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December 18 – 16:05 – Dubai – Changes to the DFSA Collective Investment Funds regime, on which the Dubai Financial Services Authority (“DFSA”) consulted in October last year, will come into force today coinciding with the enactment of the DIFC Companies Law 2018 (“Companies Law”). The DFSA consultation included a wide-ranging set of proposals to support the continued development of the growing Funds industry in the Dubai International Financial Centre (“DIFC”). The DIFC now has almost 70 Funds, most of which have been registered over the last two years.
The new provisions strengthen the DFSA’s commitment to meeting international standards, particularly those of the International Organization of Securities Commissions (“IOSCO”) and the Financial Stability Board (“FSB”),through measures to enhance liquidity risk management in open-ended Funds.Open-ended Funds give their investors the right to have their Units redeemed at a price calculated based on the net asset value of the Fund’s portfolio of assets.
The new provisions:
The changes to the legislation can be viewed under the Notice of Amendments section on the DFSA website’
Bryan Stirewalt, the Chief Executive of the DFSA, said: “The DFSA continues to enhance its regulatory regime to facilitate the growth of the DIFC and the development of the financial sector in Dubai and the UAE. We have introduced a number of significant changes to the DFSA Funds regime to support and complement the continued development of the DIFC Funds sector, which has grown significantly during the past two years.”