Abu Dhabi - Arabstoday
A new investment fund system has been issued by the Securities and Commodities Authority to boost corporate investment and stability in the financial market.
The resolution launching the new system was issued by SCA on Tuesday, and was signed off by Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of SCA.
Abdullah Al Tarifi, CEO of SCA, said that the resolution will come into effect once it is issued in the next edition of the official gazette. ?He stressed that the system falls within the framework of the authority’s goals to offer new investment products and diversify investment tools available to traders in the market.
Al Tarifi said that the resolution includes 48 articles split into four sections, in addition to the implementation system and rules for setting up investment funds and promoting them.
He said that the first section of the resolution covers domestic funds, specifying conditions for setting them up, investment fund license application and cancellation, bond issuance of funds, data on issued bonds, and amendments on domestic funds’ investment policies.
The authority has called on all concerned parties to refer to the authority’s website to view the law in its entirety.