MENA Asset Management Survey 2012 - National Bank of Abu Dhabi

United Arab Emirates / Egypt
Exchange Traded Funds
Questions United Arab Emirates Egypt
companies, branches of foreign banks and any
entity licensed by the Central Bank shall be
exempted from the capital condition provided
that such entities submit an unconditional bank
guaranty in favor of SCA in the amount of ten
(10) million Dirhams issued by a bank operating
in the State. SCA may cash such guaranty or
any part thereof at any time to cover any
What are the capital requirements for
a Management Company?
Redomiciling
What are requirements / procedures
for a fund redomiciling into your
domicile ?
Supervision
Outline the risk management process
for funds in your jurisdiction
What is the level of supervision
required over a custodian in your
jurisdiction?
financial liabilities that SCA may decide to
perform towards any investors
As with new application for foreign funds, the
licensing process applies
Custodian has to be licensed by SCA before it
can offer custodian services to local funds.
There are currently 5 licensed Custodians in the
UAE.
EGP 5 million
The fund will be treated as a new fund
and new subscriptions will need to be
offered to subscribers
The Central Bank shall carry out oversight and
prudential supervision tasks pertinent to the
financial position of the mutual funds
established and licensed in accordance with the
provisions of these Regulations. The Central
Bank shall prepare inspection reports and send
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