UAE FUNDS TO RUN INTO A UAE WALL

In a recent order, the UAE's Securities & Commodities Authority (SCA) has instructed distributors and investment advisors to seek its approval before selling a product that SCA in a circular said that prior to any promotion, an application for the promotion of foreign mutual fund units must be submitted to the SCA by the local promoter (product distributor, banks selling third-party investment products, etc) enclosing the documents stated in the form for each fund wishing to promote its units within the UAE. The UAE regulator has further said it would review product prospectuses and give approvals within 30 days of receiving the submissions. The SCA has also retained the right to disallow products that could potentially be detrimental for investors in the UAE.