On 22 July 2012 the UAE Securities and Commodities Authority (“ESCA”) issued the much anticipated new UAE investment fund regulation (the “Regulation”) pursuant to resolution no. 37 of 2012. The Regulation shall come into force from the day after it is published in the UAE Official Gazette, which is expected to be in early September 2012.
Key changes to UAE funds regime -
Transfer of regulatory supervision – In practice, ESCA has for quite some time had responsibility for the day-to-day regulation of investment funds, including licensing and marketing. However, the Regulation formalizes the transfer of responsibility to ESCA from the UAE Central Bank.
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