They are therefore important in assisting firms to review their internal policies and procedures from the DFSA's point of view.

The purpose of this article is to take a look at the MAS Clearsight (MASC) Decision Notice and the important points which arise out of that decision. It is important to note that whilst DFSA Decision Notices provide guidance on DFSA's view of certain regulations, more often than not it is an uncontested view. That is, most disciplinary matters are settlements between the Authorised Firm and the DFSA, and accordingly the decision does not reflect a robust questioning of DFSA's position on particular rules. 

The reason that this Decision Notice is worth reviewing is that the DFSA came to the view that: 

• The investments which MASC was offering to investors amounted to a foreign fund under the Collective Investment Law 2010; and