Regulatory Alerts2014-01-01
Capital Markets Authority Board of Directors Decision No. (47) of 2014
The Capital Markets Authority issued Decision No. (47) of 2014 to permit licensed custodian banks to act as custodians for investment funds they manage directly, provided strict independence criteria are met. The regulation stipulates that this arrangement is only valid if neither the fund’s investment manager nor its management services company is affiliated with or subject to the bank’s actual control, particularly regarding capital ownership limits defined in Decision No. (88) of 2009. All existing investment funds must execute or implement the necessary compliance adjustments within six months of the decision’s enforcement date.
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