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The UAE Securities and Commodities Authority (SCA) has implemented its eagerly awaited Investment Funds Regulation. The Investment Funds Regulation transfers regulatory responsibility for the licensing and marketing of investment funds and for a number of related activities from the UAE Central Bank to the SCA.



The Investment Funds Regulation applies to all matters relating to domestic investment funds and to the promotion and offering of foreign funds in the UAE.  The Investment Funds Regulation prohibits an entity from establishing a domestic investment fund without first obtaining approval from the SCA.  With respect to the promotion of foreign funds in the UAE, this may only be done through a locally licensed placement agent with the approval of the SCA (or in some cases, through the local representative office of the fund manager).

 

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