Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-president and Prime Minister and Ruler of Dubai, has enacted a number of new laws adding to the investment and regulatory legislative framework of the Dubai International Financial Centre (DIFC).
The Investment Trust Law - DIFC Law No. 5 of 2006, together with the Collective Investment Law Amendment Law (Investment Trust) DIFC Law No. 6 of 2006 and the Regulatory Law Amendment Law (Investment Trust) DIFC Law No. 7 of 2006, were all enacted as of August 1, 2006.
The Investment Trust Law gives persons setting up Collective Investment Funds in the DIFC an additional structure in the form of an Investment Trust. Previously, Domestic Funds which were offered to the public, ie Public Funds, could only be structured as an Investment Company or an Investment Partnership. These Funds can now be structured as an Investment Trust. The Investment Trust structure may also be used by Private Domestic Funds.
Commenting, David Knott DFSA CEO noted that: “This new Investment Trust Law provides additional flexibility and choice for the structuring of managed funds within the DIFC. Investment Trust vehicles play an important role in capital markets and will contribute to product innovation within the DIFC.”
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