CMA Decision No. 28/Chairman of 2023 · UAE Federal
Amending instrument that changes the Foreign Fund Promotion Status Regularisation (CMA Decision No. 4/Chairman of 2023). The CMA has consolidated its changes into the current text of the amended regulation and keeps this instrument in its archive of amending regulations.
Chairman's Decision No. (28/Chairman) of 2023 gave promoters of foreign funds a temporary route to keep marketing to retail investors while they regularised their position. It adds Article 2 bis to Decision No. (04/Chairman) of 2023 on status regularisation mechanisms for promoting foreign fund units in the State. Issued in Arabic on 3 May 2023 after Board approval by circulation, it took effect on the day after issue.
Under Article 2 bis, as an exception to the 2023 decision, the CMA may allow a promoter to continue temporarily promoting to retail investors units of a foreign fund registered with the CMA up to 31 December 2022, during a grace period ending on 31 March 2024. The promoter must apply with a regularisation plan explaining why it needs the exception, the alternative procedures and mechanisms for its business and the time needed to comply, and the CMA may approve, reject or ask for changes to the plan; renew the fund's registration if the request is approved, paying the prescribed fee pro rata from the approval date to 31 March 2024; and follow any other conditions the CMA sets on promotion to retail investors.
The grace period ended on 31 March 2024, so the exception now matters only for promotion carried out before that date.
Promoters of units of foreign investment funds registered with the CMA by 31 December 2022 that were marketing them to retail investors in the State, and the retail investors who bought them.
Arabic original text in 2 passages. Open the full text or jump to a provision:
| Article 1 (new Article 2 bis) | As an exception, the CMA may let a promoter keep promoting to retail investors units of foreign funds registered by 31 December 2022, during a grace period ending 31 March 2024. |
| Article 1 (Article 2 bis, item 1) | The promoter applies with a regularisation plan setting out the reasons, alternative procedures and time needed; the CMA may approve, reject or require changes. |
| Article 1 (Article 2 bis, item 2) | If approved, the promoter renews the foreign fund's registration and pays the prescribed fee pro rata from approval to 31 March 2024. |
| Article 1 (Article 2 bis, item 3) | The promoter must comply with any other provisions the CMA sets on promotion to retail investors. |
| Article 2 | The decision applies from the day following its issue and is published in the Official Gazette. |
Fund managers and family offices outside the UAE still ask what happened to retail promotion of their funds after 2023. We explain that this grace period ended on 31 March 2024 and that promotion now depends on the current fund rules. Where a local promoter or licensed entity is needed, we form and administer the vehicle and coordinate with licensed promoters and advisers. We are not licensed by the CMA and do not promote funds.
| Amends | CMA Decision No. 4/Chairman of 2023 |
“Cites” and “Cited by” are built automatically from references in the full texts held in this library; they cover only instruments in the library.
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