4.1. Meaning of Legislation Administered by the AFSA

Each of the following is Legislation Administered by the AFSA:

• (a) the AIFC Financial Services Framework Regulations and the rules adopted under those Regulations;
• (b) any other AIFC Regulations or AIFC Rules if the Regulations or Rules declare that they are administered by the AFSA;
• (c) a provision of any other AIFC Regulations or AIFC Rules if the provision gives a Function to the AFSA or relates to the Exercise of a Function given to the AFSA by another provision of the AIFC Regulations or AIFC Rules.

4.2. Definitions for these Rules

In these Rules:

Administrative Receiver, in relation to a Company, has the meaning given by Schedule 3 (Interpretation) of the AIFC Insolvency Regulations.

Ancillary Service Provider means an Ancillary Service Provider under Legislation Administered by the AFSA.

Authorised Firm means an Authorised Firm under the AIFC Financial Services Framework Regulations.

Authorised Market Institution means an Authorised Market Institution under the AIFC Financial Services Framework Regulations.

Cell is a Cell created by a Protected Cell Company for the purpose of segregating and protecting Cellular Assets in the manner provided by Part 8 (Protected Cell Companies).

Cell Receiver has the meaning given by the AIFC Insolvency Rules.

Cell Receivership Order has the meaning given by the AIFC Insolvency Rules.

Cell Share Capital comprises the proceeds of the issue of Cell Shares.

Cell Shares are Shares created and issued by a Protected Cell Company in respect of one of its Cells pursuant to the provisions of Part 9 (Protected Cell Companies) the proceeds of the issue of which, the Cell Share Capital, shall be comprised in the Cellular Assets attributable to that Cell.

Cell Transfer Order is an order within the meaning given in rule 8.18. Cellular Assets comprise the assets of the Protected Cell Company attributable to the Company's Cells pursuant to rule 8.9.

A Cellular Dividend is a dividend payable by a Protected Cell Company in respect of Cell Shares.

Non-Cellular Assets are assets of a Protected Cell Company which are not Cellular Assets, pursuant to rule 8.9.

Closed-Ended Investment Company means an Investment Company that is not an OpenEnded Investment Company.

Exchange Facility means a facility, for the transfer of Shares in an Open-Ended Investment Company, administered by an Authorised Market Institution under the AIFC Financial Services Framework Regulations.

Financial Services has the meaning given under the AIFC Financial Services Framework Regulations.

Fund and Fund Manager have the meanings respectively given by the AIFC Glossary.

Group means a group of entities that includes:

• (a) an entity (the first entity); and
• (b) any parent of the first entity; and
• (c) any Subsidiary (direct or indirect) of any parent of the first entity.

Individual Identification Number is a unique number that is allocated to an individual by an authorised body.

Investment Company means a Company that is incorporated as, or converted into, an Investment Company in accordance with Part 6 (Investment Companies).

Legislation Administered by the AFSA has the meaning given by rule 4.1 of this Schedule.

Liquidator, in relation to a Company, has the meaning given by Schedule 3 (Interpretation) of the AIFC Insolvency Regulations.

Open-Ended Investment Company means an Investment Company whose Articles of Association state that is an Open-Ended Investment Company with a variable share capital and otherwise comply with Part 6 (Investment Companies).

Protected Cell Company means a company incorporated as, or converted into, a Protected Cell Company in accordance with the Part 8 (Protected Cell Companies).

Receiver, in relation to a Company, has the meaning given by Schedule 3 (Interpretation) of the AIFC Insolvency Regulations.

Restricted Scope Company means a company incorporated as a Restricted Scope Company in accordance with the Part 9 (Restricted Scope Companies).

Sub-Fund has the meaning given by the AIFC Glossary.

Umbrella Fund has the meaning given by the AIFC Glossary.

4.3. Umbrella Funds

In these Rules, where an Umbrella Fund is formed as a Protected Cell Company, any references to the following terms must be read in relation to that Umbrella Fund as meaning, unless otherwise provided, as follows:

• (a) a reference to a Cell as a reference to a Sub-Fund;
• (b) a reference to Cell Share Capital as a reference to the proceeds of the issue of Units of a Sub-Fund;
• (c) a reference to Cell Shares as a reference to the Units issued by a Sub-Fund;
• (d) a reference to Cellular Assets as a reference to the Fund Property of a Sub-Fund;
• (e) a reference to a Cellular Dividend as a reference to a dividend payable by a SubFund;
• (f) a reference to a Director of a Protected Cell Company as a reference to a Director ofthe Fund Manager of the Umbrella Fund;
• (g) a reference to Non-Cellular Assets, as a reference to the assets of the Protected Cell Company which are not Cellular Assets of any particular Sub-Fund;
• (h) a reference to a Protected Cell Company as a reference to an Umbrella Fund; and
• (i) a reference to a Shareholder, unless the context requires otherwise, as a reference to a Unitholder of a Sub-Fund.