Tuesday March 12 2019
News Source: Fund Regulation
Focus: Funds Passport
Country: United Arab Emirates
The Emirates Securities and Commodities Authority (ESCA), the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Dubai Financial Services Authority (DFSA) announced today that, following the enactment of relevant legislation and rules, a new fund passporting facility is available. The passporting facility, which has been the subject of extensive public consultation since November 2018, will facilitate the promotion of the funds licensed by each authority across the United Arab Emirates (UAE).
The Minister of Economy and Chairman of the Board of Directors of the Emirates Securities and Commodities Authority (ESCA) stated that the ESCA has endeavoured to develop the Financial Services Sector and support the long-term economic growth of the UAE. The start of implementing the recently signed Passporting Agreement as a regulatory mechanism for the mutual promotion and oversight of investment funds enabled in the different jurisdictions within the UAE is an important step to inspire the development of the mutual funds’ market so as to achieve the goal of having more diversified investment opportunities and products.
The Minister and Chairman also noted that the implementation of the Passporting Agreement will enhance the UAE’s position as an international financial centre and a platform for entrepreneurship. This cooperation will allow new market leaders, investors and companies to expand and grow in the UAE markets, which supports the ESCA efforts and initiatives in providing the appropriate climate for the investment of savings and funds in securities in line with the objectives of the UAE economic development process.
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