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Ruler enacts laws

United Arab Emirates: Monday, August 07 - 2006 at 08:50
PRESS RELEASE

H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister, and Ruler of Dubai, has enacted, as of 1 August 2006, the Investment Trust Law - DIFC Law No. 5 of 2006, together with the Collective Investment Law Amendment Law (Investment Trust) DIFC Law No. 6 of 2006 and the Regulatory Law Amendment Law (Investment Trust) DIFC Law No. 7 of 2006.

David Knott DFSA CEO.

The Investment Trust Law gives persons setting up Collective Investment Funds in the DIFC an additional structure in the form of an Investment Trust. Previously, Domestic Funds which were offered to the public, i.e. Public Funds, could only be structured as an Investment Company or an Investment Partnership. These Funds can now be structured as an Investment Trust. The Investment Trust structure may also be used by Private Domestic Funds.

David Knott DFSA CEO said:

"This new Investment Trust Law provides additional flexibility and choice for the structuring of managed funds within the DIFC. Investment Trust vehicles play an important role in capital markets and will contribute to product innovation within the DIFC."

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Related site: http://www.dfsa.ae

Notes and media contacts

For further information, please contact:

John Gilchrist
Director, Communications and Strategic Planning
Dubai Financial Services Authority
Level 13, The Gate
Tel: +971 (0) 4 362 1660
Fax: +971 (0)4 362 0801

Amber Dale / Lina Zain
Polaris Public Relations
Dubai, UAE.
Tel: + 9714 - 3348520
Fax:+ 9714 - 3341326

Posted by Anne-Birte Stensgaard, Senior News Editor
Monday, August 07 - 2006 at 08:50 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This article was updated on Mon Apr 09 2007.

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