Apex Receives ESCA's New License

By ExpatBriefing.com Editorial 10 February, 2014

Apex Fund Services announced on February 05, 2014 that the United Arab Emirates Securities and Commodities Authority (ESCA) in Abu Dhabi has granted Apex Fund Services (Abu Dhabi) Ltd a licence to provide fund administration services under ESCA's new regulations.

The new regulations set out the detailed requirements for the establishment and distribution of UAE domestic funds, and formalizes the transfer of responsibility of regulatory supervision from the UAE Central Bank to ESCA.

Each local fund is now required to appoint an investment manager, an administrative services company, a custodian and an external auditor. Apex is the first administrator in the region to receive a licence under the new regulations.

Apex is in the position of being able to continue servicing existing onshore UAE funds while now offering approved managers with newly domiciled funds the same high levels of service from professional, locally based teams with a strong understanding of the revised Abu Dhabi regulatory system.

Apex was one of the first international fund administrators to open an office in the UAE.

Robert Grindlay, Managing Director, Apex Fund Services (UAE) Ltd 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 brings improved transparency and protection to investors."

Tags: United Arab Emirates | Investment | Interest | Investment Funds | Audit | Regulation | Services | Expats |

 





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