DUBAI, 10th February, 2016 (WAM) -- The Dubai Financial Services Authority Board, DFSA, has enacted changes to the regime for Collective Investment Funds, which came into force on Monday, 1st February, 2016.

Amendments have been made to the Rules for Property Funds, to simplify the current regime and align our regime better with international standards while still catering to specific features of the Dubai International Financial Centre market. Key changes are to the valuation and Related Person transaction requirements, as well as amendments to the borrowing limits, investment restrictions and custody requirements for these funds.

The DFSA has also introduced a framework for the regulation of Money Market Funds (MMFs), drawing on the work that the Financial Stability Board (FSB) and the International Organisation of Securities Commission have done in this area. The rules define what structure an MMF can have, and set out specific requirements for the liquidity, credit quality, and other features of allowable investments for MMFs and Islamic MMFs.

Ian Johnston, Chief Executive of the DFSA, said, "The DFSA continues to work with stakeholders to improve the regulatory environment. These new rules provide clarity and certainty to fund managers and give greater flexibility to those operating Property Funds."

Copyright Emirates News Agency (WAM) 2016.