Luxembourg newsflash — UAE regulatory update and Islamic finance update
The Dubai Financial Services Authority (DFSA) and the Emirates Securities and Commodities Authority (ESCA) have each entered into 26 supervisory co-operation agreements with European Union (EU) and European Economic Area (EEA) securities regulators, following negotiations with the European Securities and Markets Authority (ESMA).
The signature of these memoranda of understanding will allow alternative investment fund managers regulated by either the DFSA or the ESCA to manage and market alternative investment funds to professional investors in the EEA, subject to the rules laid down in the Alternative Investment Fund Managers Directive (AIFMD).
Similarly, bi-lateral agreements are already in place with a number of European regulators, such as the Luxembourg CSSF, with regards to Undertakings for Collective Investment in Transferable Securities (UCITS), allowing ESCA- or DFSA-regulated investment managers to manage UCITS…
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