4.1. Application and requirement for registration and notification

This chapter applies to:

1. (a) any Domestic Fund that is managed by a Domestic Fund Manager;
2. (b) any Domestic Fund that is managed by a Foreign Fund Manager;
3. (c) any Foreign Fund managed by a Domestic Fund Manager; and
4. (d) any Centre Participant that wishes to market a Fund in the AIFC.

4.2. Application for registration

(a) The following entities must apply to the AFSA to register the following types of Fund:

1. (i) a Domestic Fund Manager that intends to manage a Non-Exempt Fund;
2. (ii) a Centre Participant that wishes to market a Non-Exempt Fund in the AIFC; and
3. (iii) a Foreign Fund Manager that intends to manage an Exempt Fund.

(b) The Fund Manager or Centre Participant must complete and submit the appropriate registration form or forms to the AFSA (which registration form(s) must be in such form as the AFSA may from time to time prescribe).

(c) The Fund Manager or Centre Participant must specify in the registration form if the Fund is to be registered as a Specialist Fund.

(d) The registration form must be accompanied by:

1. (i) copies of the Fund's Constitution and Offering Materials; and
2. (ii) certification by the Fund Manager that the Constitution and Offering Materials comply with any relevant requirements prescribed under these Rules and any other applicable regulations of the AFSA; and
3. (iii) such other information as the AFSA may from time to time request.

(e) If, at any time between the filing of an application for registration and the grant of a registration, the Fund Manager or Centre Participant becomes aware of any material change, error, or omission reasonably likely to be relevant to the application under consideration, it must inform the AFSA in writing of such change without delay.

(f) In assessing an application for registration, the AFSA may:

1. (i) make any enquiries which it considers appropriate, including enquiries independent of the relevant Fund Manager or Centre Participant; and
2. (ii) require the relevant Fund Manager or Centre Participant to provide further information in support of the application for registration.

4.3. Requirements for registration

The AFSA will register a Fund only if:

• (a) the incorporation or other legal formalities relating to the formation of the Fund are completed; and
• (b) the fund manager is either:
• (i) authorised as a Fund Manager by the AFSA; or
• (ii) a Foreign Fund Manager that is authorised by a Financial Services Regulator:

(1) in a Recognised Jurisdiction; or

(2) in a jurisdiction that is otherwise acceptable to the AFSA pursuant to Schedule 3; and

• (c) the Fund has arrangements satisfactory to the AFSA in relation to the administration of the Fund and custody and valuation of the Fund's property; and
• (d) the Fund has appointed an auditor satisfactory to the AFSA; and
• (e) the name and purpose of the Fund is not, in the opinion of the AFSA, undesirable or misleading and the purpose of the Fund is reasonably capable of being successfully carried into effect; and
• (f) if the Fund Manager is a Foreign Fund Manager, the Foreign Fund Manager has:
• (i) appointed a Fund Administrator and Eligible Custodian in accordance with the requirements of CIS 8;
• (ii) included in its application for registration a declaration stating that it is subject to regulation by a Financial Services Regulator:

(A) in a Recognised Jurisdiction; or

(B) in a jurisdiction that is not recognised by the AFSA; and

• (iii) submitted to the AFSA a copy of its licence to manage funds granted by its home state Financial Services Regulator.

4.4. Rejection of an application

• (a) The AFSA may refuse to grant an application for the registration of a Fund if it is not satisfied that the requirements referred to in these Rules have been met or if it otherwise considers that registration of the Fund is undesirable.
• (b) The AFSA will provide notice of any refusal to register a Collective Investment Scheme to the relevant Fund Manager or Centre Participant.
• (c) A Fund Manager or Centre Participant may refer the refusal to register any Collective Investment Scheme to the AFSA for review.

4.5. Granting registration

(a) The AFSA will provide notice of the grant and effective date of registration of a Fund to the relevant Fund Manager or Centre Participant.

(b) The AFSA will maintain publicly available lists of all Funds which have been registered with the AFSA as:

1. (i) Non-Exempt Funds; or
2. (ii) Exempt Funds managed by a Foreign Fund Manager.

4.6. Withdrawal of registration

1. (a) The AFSA may withdraw the registration of a Fund in the circumstances specified in section 94 of the Framework Regulations.
2. (b) The Fund Manager of a registered Fund or relevant Centre Participant may request that the AFSA withdraws the registration of that Fund. The AFSA may withdraw the registration of a Fund if the AFSA is satisfied that to do so would not prejudice the interests of participants in that Fund.

4.7. Requirements for notification

(a) A Fund Manager must notify the AFSA of its intention to manage a Fund as soon as reasonably practicable before launch if that Fund is not required to be registered in accordance with Rule 4.2.

(b) The AFSA may prescribe the form of the notification, which must include the following information:

1. (i) the Constitution of the Fund;
2. (ii) the Offering Materials relating to the Fund; and
3. (iii) such other information as the AFSA may prescribe. Guidance For the purposes of Rule 4.7(a), "as soon as reasonably practicable before launch" will require a minimum of at least seven days' notice before the launch of the Fund.