In 2000, the United Arab Emirates (UAE) established the UAE Securities and Commodities Authority (ESCA) to supervise and monitor its financial markets.  In 2012, ESCA issued regulations governing the offering of investment funds in the UAE.  It recently issued a follow-up regulation governing the offering of investment management services in the UAE.  A recent event provided an overview of the new regulation, and insight into the interpretation and scope of its provisions.  The new regulation and interpretation of it are relevant to hedge fund managers with or targeting investors or investments in the UAE.  See also “Why and How Do Middle Eastern Sovereign Wealth Funds, Pension Funds and High Net Worth Individuals Invest in Private Funds?,” Hedge Fund Law Report, Vol. 6, No. 23 (Jun. 6, 2013).