Fund managers' concern at SCA rules - The National

The Emirates Securities and Commodities Authority (SCA) is preparing to take control of the UAE's fund management industry with new regulations aimed at protecting buyers from misleading investments.

But fund managers warn that despite intentions to shield consumers, the new regulations go too far in favouring banks and could inhibit growth for smaller companies.

The proposed regulations, expected to be published this summer, require funds to seek SCA and Central Bank approval, and force greater transparency over their investments and capital requirements.