Morgan Lewis published a very helpful article exploring the rules governing marketing in the UAE of interests in foreign (non-UAE) funds, and in particular the various exemptions from the general requirement that such foreign funds be registered with the
Securities and Commodities Authority of the UAE and marketed in the UAE by locally licensed placement agents.
Conclusions of the article:
- 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.