UAE financial regulators reach agreement on licensing, promoting investment funds | ZAWYA MENA Edition:
The Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC), and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) announced today that they had reached an agreement on facilitating the licensing of domestic funds by each authority for promotion across the UAE.
The three authorities signed the regulatory agreement in Dubai in the presence of Sultan bin Saeed Al Mansouri, Minister of Economy, and the SCA Board Chairman, and Ahmed Ali Al Sayegh, Minister of State, and Chairman of the ADGM. The agreement was entered into by Dr. Obaid Al Zaabi, CEO of the SCA, Bryan Stirewalt, Chief Executive of the DFSA, and Richard Teng, CEO of the FSRA.
Following the signing, Al Mansouri said: "Signing this agreement and implementing its provisions will foster the relations between the three authorities. It will facilitate the licensing and promoting of investment funds to attract foreign investment. It will also pave the way for savings to be directed towards new financial instruments such as investment funds and activate a number of financial services and activities related to investment funds such as custodian, investment management, and promoting, as well as the management of investment funds." He added that the agreement implements passporting "mutual recognition" as a regulatory mechanism for promoting and supervising investment funds as well as encouraging foreign firms licensed in financial free zones in other countries to operate in the UAE market. The agreement contributes to the fulfilment of one of the main roles assigned to the SCA, which is to provide the appropriate environment for the investment of savings and funds in securities, in line with the objectives of the country’s economic development.
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