DFSA Outreach session on Fund Management Self-Custody Report

The DFSA’s latest thematic review and Outreach Session on self-custody by Domestic Fund Managers in the DIFC isn’t just about reporting numbers — it’s about risk. With Domestic Funds growing almost 20% in just six months (Dec 2023-June 2024), around 30% of funds (USD 3.8bn Aum) are now operating under self-custody. That growth brings opportunity but also heightens regulatory concerns. The DFSA review revealed: Weak or outdated custody policies Conflicts of interest not being recognised or disclosed Gaps in transparency in PPMs and reports Liquidity management lapses in open-ended funds Limited compliance and audit oversight of custody arrangements Self-custody can work, but only with the right safeguards. Without robust controls, the risks of mismanagement or even misappropriation of fund property rise sharply, thus creating risk to the industry. The review also sets out a number of good practice benchmarks. As with any regulatory guidance or thematic review findings, firms are expected to conduct a self-assessment / gap analysis. For managers, this is more than a compliance exercise — it’s about protecting investors, maintaining trust, and strengthening DIFC’s credibility as a fund hub. #DFSA #DIFC #FundManagement #Governance #Compliance #RiskManagement #SelfCustody Navigo Partners Limited

The Financial Services Regulatory Authority (FSRA) of ADGM has finalised amendments to its regulatory framework, to require Fund Managers to comply with periodic reporting requirements in respect of each Fund that they manage. The information required to be included in the periodic fund return and the reporting frequency varies depending on Fund type. The FSRA intends to take a phased approach to implementation of this reporting requirement and will publish a “Dear SEO” letter to provide Fund Managers with further detail in relation to this. Thanks to Margaret Devaney, PhD, Michaela Crawford Rob B. Sultan Al Romaithi and other FSRA team members for their work on implementing these proposals. #uae #abudhabi #adgm #fsra #capitalofcapital #financialservices #assetmanagement #fundsmanagement #fundreporting #hedgefunds #venturecapital #privateequity #privatecredit #publicfunds #alternativefunds #digitalassets #greenfunds #alternativeinvestments #supervision #reporting #riskbased #riskbasedsupervision #engagement

I’m proud to have contributed to this important step in strengthening FSRA’s supervisory framework. The introduction of periodic fund reporting will enhance transparency across the funds industry, support risk-based supervision, and ensure that managers across all asset classes from hedge funds to green funds are aligned with international best practices. This initiative is not just about compliance; it’s about building trust, resilience, and sustainable growth in Abu Dhabi’s asset management sector. #uae #abudhabi #adgm #fsra #fundsmanagement #supervision #transparency #financialservices #assetmanagement

The regulatory environment for cross-border fund distribution is evolving fast and fund managers need to stay sharp. Here are new developments to be aware of right now: Italy: CONSOB’s new DePub platform is live for UCITS marketing submissions, with a grace period until year-end. Saudi Arabia: Amendments to the Investment Funds Regulations broaden opportunities for foreign funds CMA-licensed firms can now manage and distribute. New Zealand: Updated Private Placement guidance expands AML obligations for managers deemed to be carrying on business in NZ. Israel: The ISA clarifies pre-marketing and private placement rules, fund publications must avoid policy details, benchmarks, and liquidity terms. All of these developments (and more) are now included in our Global Knowledge Hub (GKH), curated by our team of legal and regulatory experts. Catch up on Patricia Nitschke, LL.M., Sina Abel-Al Subaie and Rhiannon Farrell's latest blog and request a complimentary trial of GKH here: https://bit.ly/4mQOuob #FundDistribution #UCITS #AIFMD #RegulatoryCompliance

The Securities and Exchange Commission (SEC), on 26 September 2025 released Proposed Rules establishing a new regulatory framework for Credit Enhancement Facility Providers (CEFPs) in Nigeria’s capital market, alongside sundry amendments to existing SEC Rules. Key Highlights: ✅New Category of Market Operator: CEFPs now formally recognized under SEC Rules. ✅Eligibility: Nigerian companies, multilateral agencies, and IOSCO-recognized entities with strong international ratings (≥ [AA-]). ✅Registration: ₦10bn minimum paid-up capital; SEC “No Objection” required before incorporation. ✅Functions: Provision of guarantees, standby credit lines, and other facilities to boost credit quality of securities. ✅Prudential Requirements:  1. Minimum [A] local rating (from 2 SEC-registered rating agencies). 2. At least 85% of total assets in liquid assets 3. Leverage ratio capped at 10x qualifying capital. ✅Governance: Strong risk management, board credit committees (≥50% independent directors), and robust portfolio monitoring. ✅ Prohibitions: CEFPs cannot back their own securities or those of affiliates (without SEC approval). ✅Amendments: Rule 45 updated to include CEFPs as registrable functions; Schedule 1 amended with ₦10m registration fee and ₦10bn capital requirement. These draft rules are a significant step towards enhancing market confidence, credit quality, and depth of Nigeria’s capital market. We humbly request that you share your comments on the proposed rules on or before the close of business on Wednesday, 8 October 2025. Please ensure to copy cmsanigeria@gmail.com and the CMSA Rules Committee headed by Dr. Ajibola Asolo (Ajibola.Asolo@aluko-oyebode.com) in your email. #SEC #CapitalMarkets #CreditEnhancement #Nigeria #CMSA #CMSAWeeklyUpdate

In this article, Siddhanth Singhi and Aditya Belsare analyse the potential misuse of Alternative Investment Funds by foreign entities to bypass sectoral caps through Indian resident managers. By examining gaps within SEBI’s Due Diligence Framework and the FEMA NDI Rules, 2019, the authors highlight how these regimes enable regulatory arbitrage and lack adequate enforcement mechanisms, especially concerning non-bordering foreign investors. They further advocate for harmonisation between SEBI and RBI regulations, the imposition of direct obligations on foreign investors, and enhanced divestment powers for SEBI to ensure greater regulatory integrity. #SEBI #AIF #FEMA #NDIRules #RBI

Investment Funds in the UAE – Key Regulatory Insights Under the Securities & Commodities Authority (SCA), investment funds are structured to ensure transparency, investor protection, and sound governance. 🔹 Local Funds – establishment, approvals & reporting obligations 🔹 Public Investment Funds – Private Equity, Venture Capital, GP/LP structures 🔹 Cash Investment Funds – liquidity requirements, ratings & borrowing limits 🔹 Exchange-Traded Funds (ETFs) – structure, participants & compliance obligations 🔹 Real Estate Funds – valuation, borrowing, and dividend distribution rules These frameworks form the backbone of the UAE’s fund management ecosystem, highlighting the SCA’s role in safeguarding market integrity. I have summarised all these on the slides below #UAEFinance #Compliance #SCA #InvestmentFunds #ETFs #PrivateEquity #VentureCapital #RealEstateFunds #CashFunds #FinancialServices

Shariah compliant financing is becoming an increasingly hot topic, not just regionally, but globally. Kingsbury & Partners, together with Kristina Nikolendzic from ISP Group have been providing solutions for both issuers and allocators to ensure compliance with Shariah principals, using AMCs underpinned by Murabaha Contracts with a dedicated Shariah Board. We discuss the benefits and use cases in our co-written article available here: https://lnkd.in/eKbjHSyF

Interesting article from our partner Kingsbury & Partners, highlighting the evolving needs and solutions for Shariah capital market structuring. To discuss the topic in more detail, free reach out to Kristina Nikolendzic, head of ISP Dubai.

On 27 June 2025, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 25/894, repealing Circular 15/612. Circular 15/612 was well known among alternative managers, as Luxembourg AIFMs relied on it daily to register new AIFs with the CSSF. While the overall approach remains largely consistent, the scope of Circular 25/894 is broader: it now covers all investment funds not authorised by the CSSF, including European UCITS, that are managed by a Luxembourg IFM. On 3 October 2025, the CSSF updated its FAQ on Circular 25/894, adding an “acceptability matrix” for fund set-ups. This matrix clarifies which depositaries, administrators (UCI administration and transfer agents), and portfolio-management delegates the CSSF will accept, depending on the fund type, location, and supervisory status. This update effectively turns the FAQ into the practical rulebook for structuring or reviewing non-authorised AIFs and EU UCITS managed by Luxembourg IFMs , and for ensuring that eDesk notifications are fully aligned with Circular 25/894. https://lnkd.in/ejqxAfuW