The United Arab Emirates is close to issuing a final draft of proposals to regulate the country's nascent asset management industry, seen as an important step in protecting investors' interests and boosting market confidence.
The Securities and Commodities Authority (SCA) issued an initial draft for regulating investment funds earlier in the year and a final circular is expected by mid-July after consultations with asset management firms, a fund management source familiar with the discussions said.
"The SCA wants this to be a more regulated market. The first draft came out in April, the final paper will come out about mid-July," the source, who did not wish to be identified, said.
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