The board of the Dubai Financial Services Authority has enacted changes to its regime for Collective Investment Funds, effective immediately.

It has amended its rules for property funds, aiming to simplify the regime and align it more closely with international standards while still catering to the idiosyncratic features of market conditions in the Dubai International Financial Centre. The main changes are to the DFSA's valuation and 'related person' transaction requirements, to borrowing limits, to investment restrictions and to custody requirements for these funds.

The DFSA has also introduced rules to regulate money market funds (MMFs), drawing on the work that the Financial Stability Board (FSB) and the International Organization of Securities Commission (IOSCO) have done in this area. The rules say what structure an MMF can have, and set out specific requirements for the liquidity, credit quality, and other features of allowable investments for MMFs and Islamic MMFs.