The Dubai Financial Services Authority on July 13 announced the establishment of a Market Practitioner Panel to review the Dubai International Finance Centre’s Collective Investment Funds regime. The Panel, comprising of ten industry experts, will review the funds regime to identify what, if any, changes are needed to make that regime more attractive to the funds industry and potential investors.
The panel will be chaired by Nick Smith, partner at Allen & Overy, and deputy chaired by Lynette Brown, Partner at Al Tamimi. The panel will also be comprised of several heads of fund management firms already established in the DIFC. Membership of the Panel is honorary and allocated to the individual due to their knowledge and expertise in the Funds industry.
The Panel will undertake this review over the summer months with a view to providing to the DFSA a report setting out its findings at the end of September 2009. The DFSA expects to publish that report.
Paul Koster, Chief Executive of the DFSA said, “The Panel will take this opportunity to shape the Funds regime in a way that best serves the needs of the Funds industry and investors as well as continuing to promote the DIFC as a centre of excellence in Funds management”.
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