sca issues investment fund rules
Last Updated : GMT 13:26:10
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SCA issues investment fund rules

Arab Today, arab today

Arab Today, arab today SCA issues investment fund rules

Abu Dhabi - Arabstoday

The Security and Commodities Authority (SCA) has issued board’s resolution No. 37 of 2012 concerning the rules of investment funds. The decision was signed by Eng. Sultan Bin Saeed Al Mansoori, Minister of Economy and SCA Chairman. The announcement was made by Abdullah Al Turifi, CEO of SCA, who added that the resolution will come into force on the day after its publication in the Official Gazette. Al Turifi said that it represents a positive step that will help strengthen corporate investment and provide more opportunities for stability in financial market. He commented, “The resolution is part of the SCA’s endeavour to issue new investment products and diversify the investment tools available to traders in the markets. It will boost the investment climate in the local markets and help attract new investments and liquidity. The new regulations will be a pillar and a prerequisite for creating a market maker who keeps balance in the country’s markets.” Al Turifi pointed out that the SCA has been keen since its inception to develop its legislative system, in line with recognising the importance of continued efforts to improve the level of these markets to match the best international practices in terms of both the legislation and the regulations that govern the markets. The authority has been willing to diversify investment instruments, which help deepen the market and attract more local and foreign investments. In addition to definitions, the implementation system and rules of setting up investment funds and promoting them, the system includes 48 articles split into four chapters. The first chapter deals with local funds: the setting up of local funds, licensing applications, cancellation, eligibility, correspondence, document of a fund’s issuance, statement of a fund’s issuance, amendments of the fund’s issuance, investment policies of local funds. The chapter also deal with investment in commodities, prohibition of the receipt of funds, subscription in the fund units, the practicing of a fund’s activities, issuing fund units, issuing and trading fund units, evaluating the assets and pricing fund units, distribution and recovery of fund units, fund assets, lending and borrowing a fund and its finances, a fund’s financial reports. The chapter also deals with General Assembly of owners of fund units, a fund’s board of directors, authorities of the board of directors, disclosure and provision of information, conflict of interests, a fund’s memberships on the boards of directors of companies. Gulf Today

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