DFSA Proposes Changes To Funds Regime
by Lorys Charalambous, Lowtax.net, Cyprus
07 July, 2015
The Dubai Financial Services Authority (DFSA), the regulator of the Dubai International Financial Centre (DIFC), has published proposed changes to its Collective Investment Funds regime for open-market consultation.
The proposals aim to reduce the burden of certain aspects of the Funds regime; to simplify the rules by reducing inconsistencies between different aspects of the regime; and to align the regime further with international jurisdictions and standards while still catering to factors specific to the United Arab Emirates (UAE) property market.
The proposals also introduce specific rules for the establishment of Money Market Funds – investment funds that typically invest in a diversified portfolio of high-quality, low-duration fixed-income instruments.
The deadline for submitting feedback on the proposals is August 28, 2015.
The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.
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