The UAE Securities and Commodities Authority (SCA) has provided some much-anticipated clarification on the practical application of the new SCA Investment Fund Regulations (IFRs).
The guidance was provided by senior members of the team responsible for drafting the IFRs during a well-attended workshop held on 20 November 2012 at the SCA's offices in Dubai.
As a general caveat, it should be noted that much of the guidance provided constitutes an indication of the SCA's current interpretation of the IFRs. The statements made are not binding on the SCA, and the interpretation of the rules may change over time. That said, we consider it unlikely that the SCA would materially change its approach to the application of the IFRs without prior indication.
No comments:
Post a Comment