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Dubai: DFSA issues hedge fund code of practice

Date: Wednesday, December 12, 2007
Author: gulfnews.com

Dubai: The Dubai Financial Services Authority (DFSA) on Tuesday issued its Hedge Fund Code of Practice, the first of its kind to be issued by a financial market regulator.

The code sets out best practice standards for operators of hedge funds in the Dubai International Financial Centre (DIFC). It is also a pioneering effort to regulate the international hedge fund industry.

The DFSA's initiative comes in the wake of enhanced industry and regulatory focus on hedge funds. The issuance follows months of consultation with industry professionals and international regulators.

David Knott, chief executive of the DFSA said: "The DFSA's Code is the first of its kind to be issued by a regulator. Having received highly positive feedback throughout the consultation period, we are confident that the code will provide investors and hedge fund managers with a backdrop for the successful development of hedge funds in the DIFC by ensuring the industry has the necessary regulations in place to prosper."