Apex in UAE Granted Licence Under New Regulatory Regime

Apex Fund Services in Abu Dhabi has been granted a new licence to provide fund administration services in the United Arab Emirates (UAE).
By Janet Du Chenne(59204)
Apex Fund Services in Abu Dhabi has been granted a new licence to provide fund administration services in the United Arab Emirates (UAE).

The new regulations set out the detailed requirements for the establishment and distribution of UAE domestic funds, and formalises the transfer of responsibility of regulatory supervision from the UAE Central Bank to UAE Securities and Commodities Authority (ESCA).

Each local fund is now required to appoint an investment manager, an administrative services company, a custodian and an external auditor.

From its Abu Dhabi office, Apex serves existing onshore UAE funds as well as managers with newly domiciled funds.

Robert Grindlay, managing director, Apex Fund Services (UAE), said: “As global liquidity issues continue to ease, interest in onshore UAE funds is building and the ESCA is to be commended for its rapid introduction of strong governance which bring improved transparency and protection to investors.

“The award of Apex’s licence is another example of the Company’s commitment to the Middle East region and demonstrates the level of investment Apex makes to provide its clients with the highest levels of service and range of products.”

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