Regulatory Alerts2014-02-03
Added · Updated
Board of Directors Decision No. (3) of 2012 on Regulating Investment Funds and Financial Services
The Capital Market Authority's Board of Directors issued Decision No. (3) of 2012 to regulate the establishment and operation of investment funds and related financial services. The decision mandates that fund managers maintain capital equal to 10% of total assets under management and requires the Authority to issue specific licensing, supervision, and operational instructions by July 1, 2014. It establishes a public register of licensed entities and authorizes administrative penalties, including fines up to 75% of the violation value, for non-compliance.
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