DFSA Rulebook Module

Collective Investment Rules (CIR)

The comprehensive regulatory framework governing the establishment, management, marketing, and winding up of Collective Investment Funds in and from the Dubai International Financial Centre (DIFC).

Version VER40 / Jan 2026

Parts 8

Chapters 17+

Appendices 9

Authority DFSA · DIFC

8

Regulatory Parts

3

Fund Types
(Public, Exempt, QIF)

13

Specialist Fund Classes

9

Appendices

2

Governing Laws
(CIL 2010 + ITL 2006)

500+

Pages of Regulation

Red — Obligations (must comply)

Blue — Guidance (best practice)

Grey — Exclusions (out of scope)

Purple — Specialist provisions

Green — Reporting requirements

📂 Regulatory Parts

Introduction

Application and interpretation of CIR rules, client classification, types of domestic funds, UAE Fund Protocol and crypto token provisions.

Chapter 1 · §1.1–1.6 Foundational View →

Definitional Provisions

Exclusions from Collective Investment Fund definitions, specialist classes of funds, and excluded offers — determines who is in or out of scope.

Chapters 2–4 · §2.1, 3.1, 4.1 Critical View →

Fund Functionaries

Rules for Fund Administrators, External Fund Managers, External Funds, and the use of Fund Platforms. Covers authorisation and operational requirements.

Chapters 5, 6, 6A · §5.1–6A High Risk View →

Establishment & Management

Core rules for fund constitution, management duties, conflicts of interest, valuation, unit pricing, liquidity, delegation, fees, accounting and reporting.

Chapters 7–9 · §7.1–9.6 High Risk View →

Types of Domestic Funds

Specific rules for Public Funds, Exempt Funds, and Qualified Investor Funds — including registration, oversight, prospectus, and investment requirements.

Chapters 10, 12, 12A High Risk View →

Specialist Fund Classes

Additional requirements for 13 specialist fund types: Private Equity, Property, REITs, Hedge Funds, ETFs, Money Market, Crypto Token Funds, Credit Funds and more.

Chapter 13 · §13.1–13.13 High Risk View →

Marketing of Funds

Prospectus disclosure obligations, general and specialist prospectus content, access to Foreign Funds, and responsibility for prospectus accuracy.

Chapters 14–15 · §14.1–15.1 Medium Risk View →

Transfer & Winding Up

Transfer schemes for domestic funds under the Regulatory Law, and the structured process for winding up domestic funds, including application procedures.

Chapters 16–17 · §16.1–17.1 High Risk View →

🌐 Regulatory Ecosystem

How the CIR fits within the DIFC regulatory framework — from governing legislation down to individual fund types.

DFSA
Regulator

↓

Collective Investment
Law 2010

Investment Trust
Law 2006

↓

CIR — Collective Investment Rules (VER40)

↓

Public Funds

Exempt Funds

Qualified Investor Funds

Foreign Funds

↓

Private Equity

Property / REIT

Hedge Fund

ETF

Crypto / Token

Credit Fund

🔄 Fund Lifecycle

Key stages in a DIFC Collective Investment Fund's lifecycle and the relevant CIR Parts.

📐

Structuring

Parts 1 & 2
Classification

🏗️

Constitution

Part 4
Ch. 7 / App 5

📝

Registration

Part 5
§10.2 / §12.1

⚙️

Operation

Part 4
Ch. 8 & 9

📢

Marketing

Part 7
Ch. 14 & 15

🔄

Transfer

Part 8
Ch. 16

🔚

Wind-up

Part 8
Ch. 17

⚖️ Quick Comparison: Domestic Fund Types

Criterion	Public Fund	Exempt Fund	Qualified Investor Fund (QIF)
Investor Base	Retail / General public	Professional Clients (min. 50)	Qualified Investors only
Registration with DFSA	✔ Required	✔ Required (lighter)	◎ Notification only
Prospectus Required	✔ Yes	✔ Yes (simplified)	◎ Offering Document
Oversight Committee	✔ Required	◎ Optional	✘ Not required
Investment Restrictions	Strict (§10.5)	Moderate	Flexible
Borrowing Limits	✔ Yes — capped	Moderate	More flexible
Specialist Fund Classes	Limited	✔ Yes	✔ Yes (all 13 types)
Applicable Chapter	Chapter 10	Chapter 12	Chapter 12A

⚠️ Key Compliance Considerations

🔴 Key Obligations

Fund Managers must be DFSA-authorised
Public Funds require DFSA registration before operation
Prospectus must be filed before marketing
Annual reports due within 4 months of financial year end
Material changes require prior DFSA approval

🔵 Practical Guidance

Use Fund Platform rules (Ch. 6A) to understand tech intermediaries
Valuation must follow App 4 guidance for pricing
Delegation to third parties doesn't remove Fund Manager liability
Constitution must contain all elements per App 5

🟣 Specialist Watch Points

Crypto Token Funds subject to additional CIR rules (§1.6, §13.13)
REITs have specific distribution and leverage rules (§13.5)
Hedge Funds face leverage disclosure obligations (§13.6)
Credit Funds carry enhanced due diligence requirements (§13.12)

🟢 Reporting Triggers

Periodic Fund Return to DFSA (§9.6)
Immediate notification of material breaches
Auditor appointed within 3 months of launch
Unitholder meeting minutes filed with DFSA

📎 Appendices

Delegation and Outsourcing

Meeting Procedures

Approvals and Notifications

Guidance on Asset Valuation and Pricing

Constitution of a Domestic Fund

Fitness and Propriety — Oversight Functions

Content of a Public Fund Prospectus

Guidance for Hedge Fund Managers

Use of Price Information Providers