The Dubai Financial Services Authority (DFSA) has issued a consultation paper on draft laws governing the activities of collective investment schemes in the Dubai International Financial Centre (DIFC).
The Collective Investments Law is designed to provide a comprehensive framework for the regulation of collective investments in the DIFC, and according to David Knott, CEO of the DFSA, the new laws will give the financial and professional services sectors "additional flexibility in client service delivery."
The law has 14 parts. These cover: 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 Investment Law is open to public comment until 16th November 2005.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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