Dubai Releases Draft Hedge Fund Code

Jul 5 2007 | 10:28am ET

The Dubai Financial Services Authority, which regulates all banking and asset management at the Dubai International Financial Center, on Tuesday issued a draft hedge fund code and is seeking public comment.

The proposed code is more in line with the British principles-based approach to financial regulation than it is with the U.S. rules-based approach.

“We thought it appropriate to develop best practice standards under high level principles, rather than detailed rules,” said Ian Johnston, managing director of policy and legal services at the DFSA. “We selected nine areas of risk which are more specific to hedge fund operations than to other types of collective investment funds. This approach is consistent with the DFSA's risk-based approach to regulation and gives the industry the flexibility to develop their own practices within the framework set by the principles.”

Comments on the code are due Oct. 4. Subject to any changes resulting from public consultation, the DFSA hopes to introduce the code in the first quarter of 2008.

Original Documents:

 


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of