Changes to the Dubai International Financial Centre Funds Regime: A Positive Outlook for Bermuda

Fawaz Elmalki • Posted 19/11/2010 • Under Articles

The Dubai Financial Services Authority (the “DFSA”) is the independent regulator of all financial services conducted through the Dubai International Financial Centre (the “DIFC”), a purpose-built free zone in Dubai which is arguably the pre-eminent financial centre in the Middle East North Africa (“MENA”) region. In 2006, the DFSA first introduced its Collective Investment Funds regime which was designed to provide adequate investor protection while meeting international standards for regulation. The DFSA recently made significant changes to the funds regime, taking into account recommendations made by a panel of industry experts appointed by the DFSA to make the regime more business friendly whilst continuing to respect International Organisation of Securities Commissions (“IOSCO”) principles for regulating collective investment schemes. The changes, which came into effect on 11 July 2010, are contained in the Collective Investment Law 2010 (DIFC Law No. 2 of 2010), the Collective Investment Rules (the “Rules”) module of the DFSA Rulebook and amendments to the Regulatory Law of the DIFC (DIFC Law No. 4 of 2004) and other rulebook modules issued by the DFSA.

Learn more about the changes in the article below.