MENA Asset Management Survey 2012 - National Bank of Abu Dhabi

Dubai International Financial Centre / Qatar Financial Centre
Exchange Traded Funds
Questions Dubai International Financial Centre
(DIFC)
including market counterparties
Exempt Funds (formerly Private
Funds - existing private funds
have two year transition period).
Targeting professional investors
and market counterparties
Open and closed ended funds
both available
Average set-up time Public Fund - up to 3 months including
approval of fund and authorization of
the fund manager (this timing can be
greatly reduced where the fund
manager is already authorized or
applies as an External Fund Manager
coupled with the quality of
documentation submitted)
Exempt funds – streamlined process
for authorisation of the fund manager
and target an average of 5 days to
complete the notification process of
the fund - subject to the quality of the
application submitted
Documentation
Basic documents required to set up
fund
Domestic Fund Documents
Application form (all legal
structures)
Constitution of the Fund
Qatar Financial Centre (QFC)
Private placement funds –
Qualified Investor Funds where the
number of unit holders does not at any
time exceed 100 and the fund’s
constitutional document limits the number
of registered unit holders to 100 persons
(or less). Professional Investors (proposal
to open to retail under consideration)
Depends on the quality and completeness
of the application and complexity and type
of fund.
Constitutional Document:
For a CIC—the articles of association of
the company;
For a CIP—the partnership agreement of
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