Clarity on the regime for marketing foreign funds in the UAE

صورة ذات صلةRegime for marketing foreign funds in the UAE (1 March 2017) – Morgan Lewis

Regime for Marketing Foreign Funds in the UAE

Excellent piece by Morgan Lewis. What I like is that they do not just tell you what you can’t do. They conclude with a very helpful ‘can do’ statement: any marketing of interests in foreign-domiciled funds to investors in the UAE requires that the interests be registered with the SCA and distributed by a local promoter licensed in the UAE, unless:

  • the Fund Interests are being marketed to:
    • federal or local governmental agencies or their wholly owned subsidiaries,
    • international commissions and organizations,
    • UAE companies whose objectives include carrying out investments, or
    • SCA-regulated asset managers.
  • the marketing is being conducted in response to a reverse solicitation;
  • the fund is listed; or
  • the marketing is performed entirely offshore vis-à-vis the UAE.

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