New rules in the United Arab Emirates on mutual funds, short-selling, and rights issues may be finalised by mid-2012 as part of measures to strengthen the operation of exchanges and attract overseas investors, the regulator said on Tuesday.
Last year, the UAE postponed draft regulations on its nascent asset management industry, which were seen as a key step for investor protection and boosting market confidence, after market players voiced concerned that some of the proposals lacked clarity, sources said.
Abdullah al-Turifi, CEO of the Securities & Commodities Authority (SCA), told reporters on Tuesday that the body was finalising regulations which could be issued by mid-year.
"These new regulations and mechanisms, products and services for the markets will complete the regulatory framework for the system," he said, adding the rules also covered market makers.
Mutual funds, earlier regulated by the central bank, are now under the ambit of the SCA. The regulator licensed three
mutual funds last year and plans to promote foreign mutual
funds, Turifi said.
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