relevant to Unitholders' informed judgment in each report.

9.4.4(a)9.4 Periodic Reports

Calculate and disclose the Fund's TER in each interim report.

9.4.4(b)9.4 Periodic Reports

Collate and disclose material issues raised by the Custodian/Trustee/investment committee/oversight persons in the interim report.

9.4.4(c)9.4 Periodic Reports

Incorporate all Rule 9.4.9 Fund Manager's report matters into the interim report.

9.4.5(a)9.4 Periodic Reports

Include the complete audited financial statements in the annual report.

9.4.5(b)9.4 Periodic Reports

Include the Fund Auditor's Report in the annual report.

9.4.5(c)9.4 Periodic Reports

Include the Fund Manager's report (per 9.4.9 content requirements) in the annual report.

9.4.5(d)9.4 Periodic Reports

Include the Rule 9.4.10 comparative table in the annual report of any Public Fund.

9.4.5(e)9.4 Periodic Reports

Include the Oversight report in the annual report of any Public Fund.

9.4.6(a)(i)9.4 Periodic Reports

Include full audited financial statements for each Sub-Fund in the Umbrella Fund's annual report.

9.4.6(a)(ii)9.4 Periodic Reports

Include a Fund Manager's report (per 9.4.9) for each Sub-Fund in the Umbrella Fund's annual report.

9.4.6(a)(iii)9.4 Periodic Reports

Include a comparative table per Sub-Fund in the Public Umbrella Fund's annual report.

9.4.6(b)9.4 Periodic Reports

Prepare and include an aggregated financial statement combining all Sub-Funds' figures.

9.4.6(c)9.4 Periodic Reports

Include the Fund Auditor's Report in the Umbrella Fund annual report.

9.4.6(d)9.4 Periodic Reports

Include the Oversight Report in the Public Umbrella Fund's annual report.

9.4.7(1)9.4 Periodic Reports

Obtain and include the investment committee's report in the annual report where an investment committee is required.

9.4.7(2)9.4 Periodic Reports

Obtain and include the Eligible Custodian's report in the annual report of any Hedge Fund.

9.4.89.4 Periodic Reports

Verify financial statements present a true and fair view before issuance.

9.4.9(a)9.4 Periodic Reports

Include a restatement of investment objectives in every Fund Manager's report.

9.4.9(b)9.4 Periodic Reports

Include a restatement of investment policy in every Fund Manager's report.

9.4.9(c)9.4 Periodic Reports

Include a period investment activities review in every Fund Manager's report.

9.4.9(d)9.4 Periodic Reports

Disclose particulars of any fundamental changes approved by Unitholders since the last report.

9.4.9(e)9.4 Periodic Reports

Disclose particulars of any significant changes subject to pre-event notification since the last report.

9.4.9(f)9.4 Periodic Reports

Assess and include any other material information relevant to Unitholders' informed judgement in the Fund Manager's report.

9.4.9(g)9.4 Periodic Reports

Provide Sub-Fund-specific disclosure of 9.4.9 matters where they differ from the Umbrella Fund-level disclosure.

9.4.9(h)9.4 Periodic Reports

Calculate and disclose maximum management fee proportions (Fund-level and underlying Fund-level) for fund-of-funds structures.

9.4.10(a)9.4 Periodic Reports

Compile a five-year (or since-inception) performance record showing high/low Unit prices and net income distributed/allocated per class.

9.4.10(b)9.4 Periodic Reports

Compile three-year NAV, NAV-per-Unit and Units-in-issue data for the comparative table.

9.4.10(c)9.4 Periodic Reports

Identify and disclose material size-affecting events or investment objective changes within the comparative table's covered period.

9.6.19.6 Periodic Fund Return

Complete and file a Periodic Fund Return for every Domestic Fund managed.

9.6.2(a)9.6 Periodic Fund Return

Submit the H1 Periodic Fund Return by the 31 July deadline.

9.6.2(b)9.6 Periodic Fund Return

Submit the H2 Periodic Fund Return by the 31 January deadline.

9.6.39.6 Periodic Fund Return

Submit a Periodic Fund Return for any DFSA-directed alternative period within one month of that period's end.

10.2.1(1)10.2 Registration of Public Funds

Submit Public Fund registration application to the DFSA (jointly with Trustee if an Investment Trust).

10.2.1(2)10.2 Registration of Public Funds

Complete and file the prescribed AFN registration forms.

10.2.1(3)10.2 Registration of Public Funds

Obtain and file legal adviser certification covering Constitution compliance, Prospectus compliance, and (where relevant) External Fund Manager requirements.

10.2.2(b)10.2 Registration of Public Funds

Respond to DFSA information requests raised during the registration review.

10.3.110.3 Oversight arrangements for Public Funds

Appoint and maintain a compliant oversight arrangement (Oversight Committee or Eligible Custodian/Trustee) for each Public Fund.

10.3.2(2)10.3 Oversight arrangements for Public Funds

Conduct and document a suitability due-diligence assessment for each prospective Oversight Committee member.

10.3.2(3)10.3 Oversight arrangements for Public Funds

Conduct and document suitability due diligence on the responsible individuals within the appointed Custodian/Trustee.

10.3.2(4)10.3 Oversight arrangements for Public Funds

Execute a written oversight appointment agreement with the required express provisions for each appointment.

10.3.2(5)10.3 Oversight arrangements for Public Funds

Respond to DFSA requests for information on oversight appointments.

10.3.3(1)10.3 Oversight arrangements for Public Funds

Implement an ongoing monitoring process for continued suitability of oversight function appointees.

10.3.3(2)10.3 Oversight arrangements for Public Funds

Dismiss and replace an unsuitable/incapacitated oversight appointee within 21 days.

10.3.3(3)10.3 Oversight arrangements for Public Funds

Appoint a compliant replacement oversight appointee within 60 days of a vacancy.

10.3.3(5)10.3 Oversight arrangements for Public Funds

File a notification to the DFSA (and Trustee where applicable) explaining the cessation/replacement of an oversight appointee.

10.3.4(a)10.3 Oversight arrangements for Public Funds

Implement and operate an oversight monitoring programme covering Constitution/Prospectus compliance, Licence conditions and External Fund Manager requirements.

10.3.4(b)10.3 Oversight arrangements for Public Funds

Perform periodic assessments of the Fund Manager's risk management and compliance systems and controls.

10.3.4(c)10.3 Oversight arrangements for Public Funds

Issue prompt oversight findings reports to the Fund Manager on identified/suspected breaches or inadequacies.

10.3.4(d)10.3 Oversight arrangements for Public Funds

Escalate unremedied, materially adverse matters to the DFSA within the prescribed 30-day framework.

10.3.510.3 Oversight arrangements for Public Funds

Establish oversight provider governance/meeting procedures (charter, meeting cadence, minute-keeping) enabling effective discharge of oversight duties.

10.3.710.3 Oversight arrangements for Public Funds

Apply an integrity/fair-dealing standard and operate a conflict-of-interest disclosure process for oversight individuals.

10.3.810.3 Oversight arrangements for Public Funds

Ensure oversight individuals apply due skill, care and diligence standards in performing oversight duties.

10.3.910.3 Oversight arrangements for Public Funds

Ensure oversight individuals observe proper market conduct standards.

10.3.1010.3 Oversight arrangements for Public Funds

Ensure oversight individuals maintain open, co-operative dealings with the DFSA and make appropriate disclosures.

10.3.11(1)(a)10.3 Oversight arrangements for Public Funds

Design and maintain systems and controls that provide oversight persons with the resources and information access needed for effective monitoring.

10.3.11(1)(b)10.3 Oversight arrangements for Public Funds

Establish an escalation channel from the oversight provider to the Fund Manager's Governing Body/relevant committee.

10.3.11(2)(a)10.3 Oversight arrangements for Public Funds

Grant the Compliance Officer unrestricted access to oversight persons and their reports/recommendations.

10.3.11(2)(b)10.3 Oversight arrangements for Public Funds

Implement a remediation-tracking process for matters reported by the oversight provider, requiring the oversight provider's sign-off on satisfactory resolution.

10.3.11(2)(c)10.3 Oversight arrangements for Public Funds

Ensure the oversight provider retains an unimpeded, documented pathway to report unremedied breaches directly to the DFSA.

10.3.11(3)10.3 Oversight arrangements for Public Funds

Obtain the oversight provider's approval of monitoring/reporting processes before they are put into operation.

10.3.12(1)10.3 Oversight arrangements for Public Funds

Produce and present a quarterly oversight adequacy report at the Fund Manager's board meeting.

10.3.12(2)10.3 Oversight arrangements for Public Funds

Distribute the Fund's internal audit report and compliance reports to the oversight provider and Governing Body promptly upon availability.

10.3.1310.3 Oversight arrangements for Public Funds

Prepare the annual oversight report for inclusion in the Fund's annual report to Unitholders, covering the required content.

10.3.14(a)10.3 Oversight arrangements for Public Funds

Ensure staff provide requested assistance to the oversight provider on request.

10.3.14(b)10.3 Oversight arrangements for Public Funds

Grant the oversight provider ongoing access rights to relevant Fund records and information.

10.3.14(c)10.3 Oversight arrangements for Public Funds

Prohibit and prevent staff interference with the oversight provider's ability to discharge its duties.

10.3.14(d)10.3 Oversight arrangements for Public Funds

Ensure information provided to the oversight provider is accurate and not misleading.

10.3.14(e)10.3 Oversight arrangements for Public Funds

Operate an internal escalation channel for staff to report significant financial-position matters or breaches to the oversight provider.

10.3.15(a)10.3 Oversight arrangements for Public Funds

Maintain a retained file of oversight-appointee due diligence records.

10.3.15(b)10.3 Oversight arrangements for Public Funds

Maintain a retained log of oversight-reported matters and associated remediation actions.

10.5.210.5 Investment and borrowing requirements for Public Funds

Maintain and evidence an investment risk-spread process consistent with the Prospectus-stated objectives/policy.

10.5.3(1)10.5 Investment and borrowing requirements for Public Funds

Implement pre-trade/investment compliance controls preventing use or investment of Fund Property in breach of section 10.5 limits.

10.5.3(2)-(3)10.5 Investment and borrowing requirements for Public Funds

Trigger immediate, self-funded breach rectification upon detection of a section 10.5 breach (or as soon as practicable if immediate action would harm Unitholders).

10.5.3(4)10.5 Investment and borrowing requirements for Public Funds

Obtain oversight provider consent before postponing any breach-rectification action.

10.5.410.5 Investment and borrowing requirements for Public Funds

Perform and document pre-investment due diligence on any target fund against the four Rule 10.5.4 criteria before investing.

10.5.5(1)10.5 Investment and borrowing requirements for Public Funds

Monitor and enforce a Derivatives exposure limit capped at the Fund's net asset value.

10.5.5(2)10.5 Investment and borrowing requirements for Public Funds

Implement a Derivatives risk-measurement and monitoring framework appropriate to the Fund's risk profile.

10.5.6(2)10.5 Investment and borrowing requirements for Public Funds

Implement ongoing collateral valuation monitoring for stock lending arrangements to ensure adequate coverage.

10.5.7(2)10.5 Investment and borrowing requirements for Public Funds

Monitor daily Fund borrowing against the 20% NAV cap and maintain repayment arrangements to preserve compliance.

10.5.7(3)10.5 Investment and borrowing requirements for Public Funds

Trigger immediate remediation upon a borrowing-limit breach.

10.5.810.5 Investment and borrowing requirements for Public Funds

Appoint an oversight-approved, qualified Valuer before any Real Property investment and upon any Valuer vacancy.

10.5.9(1)10.5 Investment and borrowing requirements for Public Funds

Commission full physical-inspection valuations of Fund real property at least annually (including internal inspection for buildings).

10.5.9(3)10.5 Investment and borrowing requirements for Public Funds

Commission a review-based valuation update at least every 12 months between full valuations.

10.5.9(4)10.5 Investment and borrowing requirements for Public Funds

Trigger a fresh Valuer consultation/valuation before processing Unit issuance or redemption following a materially valuation-relevant event.

10.5.9(5)10.5 Investment and borrowing requirements for Public Funds

Ensure Valuer engagement terms mandate valuation on the Constitution/Prospectus-defined 'open market value' basis.

12.1.1(2)12.1 Meeting the conditions to be classified as an Exempt Fund

Implement ongoing controls verifying the Exempt Fund's continued eligibility (private placement, Professional Client investors only, US$50,000 minimum subscription).

12.1.1(3)12.1 Meeting the conditions to be classified as an Exempt Fund

Impose and monitor distributor/sub-placement controls to prevent breaches of Exempt Fund eligibility criteria by third-party distributors.

12.1.1(4)(a)12.1 Meeting the conditions to be classified as an Exempt Fund

Trigger immediate winding-up or Public Fund re-registration process upon identifying non-compliance with Exempt Fund eligibility criteria.

12.1.1(4)(b)12.1 Meeting the conditions to be classified as an Exempt Fund

File a DFSA notification detailing the eligibility failure and the remediation measures taken/proposed.

12.1.1(5)12.1 Meeting the conditions to be classified as an Exempt Fund

Appoint a qualifying Fund Administrator or regulated valuation provider for the Exempt Fund's valuation function.

12.1.212.1 Meeting the conditions to be classified as an Exempt Fund

Compile and submit the prescribed additional content items with the Article 34 DFSA notification.

12A.1.1(2)12A.1 Meeting the conditions to be classified as a Qualified Investor Fund

Implement ongoing controls verifying the QIF's continued eligibility (private placement, Professional Client investors only, US$500,000 minimum initial subscription).

12A.1.1(3)12A.1 Meeting the conditions to be classified as a Qualified Investor Fund

Impose and monitor distributor/sub-placement controls to prevent breaches of QIF eligibility conditions by third-party distributors.

12A.1.1(4)(a)12A.1 Meeting the conditions to be classified as a Qualified Investor Fund

Trigger immediate winding-up or reclassification (Exempt Fund/Public Fund) process upon identifying non-compliance with QIF eligibility conditions.

12A.1.1(4)(b)12A.1 Meeting the conditions to be classified as a Qualified Investor Fund

File a DFSA notification detailing the eligibility failure and the remediation measures taken/proposed.

12A.3.1(1)12A.3 Custody of Fund Property

Ensure Fund Property legal title is registered with an appointed Eligible Custodian (unless exempt under Rule 12A.3.1(2)).

12A.3.1(3)12A.3 Custody of Fund Property

Establish and maintain insolvency-remoteness arrangements (segregation/ring-fencing) for self-held or ICC-held Fund Property.

12A.3.1(4)12A.3 Custody of Fund Property

Ensure any Crypto Token Fund Property is held exclusively by an appointed Eligible Custodian, with no reliance on the Rule 12A.3.1(2) exemptions.

13.1.1A(1)13.1A Fund of Funds

Maintain an investment restriction/screening control preventing the Fund of Funds from acquiring Units in prohibited fund types.

13.1.1A(2)13.1A Fund of Funds

Implement a concentration-limit monitoring control on underlying fund holdings (25% cap per Fund).

13.2.1(1)13.2 Feeder Funds

Restrict Feeder Fund holdings to Units/Debentures of one approved Master Fund and document the Master Fund designation.

13.2.1(2)13.2 Feeder Funds

Perform and document a Master Fund eligibility assessment against the four criteria prior to investing.

13.2.213.2 Feeder Funds

Complete a Master Fund due diligence and disclosure checklist covering regulatory status, oversight, disclosure and fee waiver before onboarding.

13.2.3(a)13.2 Feeder Funds

Obtain written confirmation/fee waiver from the related Master Fund manager that no subscription/redemption fees apply.

13.2.3(b)13.2 Feeder Funds

Establish a control to identify and pass through any commissions/rebates received from the related Master Fund into the Feeder Fund's assets.

13.3.1(2)13.3 Private Equity Funds

Convene a Unitholder meeting and hold an election for at least three independent investment committee members.

13.3.1(3)13.3 Private Equity Funds

Define and document the investment committee's terms of reference restricting members to an investment-review role only.

13.3.2(a)13.3 Private Equity Funds

Implement a 25% single-venture concentration limit control in the investment monitoring system.

13.3.2(b)13.3 Private Equity Funds

Screen prospective portfolio companies for Related Party status and apply the Rule 8.3.2 approval process where applicable.

13.3.313.3 Private Equity Funds

Complete a documented due diligence assessment (including corporate governance review) for each prospective venture.

13.3.413.3 Private Equity Funds

Establish board-appointee conflict management protocols (reporting lines, conflicts register, governance training) for nominee directors.

13.4.1(1)13.4 Property Funds

Confirm and document the Fund's Closed-ended structure at establishment (unless the Exempt Fund/QIF exemption applies).

13.4.1(2)(a)13.4 Property Funds

Confirm the Fund's legal vehicle is restricted to an Investment Company or Investment Trust at structuring stage.

13.4.1(2)(b)13.4 Property Funds

Track and manage the listing timeline against the 3-year (or shorter Prospectus-stated) deadline and execute the listing application.

13.4.1(2)(c)13.4 Property Funds

Draft and include specific Constitution clauses addressing Closed-ended issue/redemption mechanics and Private Placement circumstances.

13.4.1(3)(a)13.4 Property Funds

Complete Public Company registration for the Fund before/at the point such listing intention is stated.

13.4.1(3)(b)13.4 Property Funds

Track the 3-year listing deadline from registration date and execute the listing.

13.4.1(3)(c)13.4 Property Funds

Implement a Public-Fund-equivalent compliance program for the pre-listing Fund (excluding oversight function and Public Prospectus requirements).

13.4.2(1)13.4 Property Funds

Implement and document self-custody arrangements, segregation/protection systems and insolvency-remoteness arrangements for Real Property.

13.4.2(2)13.4 Property Funds

Document designated custody-safeguarding roles, segregation of duties and a conflicts register covering the self-custody function.

13.4.2A13.4 Property Funds

Implement and document insolvency-remoteness arrangements supporting self-custody for the Exempt Property Fund.

13.4.2B(2)13.4 Property Funds

Design alternative custody arrangements that preserve Trustee control (where applicable) and avoid unfettered Fund Manager control, aligned with the joint-ownership/SPV rules.

13.4.2B(3)13.4 Property Funds

Prepare and submit a DFSA notification/application demonstrating legal effectiveness of the alternative custody arrangement.

13.4.3(1)13.4 Property Funds

Convene a Unitholder meeting and election process for at least three independent investment committee members (where applicable).

13.4.3(3)13.4 Property Funds

Document committee terms of reference restricting the role to investment-opportunity review only.

13.4.4(1)13.4 Property Funds

Implement an asset-composition monitoring control enforcing the permitted asset categories and the 40% cash/securities cap.

13.4.4(3)(a)13.4 Property Funds

Establish a periodic investment committee review process for unlisted Property Related Assets covering liquidity and valuation.

13.4.4(3)(b)13.4 Property Funds

Implement a contractual review control to prevent the granting of purchase options over Fund property.

13.4.4(4)13.4 Property Funds

Verify and document good and marketable title for each Real Property acquisition, including majority-control confirmation for joint holdings.

13.4.4(5)13.4 Property Funds

Ensure Prospectus disclosure or obtain Unitholder Special Resolution approval before/when using Islamic financing structures affecting legal title.

13.4.4(6)13.4 Property Funds

Arrange and maintain adequate property and public liability insurance policies for all Real Property held by the Fund.

13.4.5(1)13.4 Property Funds

Implement a borrowing-limit monitoring control calculating aggregate borrowings against 65% of gross asset value.

13.4.5(3)(a)13.4 Property Funds

Prepare and issue a borrowing-breach notification to the Trustee, Unitholders and DFSA detailing magnitude, cause and rectification plan.

13.4.5(3)(b)13.4 Property Funds

Execute a debt-reduction plan to bring borrowings back within the 65% limit as quickly as reasonably possible.

13.4.5(4)13.4 Property Funds

Verify and document that borrowing terms are on arm's-length commercial terms before execution.

13.4.5(5)13.4 Property Funds

Consolidate SPV-level borrowings into the Fund-level borrowing limit calculation.

13.4.613.4 Property Funds

Verify and monitor that the Fund's ownership/control percentage in each jointly-owned property remains above 50% at all times.

13.4.7(1)(a)13.4 Property Funds

Prepare a documented Unitholder-interest justification analysis for each joint ownership investment.

13.4.7(1)(b)/(2)13.4 Property Funds

Commission a legal opinion addressing all required content elements before completing each joint ownership investment.

13.4.8(a)13.4 Property Funds

Perform and document a due diligence assessment of ownership restrictions/constraints before each joint ownership acquisition.

13.4.8(b)13.4 Property Funds

Verify contractual liability caps aligned to ownership percentage and confirm no unlimited liability clauses exist before entering the arrangement.

13.4.913.4 Property Funds

Prepare comprehensive Unitholder disclosure materials covering all required joint-ownership content elements.

13.4.10(1)13.4 Property Funds

Verify and document majority ownership/control of each SPV used to hold Real Property before establishment/acquisition.

13.4.10(2)13.4 Property Funds

Confirm SPV structure charts limit property holding to a maximum of two SPV tiers.

13.4.10(3)(a)13.4 Property Funds

Conduct a compliance review of each SPV's constitutional documents and activities against the Property Fund Rules.

13.4.10(3)(b)13.4 Property Funds

Implement a documented SPV board-appointment approval process involving the Trustee/oversight function and investment committee.

13.4.10(3)(c)13.4 Property Funds

Ensure common Auditor appointment and consistent accounting policies across the Fund and all its SPVs.

13.4.11(a)/(b)13.4 Property Funds

Commission an Auditor's report meeting the specified profit/loss, balance sheet and subsidiary-coverage requirements before completing the SPV acquisition.

13.4.11(c)13.4 Property Funds

Commission a compliant valuation report on the SPV's Real Property interest before completing the acquisition.

13.4.11A(1)13.4 Property Funds

Obtain and retain prior written confirmations from the oversight provider and investment committee before relying on the RPT exclusion for each transaction.

13.4.11A(2)13.4 Property Funds

Present and obtain the general RPT-exclusion ordinary resolution at each AGM to maintain continuous authorisation.

13.4.11A(3)13.4 Property Funds

Issue a post-transaction written notification to Unitholders detailing the Related Party transaction.

13.4.12(1)13.4 Property Funds

Maintain and periodically disclose a Related Party beneficial-interest and conflicts-of-interest register to Unitholders/Trustee.

13.4.13(1)13.4 Property Funds

Prepare and issue a competing-interest disclosure covering the Undertaking description, independence statement and potential acquisition disclosure.

13.4.13(2)13.4 Property Funds

Monitor for changes to competing-interest disclosures and issue updated disclosure communications when changes occur.

13.4.1413.4 Property Funds

Include the independent valuation report and transaction price/terms in the Fund's Prospectus for any founder Related Party property sale.

13.4.15(1)13.4 Property Funds

Benchmark Related Party deposit interest rates against prevailing commercial rates before and during placement.

13.4.15(2)13.4 Property Funds

Benchmark Related Party borrowing interest rates against prevailing commercial rates before drawdown.

13.4.16(2)13.4 Property Funds

Implement a value-threshold check and oversight-provider approval gate for estate management/property agent Related Party Transactions.

13.4.18(1)13.4 Property Funds

Appoint (with Trustee approval where applicable) a qualified professional valuer for the Fund.

13.4.18(2)13.4 Property Funds

Trigger a valuation report request from the appointed valuer ahead of every property acquisition and disposal.

13.4.18(3)13.4 Property Funds

Commission an annual valuation of the Fund's property portfolio and incorporate the resulting NAV into the annual report.

13.4.1913.4 Property Funds

Perform and document an independence and competence assessment of the proposed valuer before appointment.

13.4.20(1)13.4 Property Funds

Confirm the valuer's engagement terms and instructions specify the Constitution/Prospectus-defined 'open market value' basis.

13.4.20(2)13.4 Property Funds

Verify each valuation report includes the required disposability confirmation statement.

13.4.2113.4 Property Funds

Track valuation-to-completion timelines and price variance against the 6-month/5% thresholds for each acquisition.

13.4.2213.4 Property Funds

Use a standard valuation report content checklist to confirm all required elements are addressed by the valuer.

13.4.2313.4 Property Funds

Verify the valuation report date meets the applicable timing rule before it is used for the relevant purpose (NAV, offering document, circular, or transaction agreement).

13.4.24(1)13.4 Property Funds

Track the 5-year valuer tenure and run a competitive tender process before the tenure limit is reached.

13.4.24(2)13.4 Property Funds

Draft reappointment rationale and supporting evidence disclosure for inclusion in the next Unitholder report.

13.4.24(4)13.4 Property Funds

Run a replacement valuer selection and independence/competence assessment process immediately upon vacancy.

13.5.1(1)13.5 Real Estate Investment Trusts (REITs)

Implement a marketing/offer document review control to ensure REIT terminology is only used for Funds meeting the constitution criteria.

13.5.1(3)13.5 Real Estate Investment Trusts (REITs)

Implement a breach-notification procedure for REIT distribution/eligibility failures, with DFSA and exchange notification templates.

13.5.2(1)13.5 Real Estate Investment Trusts (REITs)

Calculate audited annual net income and ensure an annual dividend distribution of at least 80% is declared and paid.

13.5.2(2)13.5 Real Estate Investment Trusts (REITs)

Establish a documented policy/decision process for the oversight function to assess treatment of revaluation surpluses and disposal gains in the net income distribution calculation.

13.5.313.5 Real Estate Investment Trusts (REITs)

Implement SPV income upstreaming procedures and monitor compliance with local law distribution restrictions.

13.5.4(1)13.5 Real Estate Investment Trusts (REITs)

Implement a pre-investment approval control requiring documented intent to hold developed property before committing to any property-under-development investment.

13.5.4(2)13.5 Real Estate Investment Trusts (REITs)

Implement a limit-monitoring control tracking aggregate contract value of properties under development against the 30% NAV cap.

13.6.113.6 Hedge Funds

Establish and maintain a Hedge Fund-specific risk management framework covering strategy risk and the roles of the Fund Administrator/Custodian/prime broker.

13.6.2(1)13.6 Hedge Funds

Implement organisational segregation of duties (reporting lines, systems access, personnel) between NAV/valuation and investment management, or delegate valuation to an independent Fund Administrator.

13.6.2(2)13.6 Hedge Funds

Maintain a contingency plan/process to appoint an independent Fund Administrator if directed by the DFSA due to inadequate functional segregation.

13.6.3(a)13.6 Hedge Funds

Verify and document Fund classification (Exempt Fund/QIF) before permitting any prime broker rehypothecation arrangement.

13.6.3(b)13.6 Hedge Funds

Draft and maintain Prospectus disclosure sections covering prime broker identity/regulation, scope of rehypothecation authority, and the prescribed health warning.

13.6.3(c)13.6 Hedge Funds

Perform and document due diligence confirming the prime broker meets Eligible Custodian criteria before appointment.

13.6.3(d)13.6 Hedge Funds

Ensure prime brokerage agreements include the 140% collateral cap and irrevocable set-off clause before execution.

13.6.3(e)13.6 Hedge Funds

Implement a daily mark-to-market valuation process for prime broker collateral exposure monitoring against the 140% limit.

13.7.1(b)13.7 Umbrella Funds

Confirm an Open-ended structure is adopted whenever an Umbrella Fund is established as a PCC.

13.7.213.7 Umbrella Funds

Implement pre-trade investment restriction controls preventing cross-investment between Sub-Funds of the same Umbrella structure.

13.8.1(1)13.8 Money Market Funds

Document and periodically review the Fund's investment strategy against the Money Market Fund investment-objective definition.

13.8.1(2)(a)13.8 Money Market Funds

Implement portfolio-level monitoring ensuring at least 90% NAV allocation to high-quality Deposits/Debentures.

13.8.1(2)(b)13.8 Money Market Funds

Monitor and maintain a minimum 10% NAV in immediately accessible cash accounts.

13.8.1(2)(c)13.8 Money Market Funds

Implement single-issuer/counterparty concentration limit monitoring at 10% of NAV.

13.8.1(2)(d)13.8 Money Market Funds

Implement pre-trade maturity/reset-date screening controls for eligible Deposits/Debentures.

13.8.1(2)(e)13.8 Money Market Funds

Calculate and monitor weighted average maturity (WAM) of the portfolio against the 6-month limit.

13.8.1(2)(f)13.8 Money Market Funds

Calculate and monitor weighted average life (WAL) of the portfolio against the 12-month limit.

13.8.1(2)(g)13.8 Money Market Funds

Implement instrument-type eligibility screening restricting the investment universe to Deposits/Debentures, permitted MMF Units, and FX-hedging Derivatives only.

13.8.1(2)(h)13.8 Money Market Funds

Implement daily borrowing-limit monitoring against the 10% NAV cap.

13.8.213.8 Money Market Funds

Implement a documented due diligence methodology/checklist assessing instrument quality across all four required factors, not solely credit ratings.

13.9.113.9 Exchange Traded Funds (ETFs)

Implement a marketing/Prospectus content review gate confirming ETF criteria are met before any 'ETF' labelling is used.

13.9.213.9 Exchange Traded Funds (ETFs)

Establish due diligence and ongoing monitoring of each Authorised Participant's systems/controls for price alignment.

13.9.313.9 Exchange Traded Funds (ETFs)

Confirm and document that the ETF investment strategy is passive index/benchmark tracking, and monitor ongoing adherence.

13.9.4(1)13.9 Exchange Traded Funds (ETFs)

Verify and document that the chosen index/benchmark provider meets App 9 Price Information Provider criteria before adoption.

13.9.513.9 Exchange Traded Funds (ETFs)

Apply Related Party Transaction approval, disclosure and monitoring procedures to any Related Party index/benchmark provider arrangement.

13.9.613.9 Exchange Traded Funds (ETFs)

Develop Prospectus/marketing content standards specifying ETF type (e.g. physical/synthetic, leveraged, index-tracking) and characteristics disclosure requirements.

13.10.113.10 Venture Capital Funds

Confirm at fund establishment that the legal vehicle is Closed-ended and structured as an Investment Company or Investment Partnership.

13.10.2(2)13.10 Venture Capital Funds

Implement asset segregation arrangements (e.g. segregated accounts, trust arrangements, legal documentation) for self-held Fund Property.

13.11.113.11 Funds investing in Investment Tokens

Implement a content-review gate confirming eligibility criteria before using investment-token-fund terminology in marketing/offer materials.

13.11.213.11 Funds investing in Investment Tokens

Verify actual/intended Fund Property composition against marketing claims regarding Investment Tokens before publication.

13.12.213.12 Credit Funds

Confirm and document the Credit Fund's legal structure, closed-ended status, and investor-type classification at establishment.

13.12.3(2)13.12 Credit Funds

Implement asset segregation arrangements for self-held Credit Fund Property.

13.12.4(1)13.12 Credit Funds

Implement a Credit Facility-type eligibility screen prohibiting letters of credit, financial guarantees, and cross-border trade finance.

13.12.513.12 Credit Funds

Implement borrower-eligibility screening/KYC checks excluding all prohibited counterparty categories before extending credit.

13.12.6(1)13.12 Credit Funds

Develop and maintain a comprehensive Credit Fund policy suite covering all ten specified areas.

13.12.6(2)13.12 Credit Funds

Implement a policy review/version-control schedule ensuring credit policies remain current and in writing.

13.12.7(a)13.12 Credit Funds

Document formal credit-granting/acquisition criteria and approval workflow.

13.12.7(b)13.12 Credit Funds

Develop an internal credit risk assessment/rating methodology independent of sole reliance on external ratings.

13.12.7(c)13.12 Credit Funds

Implement an ongoing credit portfolio monitoring process with problem-credit identification and a provisioning methodology.

13.12.7(d)13.12 Credit Funds

Implement diversification measures/limits aligned to the Fund's target markets and credit strategy.

13.12.7(e)13.12 Credit Funds

Establish a contingency/remediation process for underperforming credit risk mitigation techniques (e.g. collateral, guarantees).

13.12.7(f)13.12 Credit Funds

Implement concentration risk monitoring covering both direct and indirect counterparty exposures.

13.12.8(a)-(b)13.12 Credit Funds

Design and implement a comprehensive credit stress-testing programme with at least annual execution.

13.12.8(c)13.12 Credit Funds

Establish a reporting process delivering stress-test results to the Governing Body at least annually.

13.12.9(a)-(b)13.12 Credit Funds

Develop a documented diversification strategy/roadmap with a target timeline (no more than 3 years) and a 25% single-obligor/Group concentration limit, and actively manage the portfolio toward it.

13.12.9(c)13.12 Credit Funds

Implement a trigger/escalation process to prepare and submit a Unitholder approval request within 30 days of missing the diversification deadline.

13.12.9(d)13.12 Credit Funds

Update the diversification roadmap/targets reflecting the extended (no more than 4-year) timeline approved by Unitholders and continue portfolio management toward the limit.

13.12.9(e)13.12 Credit Funds

Implement ongoing concentration-limit monitoring and rebalancing controls to maintain compliance with the 25% limit post-achievement.

13.12.10(a)13.12 Credit Funds

Confirm the fund term (no more than 10 years) is specified in the Fund's Constitution at establishment.

13.12.10(b)13.12 Credit Funds

Implement a pre-redemption/distribution approval control verifying liquidity availability, regulatory compliance, and Unitholder resolution approval.

13.12.11(1)13.12 Credit Funds

Implement pre-borrowing approval checks against Constitution authority, the 10% NAV cap, and repayment planning.

13.12.11(2)13.12 Credit Funds

Implement a breach-escalation and remediation procedure for borrowing limit excesses.

13.12.1213.12 Credit Funds

Build annual/interim report templates capturing all five required credit-portfolio disclosure items.

13.12.1313.12 Credit Funds

Draft and embed the prescribed risk warning language in all Credit Fund marketing material.

13.13.113.13 Funds investing in Crypto Tokens

Implement a content-review gate confirming eligibility criteria before using Crypto Token Fund terminology in marketing/offer materials.

13.13.213.13 Funds investing in Crypto Tokens

Verify and document that any Crypto Token valuation index/benchmark provider meets App 9 Price Information Provider criteria before use.

14.2.1(1)14.2 General Requirements relating to Prospectuses

Review every draft Prospectus to ensure no clause disadvantages Unitholders or any Unit class unfairly.

14.2.1(2)14.2 General Requirements relating to Prospectuses

Perform reasonable enquiries to identify all material information required for the Prospectus.

14.2.1(3)14.2 General Requirements relating to Prospectuses

Prepare and issue the Prospectus in English.

14.2.1(4)14.2 General Requirements relating to Prospectuses

Prepare a bilingual (Arabic and English) KIID for Passported Funds.

14.2.1(5)14.2 General Requirements relating to Prospectuses

Set and monitor the Prospectus expiry date to within 12 months of issue and refresh/replace before expiry.

14.2.2(1)(a)14.2 General Requirements relating to Prospectuses

Draft the Supplementary Prospectus with the required cross-references and dates.

14.2.2(1)(b)14.2 General Requirements relating to Prospectuses

File the Supplementary Prospectus with the DFSA.

14.2.2(1)(c)14.2 General Requirements relating to Prospectuses

Identify affected applicants and distribute the Supplementary Prospectus to them.

14.2.2(1)(d)14.2 General Requirements relating to Prospectuses

Distribute the Supplementary Prospectus through the same channels used for the original Prospectus.

14.2.2(2)(a)14.2 General Requirements relating to Prospectuses

Draft the Replacement Prospectus with the required identifying statements and dates.

14.2.2(2)(b)14.2 General Requirements relating to Prospectuses

File the Replacement Prospectus with the DFSA.

14.2.2(2)(c)14.2 General Requirements relating to Prospectuses

Identify and distribute the Replacement Prospectus to affected applicants.

14.2.2(3)14.2 General Requirements relating to Prospectuses

Align the expiry date of the Supplementary/Replacement Prospectus with the original Prospectus expiry date.

14.2.3(a)14.2 General Requirements relating to Prospectuses

Notify affected applicants of their confirm/retract and refund rights and the process for exercising them.

14.2.3(b)14.2 General Requirements relating to Prospectuses

Provide a minimum seven-day window for applicants to confirm or retract before processing.

14.2.414.2 General Requirements relating to Prospectuses

Verify the External Fund's home-jurisdiction retail eligibility before offering it to Retail Clients.

14.2.514.2 General Requirements relating to Prospectuses

Provide the current External Fund Prospectus to the prospective investor at the time of the offer.

14.2.6(1)14.2 General Requirements relating to Prospectuses

Ensure the External Fund Prospectus provided to offerees is in English.

14.2.6(2)14.2 General Requirements relating to Prospectuses

Insert the prescribed jurisdiction/regulator/status/warning statement (and non-retail statement where relevant) prominently in the Prospectus.

14.2.6(3)14.2 General Requirements relating to Prospectuses

Include MKT App 7-equivalent Security Token disclosures in the Prospectus.

14.2.6(4)14.2 General Requirements relating to Prospectuses

Include MKT App 7-equivalent Investment Token disclosures where the 10% threshold is met.

14.2.6(5)14.2 General Requirements relating to Prospectuses

Include MKT App 7-equivalent Crypto Token disclosures in the Prospectus.

14.2.6(6)14.2 General Requirements relating to Prospectuses

Compile and include the Credit Fund-specific risk warning, lending strategy, concentration, diversification strategy and borrowing disclosures in the Prospectus.

14.2.714.2 General Requirements relating to Prospectuses

Maintain accessible copies (physical or electronic) of the current External Fund Prospectus at a DIFC location.

14.3.1(1)(a)14.3 Prospectus content

Compile and include App 7 disclosure content in the Prospectus.

14.3.1(1)(b)14.3 Prospectus content

Compile and include FPR App 1 content and a KIID in the Prospectus.

14.3.1(1)(c)14.3 Prospectus content

Identify the Fund's specialist class and include the applicable section 14.4 disclosures.

14.3.1(1)(d)14.3 Prospectus content

Prepare a Summary Document covering the five prescribed elements and include it in the Prospectus.

14.3.1(1)(e)14.3 Prospectus content

Determine which Rule 14.3.3 statement variant applies and insert it into the Prospectus.

14.3.1(1)(f)14.3 Prospectus content

Include MKT App 7-equivalent Security Token disclosures.

14.3.1(1)(g)14.3 Prospectus content

Include MKT App 7-equivalent Investment Token disclosures where the threshold is met.

14.3.1(1)(h)14.3 Prospectus content

Include the specified MKT Rule A7.1.2 Crypto Token disclosures.

14.3.1(1)(i)14.3 Prospectus content

Include liquidity risk management powers/procedures/triggers disclosure per Rule 8.6A.1(2)(d) in the Prospectus.

14.3.1(3)14.3 Prospectus content

Maintain and update all parts of a multi-part Prospectus consistently.

14.3.3(1)14.3 Prospectus content

Insert the prescribed statement text on the Prospectus front page.

14.3.3(1A)14.3 Prospectus content

Insert the FPR Rule 3.2.3(e) statement in place of the standard statement.

14.3.3(2)14.3 Prospectus content

Insert the applicable MKT/IFR statement depending on whether the Fund is conventional or Islamic.

14.3.3(3)14.3 Prospectus content

Insert the prescribed Exempt Fund restriction statement in addition to the standard statement.

14.3.3(4)14.3 Prospectus content

Insert the FPR Rule 3.1.3(d) statement plus the Exempt Fund restriction statement.

14.4.1(a)14.4 Additional Prospectus disclosure for specialist Funds

Include a prominent higher-fee risk warning in the Feeder Fund Prospectus.

14.4.1(b)14.4 Additional Prospectus disclosure for specialist Funds

Compile and disclose fee information at each layer of the fund structure.

14.4.2(a)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the description of the nature of the Unitholder commitment in the Property Fund Prospectus.

14.4.2(b)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the description of Property Fund-type risks in the Property Fund Prospectus.

14.4.2(c)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the prominent redemption-difficulty risk warning in the Property Fund Prospectus.

14.4.2(d)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the Valuer details in the Property Fund Prospectus.

14.4.2(e)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the redemption procedures disclosure in the Property Fund Prospectus.

14.4.2(f)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the dividend/income distribution policy disclosure in the Property Fund Prospectus.

14.4.2(g)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the insurance arrangement disclosure in the Property Fund Prospectus.

14.4.2(h)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the statement on material real property activity policy in the Property Fund Prospectus.

14.4.2(i)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the Related Party transaction/agreement details in the Property Fund Prospectus.

14.4.2(j)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the Related Party property interest particulars in the Property Fund Prospectus.

14.4.2(k)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the significant holder details in the Property Fund Prospectus.

14.4.2(l)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the principal tax disclosure in the Property Fund Prospectus.

14.4.2(m)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the valuation standards statement in the Property Fund Prospectus.

14.4.2(n)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the REIT/vehicle-type disclosure in the Property Fund Prospectus.

14.4.3(a)14.4 Additional Prospectus disclosure for specialist Funds

Determine and disclose the applicable investment-limit percentage/condition in the Prospectus.

14.4.3(b)14.4 Additional Prospectus disclosure for specialist Funds

Determine and disclose the applicable investment-limit percentage/condition in the Prospectus.

14.4.3(c)14.4 Additional Prospectus disclosure for specialist Funds

Determine and disclose the applicable investment-limit percentage/condition in the Prospectus.

14.4.3(d)14.4 Additional Prospectus disclosure for specialist Funds

Determine and disclose the applicable investment-limit percentage/condition in the Prospectus.

14.4.4(a)14.4 Additional Prospectus disclosure for specialist Funds

Draft and prominently include the required single-property disclosure in the Prospectus.

14.4.4(b)14.4 Additional Prospectus disclosure for specialist Funds

Draft and prominently include the required single-property disclosure in the Prospectus.

14.4.4(c)14.4 Additional Prospectus disclosure for specialist Funds

Draft and prominently include the required single-property disclosure in the Prospectus.

14.4.4A(a)14.4 Additional Prospectus disclosure for specialist Funds

Draft and prominently include the required self-custody disclosure in the Prospectus.

14.4.4A(b)14.4 Additional Prospectus disclosure for specialist Funds

Draft and prominently include the required self-custody disclosure in the Prospectus.

14.4.4A(c)14.4 Additional Prospectus disclosure for specialist Funds

Draft and prominently include the required self-custody disclosure in the Prospectus.

14.4.4B14.4 Additional Prospectus disclosure for specialist Funds

Disclose the Related Party Transaction approval status in the Prospectus.

14.4.5(a)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required disclosure in the Private Equity Fund Prospectus.

14.4.5(b)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required disclosure in the Private Equity Fund Prospectus.

14.4.614.4 Additional Prospectus disclosure for specialist Funds

Insert the full prescribed Mandatory Hedge Fund Disclosure Statement prominently in the Prospectus and in all other financial promotions for the Fund.

14.4.7(a)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the prescribed prominent warning element in the Prospectus.

14.4.7(b)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the prescribed prominent warning element in the Prospectus.

14.4.7(c)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the prescribed prominent warning element in the Prospectus.

14.4.8(a)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(b)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(c)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(d)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(e)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(f)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(g)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(h)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(i)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(j)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(k)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.8(l)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF disclosure item in the Prospectus.

14.4.9(a)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF cost/revenue disclosure in the Prospectus.

14.4.9(b)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required ETF cost/revenue disclosure in the Prospectus.

14.4.10(a)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required Fund Platform/ICC disclosure item in the Prospectus.

14.4.10(b)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required Fund Platform/ICC disclosure item in the Prospectus.

14.4.10(c)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required Fund Platform/ICC disclosure item in the Prospectus.

14.4.10(d)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required Fund Platform/ICC disclosure item in the Prospectus.

14.4.1114.4 Additional Prospectus disclosure for specialist Funds

Draft and prominently include the prescribed Venture Capital Fund risk warning in the Prospectus.

14.4.12(1)14.4 Additional Prospectus disclosure for specialist Funds

Identify all disapplied legal requirements applicable to the Venture Capital Fund and clearly disclose them in the Prospectus.

14.4.13(a)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required Credit Fund disclosure item in the Prospectus.

14.4.13(b)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required Credit Fund disclosure item in the Prospectus.

14.4.13(c)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required Credit Fund disclosure item in the Prospectus.

14.4.13(d)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required Credit Fund disclosure item in the Prospectus.

14.4.13(e)14.4 Additional Prospectus disclosure for specialist Funds

Draft and include the required Credit Fund disclosure item in the Prospectus.

14.5.1(1)14.5 Obligation relating to making a Prospectus available

Provide the current Prospectus free of charge to Unitholders/eligible investors at the time of the Offer.

14.5.1(1) proviso14.5 Obligation relating to making a Prospectus available

Confirm Prospectus availability or Excluded Offer status as a pre-condition before completing any subscription/sale transaction.

14.5.1(2)14.5 Obligation relating to making a Prospectus available

Ensure all Offers of Exempt Fund/Qualified Investor Fund Units are made strictly by Private Placement to Professional Clients in line with Article 16(4)/(5).

14.5.2(1)14.5 Obligation relating to making a Prospectus available

Provide the current Prospectus to the client at or before the point of offer or transaction.

14.5.2(2)14.5 Obligation relating to making a Prospectus available

Ensure all Offers of Exempt Fund/Qualified Investor Fund Units by the Authorised Firm comply with Article 16(4)/(5) Private Placement requirements.

14.5.314.5 Obligation relating to making a Prospectus available

Maintain Prospectus copies at a DIFC location (physical or electronic), or maintain readily available information on where copies can be accessed.

14.6.5(a)14.6 Responsibility for Prospectus

Obtain and retain the expert's written consent record.

14.6.5(b)14.6 Responsibility for Prospectus

Insert a consent statement referencing the expert's agreement into the Prospectus.

15.1.1A15.1 Access to Foreign Funds and availability of Prospectus

Implement a pre-offer check confirming home-jurisdiction retail eligibility before any Retail Client Foreign Fund offer.

15.1.215.1 Access to Foreign Funds and availability of Prospectus

Maintain a current compliant Prospectus and provide it to each prospective client at the time of Offer.

15.1.3(1)15.1 Access to Foreign Funds and availability of Prospectus

Confirm an English-language version of the Prospectus is obtained before use.

15.1.3(2)(a)-(d)15.1 Access to Foreign Funds and availability of Prospectus

Insert the prescribed jurisdiction/regulator/status disclosure and verbatim DFSA warning statement into every Foreign Fund Prospectus used.

15.1.3(2)(e)15.1 Access to Foreign Funds and availability of Prospectus

Add a non-Retail-Client restriction statement to the Prospectus warning for non-retail offers.

15.1.3(2)(f)15.1 Access to Foreign Funds and availability of Prospectus

Insert the Money Market Fund-specific risk warning (per Rule 14.4.7) into the Prospectus.

15.1.3(2)(g)15.1 Access to Foreign Funds and availability of Prospectus

Insert the Venture Capital Fund-specific risk warning and additional disclosure into the Prospectus.

15.1.3(3)15.1 Access to Foreign Funds and availability of Prospectus

Attach MKT App 7-equivalent disclosure for Security Token Units to the Prospectus.

15.1.3(4)15.1 Access to Foreign Funds and availability of Prospectus

Monitor the Fund's Investment Token exposure and attach MKT App 7-equivalent disclosure once the 10% threshold is met/exceeded.

15.1.415.1 Access to Foreign Funds and availability of Prospectus

Maintain accessible current Prospectus copies (physical or electronic with ready access) at DIFC premises.

15.1.515.1 Access to Foreign Funds and availability of Prospectus

Perform and document a pre-offer eligibility check confirming the Foreign Fund's Designated Fund/Recognised Jurisdiction status and any fund-type-specific conditions.

15.1.6(1)-(4)15.1 Access to Foreign Funds and availability of Prospectus

Conduct and document due diligence on the Foreign Fund's custodian/investment manager credentials (or investment-grade rating) and applicable fund-type conditions before Offering under this route.

15.1.715.1 Access to Foreign Funds and availability of Prospectus

Verify and document that a Foreign Property Fund satisfies the 60% asset test, Closed-ended structure and listing/private-placement condition before Offering.

15.1.815.1 Access to Foreign Funds and availability of Prospectus

Complete and document a COB 3.4.2 suitability assessment for the specific Client before making a recommendation-based Offer.

15.1.9(1)-(2)15.1 Access to Foreign Funds and availability of Prospectus

Perform and retain due diligence evidence confirming the Fund and the manner of Offer meet the Article 54(1)(c)(i)-(iii) criteria.

15.1.9(3)-(4)15.1 Access to Foreign Funds and availability of Prospectus

Verify and document the Fund's daily Crypto Token valuation practice and the qualifying status/due diligence of its Crypto Token custodian before Offering.

15.1.10(1)-(2)15.1 Access to Foreign Funds and availability of Prospectus

Prepare and submit the annual Foreign/Domestic Fund Offer/Transaction report to the DFSA by 31 January each year.

15.1.11(1)-(2)15.1 Access to Foreign Funds and availability of Prospectus

Establish and maintain a Chapter 15 compliance record-keeping system with a minimum six-year retention period.

16.1.3(2)16.1 Application of the Regulatory Law

Obtain Unitholder Special Resolution approval before implementing any transfer scheme moving Fund property to another Fund/Sub-Fund.

16.1.3(3)16.1 Application of the Regulatory Law

Obtain the required Special Resolution(s) from the affected Sub-Fund's Unitholders (and, where applicable, other Sub-Funds' Unitholders) before implementing the transfer scheme.

16.1.3(4)-(5)16.1 Application of the Regulatory Law

Assess the receiving Fund/Sub-Fund transaction against the three Rule 16.1.3(5) exemption conditions, and obtain Unitholder Special Resolution approval unless all three conditions are documented as satisfied.

17.1.3(1)-(2)17.1 Application

Implement an immediate dealing-suspension and wind-up trigger process upon occurrence of any Rule 17.1.3(2) event.

17.1.4(1)17.1 Application

Execute the wind-up strictly per the terms of the DFSA-approved transfer scheme.

17.1.4(2)(a)17.1 Application

Commence and complete realisation of Fund Property as soon as practicable following wind-up commencement.

17.1.4(2)(b)17.1 Application

Calculate liabilities/cost provisions and distribute net proceeds pro-rata to Unitholders against evidence of entitlement.

17.1.4(2)(c)17.1 Application

Track unclaimed distribution payments and pay unclaimed amounts into court after the 12-month deadline.

17.1.4(3)17.1 Application

Where in-specie distribution is agreed, calculate and apply appropriate adjustments/provisions to ensure proportional liability/cost-sharing before distributing property in specie.

17.1.4(4)(a)17.1 Application

Issue formal notification to all Unitholders of the winding up/termination promptly after commencement (where not Unitholder-initiated).

17.1.4(4)(b)17.1 Application

Place the wind-up notice in the required English and Arabic national newspapers and publish on the Fund's website (if applicable).

17.1.4(5)17.1 Application

Submit written completion notification to DFSA and formal request for revocation of Fund registration.

17.1.5(1)17.1 Application

Continue normal periodic accounting, income allocation and reporting cycles throughout the winding-up process unless a dispensation under Rule 17.1.5(2) applies.

17.1.5(2)-(3)17.1 Application

Where dispensation is used, document the consultation and determination, and ensure the dispensed period is combined into the subsequent report.

17.1.5(5)17.1 Application

Prepare, publish and distribute the final annual report to all Unitholders within two calendar months of the final accounting period's end.

17.1.6(1)-(2)17.1 Application

Prepare and submit a comprehensive DFSA notification covering all the prescribed Rule 17.1.6(2) information items when the Fund is assessed as not commercially viable/non-viable in purpose.

A1.2.1(1)(a)A1.2 Mandatory provisions

Include a scope-of-services and service-standard (SLA) clause in every Delegation/Outsourcing Agreement.

A1.2.1(1)(b)A1.2 Mandatory provisions

Insert a no-further-delegation-without-consent clause in every agreement and track any sub-delegation approval requests.

A1.2.1(1)(c)(i)A1.2 Mandatory provisions

Contractual record-keeping obligation plus periodic verification of the Service Provider's transaction records.

A1.2.1(1)(c)(ii)A1.2 Mandatory provisions

Contractual requirement on record format/quality sufficient to support compliant accounts preparation.

A1.2.1(1)(c)(iii)A1.2 Mandatory provisions

Contractual six-year minimum record retention requirement, with periodic compliance monitoring.

A1.2.1(1)(c)(iv)A1.2 Mandatory provisions

Contractual access/inspection rights clause for DFSA, the Auditor and the oversight function.

A1.2.1(1)(c)(v)A1.2 Mandatory provisions

Contractual clause requiring reproduction of records within three days, in hard copy and English, upon DFSA request.

A1.2.1(2)(a)A1.2 Mandatory provisions

Insert a DFSA-Rules compliance undertaking clause in every Delegation Agreement.

A1.2.1(2)(b)A1.2 Mandatory provisions

Insert a disclosure-pass-through undertaking clause and monitor for any disclosures received.

A1.2.1(3)A1.2 Mandatory provisions

Maintain a central register of all Delegation/Outsourcing Agreements and Service Provider instructions, retained for six years or more.

A1.3.1(1)(a)A1.3 Provisions relating to Eligible Custodians

Ensure the custody agreement specifies the required distinguishing account titling.

A1.3.1(1)(b)A1.3 Provisions relating to Eligible Custodians

Instruction-only credit/withdrawal clause plus operational controls verifying compliance.

A1.3.1(1)(c)A1.3 Provisions relating to Eligible Custodians

Asset-segregation clause in the custody agreement plus periodic segregation verification.

A1.3.1(1)(d)A1.3 Provisions relating to Eligible Custodians

Document detailed operational arrangements covering registration, entitlement collection and instruction protocols in the custody agreement.

A1.3.1(1)(e)A1.3 Provisions relating to Eligible Custodians

Custody statement clause specifying delivery frequency, and a process to receive and review each statement.

A1.3.1(1)(f)A1.3 Provisions relating to Eligible Custodians

No-set-off / no-lien agency clause in the custody agreement.

A1.3.1(1)(g)A1.3 Provisions relating to Eligible Custodians

Include a liability/default clause defining the scope of the custodian's liability.

A1.4.1A1.4 Provisions relating to fund administration

Insert a prohibition-on-holding-client-money clause (subject to the two permitted exceptions) into every fund administration Delegation Agreement.

A1.4.1(a)A1.4 Provisions relating to fund administration

Cheque-handling control limiting hold time to three business days before deposit/return.

A1.4.1(b)A1.4 Provisions relating to fund administration

Bank-mandate compliance monitoring for Service Provider-controlled Fund accounts.

A2.1.1(1)A2.1 Nomination of a chair

Written chairman nomination process for every Unitholder meeting.

A2.1.1(2)A2.1 Nomination of a chair

Fallback chairman-selection procedure to be applied when the nominee is absent.

A2.1.2(1)A2.1 Notice of meetings

Meeting notice process ensuring the minimum 14-day (or longer, per Constitution) written notice period is met.

A2.1.2(2)A2.1 Notice of meetings

Notice-content template ensuring all required particulars (place/day/hour/resolution wording) are included.

A2.1.2(3)A2.1 Notice of meetings

Trustee notification process ensuring the notice copy is dispatched to the Trustee no later than to Unitholders.

A2.1.2(5)A2.1 Notice of meetings

Adjourned-meeting notice process covering Unitholders and, where relevant, the Trustee.

A2.1.3(3)A2.1 Quorum

Quorum verification control performed at the start of every meeting before business is transacted.

A2.1.3(4)A2.1 Quorum

Defined procedure for handling a no-quorum scenario, differentiating requisitioned meetings (dissolve) from other meetings (adjourn 7+ days).

A2.1.3(6)A2.1 Quorum

Adjourned-meeting notice must include the required quorum-waiver statement.

A2.1.4(1)-(3)A2.1 Voting restrictions

Governance control excluding Fund Manager/Governing Body members (and associates) from being counted in quorum or voting, subject to the limited agency exception.

A2.1.5A2.1 Voting restrictions

Related Party voting-exclusion control applied to Related Party Transaction approval resolutions.

A3.1.1(1)A3.1 Alterations to a Fund

Special Resolution approval process to be completed before implementing any fundamental change.

A3.1.1(2)A3.1 Alterations to a Fund

Fundamental-change classification criteria to be applied within the Fund change-assessment workflow.

A3.1.1(3)A3.1 Alterations to a Fund

Documented fundamental-change determination process, including mandatory Trustee sign-off for Investment Trusts.

A3.1.2(1)A3.1 Alterations to a Fund

Prior written notice process (Guidance recommends a minimum of around 30 days) for significant changes.

A3.1.2(2)A3.1 Alterations to a Fund

Significant-change classification criteria to be applied within the change-assessment workflow.

A3.1.2(3)A3.1 Alterations to a Fund

Documented significant-change determination process, including mandatory Trustee sign-off for Investment Trusts.

A3.1.3(1)A3.1 Alterations to a Fund

Notifiable-change communication process (e.g. direct notice, website publication, or inclusion in the next periodic report, as appropriate to the change).

A3.1.3(2)A3.1 Alterations to a Fund

Residual-change materiality assessment (notifiable vs. insignificant) as part of the change-classification process.

A5.1.1(1)-AA5.1 Contents of Constitution

Ensure the Constitution's General Information section captures all listed identifying particulars before execution/filing.

A5.1.1(1)-BA5.1 Contents of Constitution

Include the full set of mandatory General Statements clauses in the Constitution.

A5.1.1(1)-CA5.1 Contents of Constitution

Where the Fund is an Investment Trust, ensure the Trust Deed/Constitution contains the required trust-law and trust-holding provisions.

A5.1.1(1)-DA5.1 Contents of Constitution

Draft and include an Investment Objectives section covering objectives, permitted asset types and restriction disclosures.

A5.1.1(1)-EA5.1 Contents of Constitution

Include a Units section specifying Unit classes and the rights attaching to each.

A5.1.1(1)-FA5.1 Contents of Constitution

Include a Limitations section addressing redemption restrictions and issuance-limitation circumstances.

A5.1.1(1)-GA5.1 Contents of Constitution

Include Income and Distribution provisions in the Constitution.

A5.1.1(1)-HA5.1 Contents of Constitution

Include a base currency statement in the Constitution.

A5.1.1(1)-IA5.1 Contents of Constitution

Include a Meetings section addressing convening procedures, resolutions and voting rights.

A5.1.1(1)-JA5.1 Contents of Constitution

Include an Oversight Arrangements section (plus Shari'a Supervisory Board details for an Islamic Fund).

A5.1.1(1)-KA5.1 Contents of Constitution

Include Termination and Suspension provisions in the Constitution.

A5.1.1(1)-LA5.1 Contents of Constitution

Include a Constitution-amendment (modification) procedure section.

A5.1.1(1)-MA5.1 Contents of Constitution

Insert the mandatory non-exemption Responsibility Statement in the Constitution.

A5.1.1(1)-NA5.1 Contents of Constitution

Review and include any additional Rule-conferred privileges/powers not otherwise captured elsewhere in the Constitution.

A7.1.3 Item 1 (1.1-1.3)A7.1 Mandatory disclosure for all Public Funds

Insert the Persons Responsible section, the accuracy statement, and the mandated front-page DFSA disclaimer verbatim.

A7.1.3 Item 2 (2.1-2.2)A7.1 Mandatory disclosure for all Public Funds

Include the Document Status statements and the free-copy location details.

A7.1.3 Item 3 (3.1)A7.1 Mandatory disclosure for all Public Funds

Draft the Summary Document section per the Rule 14.3.1(d) content requirements.

A7.1.3 Item 4 (4.1-4.3)A7.1 Mandatory disclosure for all Public Funds

Include the Name and Description of the Fund section covering all listed particulars.

A7.1.3 Item 5 (5.1-5.4)A7.1 Mandatory disclosure for all Public Funds

Draft the Investment Objectives and Policy section covering all listed elements.

A7.1.3 Item 6 (6.1)A7.1 Mandatory disclosure for all Public Funds

Include the Investment Restrictions section and a breach-notification disclosure.

A7.1.3 Item 7 (7.1-7.3)A7.1 Mandatory disclosure for all Public Funds

Draft the Rights Attached to Units of the Fund section.

A7.1.3 Item 8 (8.1)A7.1 Mandatory disclosure for all Public Funds

Include the Register of Unitholders location statement in the Prospectus.

A7.1.3 Item 9 (9.1)A7.1 Mandatory disclosure for all Public Funds

Draft the Distribution and Accounting Period section.

A7.1.3 Item 10 (10.1-10.2)A7.1 Mandatory disclosure for all Public Funds

Draft the Information about the Fund Manager section covering all listed particulars.

A7.1.3 Item 11 (11.1)A7.1 Mandatory disclosure for all Public Funds

Draft the Information about the Trustee section for Investment Trust structures.

A7.1.3 Item 12 (12.1)A7.1 Mandatory disclosure for all Public Funds

Include the Information about the Auditor section.

A7.1.3 Item 13 (13.1-13.2)A7.1 Mandatory disclosure for all Public Funds

Include the Information about the independent oversight provider section.

A7.1.3 Item 14 (14.1-14.2)A7.1 Mandatory disclosure for all Public Funds

Include the Information about the Eligible Custodian section (or the non-appointment statement).

A7.1.3 Item 15 (15.1-15.3)A7.1 Mandatory disclosure for all Public Funds

Compile and include the Information relating to other Service Providers section.

A7.1.3 Item 16 (16.1-16.4)A7.1 Mandatory disclosure for all Public Funds

Include the Financial information and reports section.

A7.1.3 Item 17 (17.1-17.4)A7.1 Mandatory disclosure for all Public Funds

Draft the full Remuneration, fees and other charges disclosure section.

A7.1.3 Item 18 (18.1-18.2)A7.1 Mandatory disclosure for all Public Funds

Include the Valuation of the Fund Property section.

A7.1.3 Item 19 (19.1-19.4)A7.1 Mandatory disclosure for all Public Funds

Draft the Redemption and resale of Units in Open-ended Funds section.

A7.1.3 Item 20 (20.1)A7.1 Mandatory disclosure for all Public Funds

Include the Liquidity risk management in Open-ended Funds disclosure.

A7.1.3 Item 21 (21.1-21.2)A7.1 Mandatory disclosure for all Public Funds

Include the Listing and trading of Fund Units disclosure.

A7.1.3 Specialist Item 1 (1.1-1.9) - Islamic FundA7.1.3 Additional mandatory disclosure for specialist classes of Public Funds

Compile and include the Islamic Fund-specific disclosure set in the Prospectus, including the substitute front-page disclaimer.

A7.1.3 Specialist Item 2 (2.1) - Feeder FundA7.1.3 Additional mandatory disclosure for specialist classes of Public Funds

Include the Feeder Fund fee-layering risk warning and fee disclosure.

A7.1.3 Specialist Item 3 (3.1-3.6) - Property FundA7.1.3 Additional mandatory disclosure for specialist classes of Public Funds

Compile and include the Property Fund-specific disclosure set in the Prospectus.

A7.1.3 Specialist Item 4 (4.1-4.2) - Hedge FundA7.1.3 Additional mandatory disclosure for specialist classes of Public Funds

Include the mandated Hedge Fund risk warning verbatim and the strategy/risk explanation.

A7.1.3 Specialist Item 5 (5.1-5.6) - Umbrella FundA7.1.3 Additional mandatory disclosure for specialist classes of Public Funds

Include the Umbrella Fund/Sub-Fund disclosure set.

A7.1.3 Specialist Item 6 (6.1) - Money Market FundA7.1.3 Additional mandatory disclosure for specialist classes of Public Funds

Include the prescribed Money Market Fund risk warning in the Prospectus.

A7.1.3 Specialist Item 7 (7.1-7.2) - ETFA7.1.3 Additional mandatory disclosure for specialist classes of Public Funds

Compile and include the ETF-specific disclosure set (tracking methodology, PIP/index details, cost structure) in the Prospectus.

App7 Fund Platform para 1Additional mandatory disclosure for Funds on a Fund Platform

Include the Fund Platform/Incorporated Cell disclosure set in the Prospectus.

A9.1.2(1)A9.1 Use of price information providers

Perform and document initial and ongoing due diligence on any PIP used for ETF index/benchmark purposes against the A9.1.2(3)(a)-(g) criteria before use and periodically thereafter.

A9.1.2(2)A9.1 Use of price information providers

Perform and document initial and ongoing due diligence on any PIP used to value Crypto Token holdings against the A9.1.2(3)(a)-(g) criteria before use and periodically thereafter.