Dubai changes rules for investment funds

The Dubai Financial Services Authority (DFSA) has changed the rules governing certain types of collective investments, including property funds, in its latest regulatory overhaul.

Announcing the changes on Wednesday, the DFSA Board said the changes would “simplify the current regime” and align it better with international standards.

It said the key amendments included changes to the valuation and ‘Related Person’ transaction requirements; amendments to borrowing limits; investment restrictions, and custody requirements.

The changes to the rules for property funds can be read in full on page 70 of this document.

The document also includes a new framework for the regulation of Money Market Funds. They define what structure an MMF can have, and set out new requirements for liquidity and credit quality.

DFSA chief executive Ian Johnston said: “The DFSA continues to work with stakeholders to improve the regulatory environment. These new Rules provide clarity and certainty to fund managers and give greater flexibility to those operating Property Funds.”

The DFSA regulates businesses exclusively based in the Dubai International Finance Centre, pictured, a special economic zone located in Dubai.

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James Fernyhough
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