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| DFSA Seeks Comment On DIFC Funds Regime Review |
by Lorys Charalambous, Tax-News.com, Cyprus
Friday, October 23, 2009
The Dubai Financial Services Authority (DFSA) has released, for
public comment, the Report of the Market Practitioner Panel it appointed in
July 2009 to review the Dubai International Financial Centre's (DIFC) Collective Investment Funds regime.
The Panel Report contains recommendations relating to 10 key issues. In the
Panel’s view, these issues need to be addressed in order to support the
growth of the funds industry in the DIFC. The DFSA's recommendations include the following:
- Allowing DIFC-based fund managers to establish funds in other reputable
jurisdictions, and also allowing fund managers established in reputable jurisdictions
to establish funds in the DIFC;
- Expanding the grounds on which authorized firms in the DIFC can distribute
units of foreign funds;
- Reducing licensing and other associated costs of fund managers;
- Allowing the protected cell company structure to be used for Umbrella Funds;
- Creating an Exempt Funds regime, in addition to the current Public and Private
Funds, which is tailored to provide the right level investor protection to
high-net worth professionals;
- Reducing aspects of the current Independent Oversight;
- Tailoring Shari’a compliance requirements to suit the nature of the
Islamic finance activities of the fund manager and the nature of the Fund;
and
- Making the DIFC Funds regime more visible to the international fund community.
Omar Bin Sulaiman, Governor of the DIFC and Vice Chairman of
UAE Central Bank, said: “We are all committed to making the DIFC an international
hub for the funds industry, and especially for Islamic funds. The DIFC already
offers excellent infrastructure, tax benefits, a central location and a prudent
and sound regulator with international expertise. The landscape of the financial
world is changing rapidly however, we need to respond to the needs of the industry
in today’s competitive environment. This report will help us to do that.”
Paul Koster, Chief Executive of the DFSA, added: “We are very grateful
that the group of industry experts who formed the Market Practitioner Panel
was able to devise a comprehensive set of pragmatic proposals to make that regime
more attractive to the funds industry, without impairing investor protection.”
“The DFSA looks forward to receiving the views of industry participants
on the Panel’s recommendations and hopes to move quickly to implement changes
that are appropriate and necessary to make the DIFC Funds regime more attractive.”
.
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