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Carlyle Group gets a Category 3 License at the DIFC.

The Dubai International Financial Centre (DIFC) and The Carlyle Group said that Carlyle will be the first company to establish and manage investment funds "for sophisticated investors" in the DIFC under a new legal and regulatory process.

"The new Collective Investment Funds Regime, enacted in the DIFC in July 2010, established a new, stream-lined regulatory process similar to regulatory regimes in the US and elsewhere which exempt certain investment funds from government registration if they cater exclusively to sophisticated investors and are subject to certain disclosure and marketing restrictions," the DIFC said in a press release.

Marwan Ahmad Lutfi, Deputy CEO and Head of Business Development of the DIFC Authority, said, "The DIFC introduced the new Funds Regime following recommendations made by a panel of market practitioners. We wanted to gauge what the funds community really wanted in order to create an environment which would stimulate further growth of the industry. The regulatory changes bring the DIFC in line with other leading financial hubs around the world."

With this new regime (Category 3 License), Carlyle's investment team in Dubai, outside of the DIFC, will be able to establish and advise investment funds domiciled in the centre. "As a result, Carlyle has established Carlyle MENA Investment Advisors Limited, an investment vehicle that will partner with its existing regional fund Carlyle MENA Partners, LP. This new vehicle will not raise additional investment capital," the press release said.

Under its former regulatory structure (Category 4 License), Carlyle's investment team in Dubai was only authorised to provide advisory services to an investment fund domiciled outside of Dubai.

2009 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:7UNIT
Date:Dec 27, 2010
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