► reading news

Escrow Accounts

DFSA Signs 26 Agreements with EU Regulators

(Dubai, 08/09/2013) In July 2013, the Dubai Financial Services Authority (DFSA) as independent financial services regulator for the Dubai International Financial Centre (DIFC) announced the signing of a total of 26 supervisory co-operation agreements with EU & EEA securities regulators.

Continuous collaboration with international regulators has been at the forefront of the Dubai Financial Services Authority’s (DFSA’s) engagement objective this year. As such, the DFSA has entered into 26 supervisory co-operation agreements with European Union (EU) and European Economic Area (EEA) securities regulators. Under these agreements, each regulator agrees to help each other supervise fund managers operating across borders, between the Dubai International Financial Centre (DIFC) and Europe.

The DFSA negotiated the agreements with the European Securities and Markets Authority (ESMA). The DFSA’s Chief Executive Mr Ian Johnston signed the Memoranda of Understanding (MoUs) with 26 EU regulators last month. The EU signatories to these agreements are:

  • Belgium
  • Bulgaria
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Spain
  • Sweden
  • Cyprus
  • France
  • Italy
  • United Kingdom

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 centre.”

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.

Discussion

Keine Kommentare

Post a comment

 

HOLDINGS | TRUSTEES | LAW | TAX | FACILITATION | CORPORATE

Welcome to the Web of MCI Counselors Law & Tax - have a good day!

Language

New articles

\r\n (Dubai, 20/10/2014) In August 2014 already, the “so much to UAE committed” foreign bank Standard Chartered announced to exit parts of its SME business in the federat...
\r\n (Dubai & Berlin, 30/09/2014) The increasing “European-ization” of all areas will now also make no longer halt before inheritance. At least, once international ba...
\r\n (Dubai, 04/09/2014) This week the World Economic Forum (WEF) published the results of its annual Global Competitiveness Report (GCR) 2014-2015 with impressive rankings for the U...
\r\n (Dubai, 30/08/2014) Since June/July this year, licensees of Dubai’s DMCC start to rub their eyes when it comes to their annual license renewal. Out of the blue, the Free Z...
\r\n (Dubai, 08/08/2014) MCI offers actually several Shelf Companies, aged between 2yrs, 10mths and 6yrs, 1mth - as per August 2014.\r\n\r\n\r\n\r\n \r\n \r\n \r\n DESCRIPTION\r\n \r\n \r\n ...
\r\n (Hong Kong, 2014-07-27) This month, the first revision of Shanghai Free Trade Zone’s (FTZ) Negative List took place.\r\n\r\n\r\n\r\n Shanghai Free Trade Zone (FTZ) was launched in...
\r\n (Dubai, 14/07/2014) The UAE Ministry of Labour (MOL) has announced that it will stop the usage of the old plastic labour cards & paper contracts starting from July 13, 2014....
\r\n (Hong Kong, 25-06-2014) We found a very interesting BBC documentary about China's debt policy and situation from February 2014, critical as well (of course). But watch yours...
\r\n (Dubai, 13/04/2014) With effect 01/05/2014, Emirates NBD massively increases the required Minimum Balances for its Business Banking Clients.\r\n\r\n\r\n\r\n Emirates NBD, one of UAE'...
\r\n (Dubai, 26/03/2014) Finally, Virtual Currency (VC) Tax Rules - including the most popular, Bitcoin - came to the US on March 25! Several insiders predicted that the government w...

Facebook

Tags