MENA Asset Management Survey 2012 - National Bank of Abu Dhabi

Regulatory Trends
thousand Dirhams for a foreign mutual fund and (AED 1,000,000) one million Dirhams
for a mutual fund established in a free zone outside the UAE.
2. By way of exception from the provision of clause (1) herein, the minimum subscription
per a single investor in one or more mutual funds shall be the limit set out in the Offer
Document in either of the following cases:
a. The subscriber is engaged through a portfolio management contract with an
investment manager licensed by SCA, provided that the authority to take and implement
the investment decisions is held by the portfolio manager and not the subscriber.
b. The subscriber is involved in a saving and investment plan on periodical basis with
equal monthly or quarterly payments for a period not less than two years and for a total
amount per plan of at least (AED 75,000) seventy five thousand Dirhams, or the
equivalent in foreign currencies.
3. The minimum subscription per investor in the unit of a foreign mutual fund approved to
be promoted within the UAE in a public offering shall be the limit set out in the Offer
Document”.
SCA intends to publish final investment management regulations, a matrix on conflicts of
interest, and a list of peer regulated jurisdictions and freezones.
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