المادة 21: Fund Offering, Its Category, and Investor Eligibility

Article 21: Fund Offering, Its Category, and Investor Eligibility

a. The offering of fund units shall be a private placement limited to investors in the category of institutional clients. the ownership of fund units shall only be transferred in the secondary market to such clients.

b. In cases other than those set out in paragraph (a) of this Article, the Authority may, upon the request of a capital market institution seeking to offer units of a simplified investment fund, approve such private offering, subject to compliance with the requirements imposed by the Authority.

c. If the fund manager was licensed to carry out managing investments activity, without the license to carry out operating funds activity, the fund shall not be a real estate fund or invest in real estate assets.