DFSA, SFC highlight opportunities on distributing HK funds in DIFC

Gulf Today, Staff Reporter

The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) co-hosted a high-level roundtable on opportunities for Hong Kong asset managers to distribute funds in the Dubai International Financial Centre (DIFC).

More than 15 top executives of Hong Kong asset managers attended the roundtable discussion presided over by the DFSA’s Chief Executive Ian Johnston and the SFC’s Chief Executive Officer Julia Leung. During the joint session, Johnston introduced the regulatory requirements for offering Hong Kong-domiciled funds in the DIFC, and prospects in DIFC for Hong Kong asset managers, including access to investors in the UAE market through the UAE fund passporting regime.

Also present at the event were the SFC’s Executive Director of Investment Products, Christina Choi, and DFSA’s Associate Director of Conduct, Supervision, David Tait, who elaborated on relevant regulatory requirements at a subsequent seminar.

Ian Johnston, Chief Executive of the DFSA, said: “It has been a pleasure to co-host this roundtable with the SFC in Hong Kong. With the expansion of the China-Middle East corridor, we see an opportunity for greater cooperation between DIFC and Hong Kong, particularly in the asset management sector. We, as the regulator, are committed to meaningful collaboration between our leading international financial centres and recognise that this is critical to our continued collective success.”

Julia Leung, Chief Executive Officer of the SFC, said: “The SFC is committed to facilitating the development of deeper and broader investment markets for our asset management industry and we look forward to exploring further connectivity with the DIFC in the asset management space. I am sure Hong Kong asset managers had valuable takeaways from the events today, which are only the beginning of our collaboration.”

The DFSA and the SFC plan to host another roundtable for asset management industry participants in Dubai next month.

As a quick reference for Hong Kong asset managers, the SFC has published an information sheet on its website to provide an overview of the market landscape of DIFC, and how Hong Kong funds could be offered in the DIFC and the mainland UAE via DIFC by way of the UAE fund passporting regime.

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA’s regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC

The Securities and Futures Commission (SFC) is an independent statutory body set up in 1989 to regulate Hong Kong’s securities and futures markets, deriving investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, the SFC is funded mainly by transaction levies and licensing fees. Principal responsibilities include maintaining and promoting the fairness, efficiency, competitiveness, transparency and orderliness of the securities and futures industry.

The Abu Dhabi Businesswomen Council: The Abu Dhabi Businesswomen Council, a subsidiary of the Abu Dhabi Chamber of Commerce and Industry, recently organized a Ramadan Suhoor event that brought together businesswomen in the Emirate of Abu Dhabi, and highlighted the diverse talents and skills of female entrepreneurs in various fields and sectors. Each touchpoint and experience as part of the Suhoor was in collaboration with ADBWC’s members, from the host venue through to flowers and guest gifting, reinforcing its continued commitment and support to its female entrepreneurs.

The Suhoor gathering underscored the pivotal role of female entrepreneurs in shaping the future of businesses, industries and innovation. Prominent figures attended the event, engaging in networking, sharing insights, and celebrating the remarkable contributions of women in the business world.

The event, which took place in the presence of the Chairwoman of the Abu Dhabi Businesswomen Council,  Asma Al Fahim, and Board Members  Marwa Al Mansoori, and H.E. Noor Al Tamimi; and ADBWC’s Director Fatima Al Blooshi, was an interactive platform that promoted constructive communication and the exchange of experiences between female entrepreneurs at the level of the Emirate of Abu Dhabi.

 Asma Al Fahim, Chairwoman of the Abu Dhabi Businesswomen Council, said: “We are so pleased to host yet another Suhoor event as it exemplifies the spirit of solidarity and support amongst businesswomen, it also highlights the power of collaboration in driving success.”