The Dubai Financial Services Authority (‘DFSA’) today released a consultation draft Collective Investment Law for adoption within the Dubai International Financial Centre (‘DIFC’).
“The adoption of a legal framework for the regulation of collective investments will add an important new business dimension to the DIFC,” said David Knott, CEO, of DFSA. “The Collective Investment Law will add clarity and certainty and provide the financial and professional services sectors with additional flexibility in client service delivery.”
The Collective Investments Law provides a fundamental and comprehensive framework for the regulation of collective investments in the DIFC. It has 14 parts dealing with general law, collective investment funds, operators of domestic funds, oversight of domestic funds, auditors of domestic funds, prospectus requirements for domestic funds, registration of domestic funds, exemption of domestic funds, alteration to a domestic fund, transfer schemes and winding up of domestic funds, DFSA powers in relation to a fund, the regulatory appeals committee, the financial markets tribunal and miscellaneous affairs.
The draft Collective Investments Law is published along with Consultation Paper No.21 on the DFSA website at www.dfsa.ae for public comment till 16th November 2005.
The Dubai Financial Services Authority (DFSA) is the independent regulator of all financial and related ancillary services conducted in or from the Dubai International Financial Centre (DIFC) – for example, asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DIFC regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
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