Dubai Public Fund

1. Applicable legislation

DIFC Collective Investment Rules and Law

Collective Investment Law of 2010

2. Supervising Authority

Dubai Financial Services Authority (DFSA)

3. Corporate vehicle permitted

Investment Companies in any jurisdiction

Investment Trusts in any jurisdiction

Investment Partnerships in any jurisdiction

Protected Cell Company in any jurisdiction

4. Share capital or equivalent

• • Minimum subscription

A Public Fund is open to both professional and retail investors, with a minimum of 100 unitholders who invest by way of public offer. There is no prescribed minimum subscription.

• • Minimum investors

None

5. Directors / Partners / Trustees

• • Minimum number

2

• • Corporate Directors / Partners / Trustees allowed

Yes

• • Local Directors / Partners / Trustees required

No

6. Fund functionaries required

• • Custodian

• • • Custodian required

• • • Local custodian required

No

• • • Eligible custodian

an Authorised Firm whose Licence authorises it to Provide Custody Services;

an Authorised Firm that is a Bank;

an Authorised Market Institution;

a legal entity that is authorised and supervised by a Financial Services Regulator in a Recognised Jurisdiction for providing custody services in respect of a Fund and is subject to a minimum capital requirement of $4 million or its equivalent in any other currency at the relevant time and has had surplus revenue over expenditure for the last two financial years;

• • Fund manager / Investment manager

• • • Fund manager required

• • • Local fund manager required

No

• • • Fund manager requires to be licensed

Yes

• • • Eligible fund manager

Any licensed fund manager worldwide

• • Fund administrator

• • • Fund administrator required

• • • Local fund administrator required

Yes

• • • Eligible fund administrator

An Authorized firm whose license authorizes it to act as the fund administrator of an exempt fund and meets any additional criteria, requirements or conditions that may be prescribed in the Rules.

• • External auditor

• • • External auditor required

• • • Local external auditor required

Yes

• • • Eligible external auditor

The auditor must be registered by the DFSA and appointed in accordance with the Regulatory Law 2004.

7. Asset Requirements

• • Restriction on type of asset class invested

None

• • Asset diversification requirements

None

• • Limitation on size of the fund or total assets under management

None

8. Local physical office required

No

9. Prospectus / Offering Memorandum required to be filed

Yes

10. Eligible for listing

Yes

11. License fees

• • License application fee

USD 1,000

• • Annual license fee

USD 1,000

12. Estimated license processing duration

3 Weeks