DFSA Forms Panel to Review its Funds Regime

The Dubai Financial Services Authority (DFSA) has established a Market Practitioners Panel (Panel) to review the Dubai International Financial Centre’s (DIFC) Collective Investment Funds (Funds) regime. The Panel, comprises 10 industry experts, who will review the Funds regime to identify what, if any, changes are needed to make that regime more attractive to the funds industry and potential investors.

The members of the Panel are:-

Mr Nick Smith, Partner, Allen & Overy - Chair of the Panel
Ms Lynette Brown, Partner, Al Tamimi - Deputy Chair of the Panel
Mr Kevin Birkett, Executive Director, Asset Management Division - Dubai International Financial Centre Authority (DIFCA)
Ms Farah Foustok, CEO - ING Investment Management (Dubai) Limited
Dr Ryan Lemand, Advisor to the CEO and Head of Risk Management - Emirates Securities and Commodities Authority)
Mr Craig Roberts, CEO - APEX Fund Services (Dubai) Ltd
Mr Nick Savastano, Senior Executive Officer - Invesco
Mr David Smith, Partner - PWC
Mr Tom Speechley, Executive Director, Abraaj Capital
Mr Jacques Visser, Managing Director, Legal and Compliance - Algebra Capital Limited.

Membership of the Panel is honorary and allocated to the individual due to their knowledge and expertise in the Funds industry.

The Panel will undertake this review over the summer months with a view to providing to the DFSA a report setting out its findings at the end of September 2009. The DFSA expects to publish that report.

Mr Paul Koster, Chief Executive of the DFSA said, “The Panel will take this opportunity to shape the Funds regime in a way that best serves the needs of the Funds industry and investors as well as continuing to promote the DIFC as a centre of excellence in Funds management”.