UAE securities regulators launch ’passporting’ facility for country-wide promotion of investment funds
Three securities regulators in the United Arab Emirates have agreed on the coordinated supervision of the marketing and selling of domestic funds across the country.
The Emirates Securities and Commodities Authority (ESCA), Dubai Financial Services Authority (DFSA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) on Monday released details of a common regulatory framework allowing “funds passporting”.
The new regulations will allow funds licensed by each authority to be marketed and sold across the UAE.
In a statement, UAE minister of economy and chairperson of the ESCA, Sultan bin Saeed Al Mansouri, said the passporting agreement is “an important step to inspire the mutual funds market so as to achieve the goal of having more diversified investment opportunities and products.”