The Securities and Commodities Authority (SCA) has finalised plans for a shake-up of the investment management industry, under which it will assume oversight of fund managers.
Under the new regulation, SCA will become the licensing authority for investment funds, which are currently regulated by the Central Bank.
The rules will enhance transparency and oversight of funds for the mass market and could entice greater investment, said Tariq Qaqish, the deputy head of asset management at Al Mal Capital.
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