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The Paper, which is posted on the DFSA website, seeks comment on the DFSA's proposals to enhance the Collective Investment Rules, which the DFSA introduced in April 2006.
The proposed enhancements are designed primarily to permit operators of private Hedge Funds in the DIFC to appoint prime brokers under terms of agreement, which allow the prime brokers to commingle Fund assets and to use the Fund assets as collateral according to generally accepted industry practice.
The proposed amendments also require that certain safeguards must be in place before prime brokers will be permitted to commingle and collateralise Fund assets.
As a risk based regulator, the DFSA, in consultation with industry, strives to foster the principles of integrity, transparency and efficiency in the DIFC financial markets.
By developing these proposals in line with international best practice, the DFSA is furthering its regulatory objective of ensuring that the DIFC is a well regulated and internationally competitive financial market.
DFSA consults on use of prime brokers by Hedge Funds
The DFSA has issued Consultation Paper No 37 for public comment.
- United Arab Emirates: Wednesday, September 27 - 2006 at 15:31
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The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
Mr. David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investment Commission and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
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 Janeta Novakovic, Assistant News EditorWednesday, September 27 - 2006 at 15:31 UAE local time (GMT+4)
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This Article was updated on Monday, April 09 - 2007
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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