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From Precy Dumlao, Opalesque Asia:

The local regulatory framework in the Middle East should focus on inviting the fund management industry rather than making it tough to set up and do business here, claimed Zeeshan Ahmedani, a Partner at the international law firm White & Case LLP and one of the participants in the latest Opalesque Gulf Roundtable.

The Opalesque Gulf Roundtable took place in Abu Dhabi last month and was sponsored by Van Eck Global and Eurex . Ahmedani told the Roundtable, "To date, the most recent regulatory changes have really been less about the local products (with the exception of changes to the rules in the DIFC and the asset management initiatives of the QFC in Qatar), although I guess there is a tertiary impact on those too, but instead on inbound marketing activities. For example, Kuwait has updated their regulations in a very similar way to what the CMA does in Saudi Arabia. The intent is not to restrict the entry of products, but to make the regulatory oversight a bit more rigorous."

According to him, Kuwait and Saudi Arabia have a larger, active retail market, and so it was not surprising that they have the most robust regulatory framework in that respect. UAE has proposed rules on the book, ......................

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