CMA Decision No. 9/Chairman of 2020 · UAE Federal
Amends the legal-person limb of the qualified investor definition in Decision No. 37/Chairman of 2019, introducing thresholds of AED 75 million total assets, AED 150 million net annual revenue or AED 7 million equity or paid capital.
Chairman's Decision No. 9 of 2020 rewrites the financial tests for legal persons in the qualified investor definition set by Decision No. 37/Chairman of 2019. It was issued on 18 March 2020 after Board approval on 3 February 2020 and took effect the day after publication in the Official Gazette (Article 2); the index records 1 April 2020.
Article 1 replaces clause 5 of paragraph 'First' of Article 1 of Decision 37 of 2019. A legal person is a qualified investor if, on the date of its last financial statements, it meets at least two of three tests. Old rule: a total budget of AED 75 million, a net annual return of AED 150 million, and funds or paid-up capital of AED 7 million. New rule, which applies today: total assets of AED 75 million, net annual revenues of AED 150 million, and net owners' equity or paid capital of at least AED 7 million. The amounts did not change; the measures they apply to did.
The other limbs of the definition in Decision 37 of 2019 (government bodies, international organisations, regulated entities, approved individuals and individuals meeting the wealth and income tests) are not touched.
Status: the index records the status as unknown. The CMA continues to publish the decision alongside its principal, and Article 27(4) of Federal Decree-Law No. 32 of 2025 keeps earlier resolutions in force to the extent they do not conflict with the capital market laws in force from 1 January 2026.
Companies and other legal persons seeking qualified investor treatment under CMA regulations, and the CMA-licensed firms, issuers and fund managers that classify them.
English official text in 1 passages. Open the full text or jump to a provision:
| Article 1 | Replaces clause 5 of paragraph First of Article 1 of Decision 37/R.M of 2019: a legal person qualifies if it meets at least two of three tests at its last financial statements. |
| Article 1 (A-C) | The tests are total assets of AED 75 million, net annual revenues of AED 150 million, and net owner equity or paid capital of at least AED 7 million. |
| Article 2 | Publication in the Official Gazette; in force from the day following publication. |
We are not licensed by the CMA. When a client's holding company or SPV is asked by a fund manager or bank whether it is a qualified investor, we read its latest financial statements against these three tests, prepare the supporting corporate documents, and coordinate with the licensed firm that makes the classification.
| Amends | CMA Decision No. 37/Chairman of 2019 |
| Cites | Former SCA Law |
“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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