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UAE Freezones Biz News Updates
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Dubai FSA Signs 26 Agreements With EU Regulators
The Dubai Financial Services Authority (DFSA) has announced that it has
entered into 26 supervisory co-operation agreements with securities
regulators in the European Union and European Economic Area.
Under these agreements, each regulator agrees to help each other supervise
fund managers operating across borders, between the Dubai International
Financial Centre (DIFC), a free zone which guarantees freedom from tax for
50 years, and Europe, the DFSA's press release said.
The DFSA negotiated the agreements with the European Securities and Markets
Authority (ESMA). The DFSA’s Chief Executive Ian Johnston signed the
Memoranda of Understanding (MoUs) with 26 EU regulators in July. The EU
signatories to these agreements are: France, UK, Netherlands, Ireland,
Portugal, Spain, Italy, Luxembourg, Cyprus, Sweden, Finland, Denmark,
Norway, Iceland, Liechtenstein, Hungary, Malta, Lithuania, Greece, Belgium,
Bulgaria, Poland, Estonia, Latvia, Czech Republic and Romania.
The agreements under the MoUs allow fund managers in the DIFC to manage and
market Alternative Investment Funds (AIFs) to professional investors in the
EEA under the rules of the Alternative Investment Fund Managers Directive (AIFMD).
AIFs include hedge funds, private equity funds and real estate funds.
Managing and marketing such funds into Europe will allow DIFC-based fund
managers to access a greater pool of investors. It is hoped that with a
strong distribution network and a sustainable distribution model, the MoUs
will prove beneficial for the industry in the DIFC.
Mr Ian Johnston, Chief Executive of the DFSA said: "The DFSA’s efforts to
improve cross-border opportunities will further facilitate investment flows
and will benefit investors and the funds industry. In addition, it reflects
the DFSA’s commitment to enhance the economy of the UAE and Dubai,
furthering Dubai’s position as a prominent financial center."
The DFSA already has in place bi-lateral agreements with 13 of its European
counterparts and enjoys strong and close relationships with them ensuring
that fund managers are well supervised in the DIFC and in Europe.
September 09, 2013 |
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Courtesy Wolters Kluwer TAA Limited
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