Fund Registration with Competent Authorities in each jurisdiction

CySEC

AIF with a Limited Number of Persons (AIFLNP)

• Legal Forms: Investment company, Partnership
• Eligible Investors: Professional, Well-informed
• Number of Investors: Up to 50
• Minimum AUM: EUR 250,000 within the first 12 months
• Fund Management: Can be self-managed or externally managed
• Minimum Capital Requirement: EUR 50,000 if self-managed
• Assets Under Management: No restrictions if AIFM appointed; otherwise, limits apply
• Depositary: Mandatory appointment (with possible exceptions)
• Authorisation Timeframe: 6 months

Registered AIF (RAIF)

• Legal Forms: Common fund, Investment company, Partnership
• Eligible Investors: Professional, Well-informed
• Number of Investors: Unlimited
• Minimum AUM: EUR 500,000 within the first 12 months
• Fund Management: Always externally managed
• Minimum Capital Requirement: None
• Assets Under Management: No restrictions
• Depositary: Mandatory appointment
• Authorisation Timeframe: 1 month

Alternative Investment Fund Managers (AIFM)

AIFs must have an appointed AIFM, except if internally managed with specific conditions.

• External AIFM : Appointed by the AIF and manages overall operations.
• Internally Managed : AIF itself acts as AIFM if structured as a Variable Capital Investment Company (VCIC) and meets specific asset thresholds. Exceeding these thresholds necessitates registration as an AIFM under the AIFM Law.

ADGM

Fund Manager License Category 3C

Capital requirements:

1. USD 150,000 if manages a Public Fund or any other type of fund that is available to retail customers; or
2. USD 50,000 otherwise.

ADGM Fund

Types of Domestic Funds:

1. A Public Fund;

Some or all of its Units are or will be offered to investors by way of a public offer; or
Its Unitholders include Retail Clients.

2. An Exempt Fund; or

Its Units are offered to persons only by way of a private placement;
All its Unitholders are persons who meet the criteria to be classified as Professional Clients; and
The initial subscription to be paid by a person to become a Unitholder is at least US$50,000, and it does not satisfy the conditions to be a Qualified Investor Fund;

3. A Qualified Investor Fund.

Its Units are offered to persons only by way of a private placement;
All its Unitholders are persons who meet the criteria to be classified as Professional Clients; and
The initial subscription to be paid by a person to become a Unitholder is at least US$500,000.

Types of Companies

• Closed-Ended Investment Companies
• Limited Investment Partnerships
• Protected Cell Companies (PCC) and Incorporated Cell Companies (ICC)

DIFC

In order to conduct Financial Services in or from the DIFC, firms need to become authorized and obtain a license from the DFSA. Without a financial services license or without being licensed by the Dubai Financial Services Authority, no person shall, by way of business:

• Conduct any form of financial business in or from the DIFC;
• Engage in any regulated financial services activity; and
• Offer financial services advise to the public.

Category 3C License

1. Managing a Collective Investment Fund

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial and ancillary services conducted in, or from, the DIFC, including regulation of firms responsible for Managing Collective Investment Funds. These firms are legally accountable to the investors in the Fund for the operation of the Fund under the Fund’s Constitution, and for establishing, managing, or otherwise operating or winding up a Fund.

2. Advising on Financial Products

Firms holding a Category 3C license are authorized to provide advice on financial products within the DIFC jurisdiction. This includes offering guidance and recommendations concerning investments, financial instruments, and other related products, tailored to the individual needs and circumstances of clients. Compliance with the regulations and guidelines set forth by the Dubai Financial Services Authority (DFSA) is mandatory in all advisory activities.

Capital Requirements:

The minimum capital requirement of USD 500,000 (five hundred thousand dollars) is required at all times where the firm is going to carry out the financial activities of Managing a Collective Investment Fund and Advising on Financial Products.

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Fund Registration with Competent Authorities in each jurisdiction