The new regulations set out the detailed requirements for the establishment and distribution of UAE domestic funds, and formalises the transfer of responsibility of regulatory supervision from the UAE central bank to Esca.
Each local fund is now required to appoint an investment manager, an administrative services company, a custodian and an external auditor.
Robert Grindlay, managing director, Apex Fund Services (UAE) Ltd, said: “As global liquidity issues continue to ease, interest in onshore UAE funds is building and the Esca is to be commended for its rapid introduction of strong governance which bring improved transparency and protection to investors.”
Peter Hughes, chief executive and founder, Apex Fund Services Ltd, said: “Any fund manager looking to launch a new fund in the UAE region can immediately recognise Apex as an independently approved licensee that can always be trusted to provide the best advice possible.”
From Global Investor Magazine:
