SCA Updates – Public Offering of Foreign Funds in the UAE – Extension of the Grace Period

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The Securities and Commodities Authority of the United Arab Emirates (“SCA”) has announced that the grace period granted to foreign funds registered with SCA for a public offering has now been extended to 31 March 2024, provided that such foreign funds were registered with SCA for a public offering on or before 31 December 2022.

Fund managers will be required to submit an application to SCA and pay the renewal fees on a pro rata basis up to 31 March 2024.

In January, SCA prohibited foreign funds from being publicly offered in the UAE but granted a grace period until 30 June 2023 for foreign funds that were already registered with SCA for a public offer, subject to certain conditions.

Foreign funds that were not registered with SCA for a public offering on or before 31 December 2022 may no longer be registered for a public offering. Except as noted above, foreign funds may only be promoted in the UAE on a private placement basis to Professional Investors and must be registered with SCA for a private offering.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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