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Laxman Pai, Opalesque Asia:

Several authorities have joined announced a new fund passporting facility following the enactment of relevant legislation and rules to facilitate the licensing of domestic funds by each authority for promotion across the UAE in a bid to strengthen the development of the domestic funds market.

The Securities and Commodities Authority (ESCA), the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and the Dubai Financial Services Authority (DFSA) said in a joint press release that this passporting facility will facilitate the promotion of the funds licensed by each authority across the United Arab Emirates (UAE).

Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board of Directors of the ESCA stated that the ESCA has endeavoured to develop the Financial Services Sector and support the long-term economic growth of the UAE, it said.

The start of implementing the recently signed Passporting Agreement as a regulatory mechanism for the mutual promotion and oversight of investment funds established in the different jurisdictions within the UAE is an important step to inspire the development of the funds' market so as to achieve the goal of having more diversified investment opportunities and products.

He noted that the implementation of the Passporting Agreement will enhance the UAE's position as an international financial centre and a platform for entrepreneurship.

He pointed o......................

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