Middle East North Africa Financial Network – The legislation to regulate the managed funds industry within the DIFC has been enacted by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The Collective Investment Law 2006 was sponsored by the Dubai Financial Services Authority (DFSA) which has also issued detailed Collective Investment Rules.
This law sets out the framework for regulating funds and permits the operation of various types and categories of collective investment funds in the DIFC including property funds, Islamic funds, hedge funds, and private equity funds. David Knott, Chief Executive of the DFSA, predicted that the new law and rules will open for the way for a major new financial sector within the DIFC.
“This package of legislation follows extensive consultation between the DFSA and the managed funds industry over recent months. The result is a tailor-made regime that will meet demand for a modern, well regulated centre for funds management and administration within the Middle East.”
