By: Amr Adel

Dubai – Mubasher: It is expected that the amendments to the law on investment funds will be finalised by the end of 2015, said Dr. Obaid Al-Zaaby, deputy CEO for legal affairs and issuance at the Securities and Commodities Authority (SCA) on Wednesday.

The new amendments will include everything related to funds such as approving the issuance prospectus, licensing and inspecting bodies that provide services to these funds as well as supervising these bodies and the funds themselves, Al-Zaabi told Mubasher on the sidelines of the Arab IPO Summit held in Dubai.

“These measures aim to achieve as much benefit for both local and foreign investors”, he added.

These amendments follow a study of the operational technical systems approved in global markets as well as the systems applicable in the Euronext market, the deputy CEO revealed, adding that the SCA reviewed experiences in markets such as the US, Belgium, Luxembourg, Singapore and Hong Kong.

The SCA is currently working on finalising the necessary amendments to develop the public subscriptions market after the new corporate law gave the SCA the authority and jurisdiction to act accordingly, Al-Zaabi noted, adding that he expects the market regulator to complete these amendments by the end of the year.

These amendments will provide additional protection for both major and minority investors, he added.

Translated by: Nada Adel Sobhi