Radar archive — April 2026
SFC opens secondary trading of tokenised authorised funds
On 20 April 2026 the SFC issued a circular piloting secondary trading of tokenised SFC-authorised investment products, initially focused on tokenised money market funds. Trading is to be facilitated on SFC-licensed virtual asset trading platforms, with round-the-clock liquidity supported by regulated stablecoins and tokenised deposits. The SFC noted 13 tokenised products with roughly HK$10.7 billion in tokenised-class assets as of March 2026.
Implications for capital — Authorised fund units, once tokenised, gain a regulated secondary market extending beyond the trading hours of their underlying securities. The framework connects traditional collective-investment products to virtual-asset trading infrastructure under investor-protection conditions.
UAE sharply cuts administrative tax penalties
The Federal Tax Authority confirmed the entry into force of the Cabinet Decision amending administrative penalties for tax violations. Document-submission penalties fall from AED 20,000 to AED 5,000 and penalties for failing to notify record changes are cut substantially. The amendments took effect on 14 April 2026.
Implications for capital — Lower fixed penalties reduce the compliance-cost drag on entities holding UAE tax registrations, particularly smaller vehicles where flat fines were disproportionate.
Source: UAE Federal Tax Authority
Netherlands tightens marketing rules for non-EU funds
Under AIFMD II, transposed around the 16 April 2026 deadline, non-EU managers and non-EU funds domiciled in jurisdictions on the EU high-risk AML list or the list of non-cooperative tax jurisdictions may no longer be marketed or registered in the Netherlands. The AFM requires affected managers to notify it of their compliance position.
Implications for capital — Fund promoters using offshore domiciles on the EU lists lose Dutch market access, narrowing the jurisdictions from which alternative capital can be raised in the Netherlands.
Source: Netherlands Authority for the Financial Markets (AFM)
MFSA sets liquidity-tool expectations for open-ended funds
The MFSA issued a circular clarifying the liquidity management requirements introduced under AIFMD II and UCITS VI. It addresses how managers of open-ended AIFs and UCITS operating from Malta should select and operate liquidity management tools under the revised directives.
Implications for capital — Open-ended fund vehicles in Malta must embed defined liquidity tools into their governing arrangements, affecting how investor redemptions are managed during stressed conditions.
QFC recasts rules for representative offices and wholesale advisory firms
The QFC Regulatory Authority issued the INMA (Wholesale Advisory Firms) Amendments Rules 2026 alongside changes to the Representative Office Rules 2020, following a December 2025 consultation. The amendments create a defined regulatory footing for firms advising wholesale clients and strengthen the authorisation framework for representative offices, with commencement set for 1 May 2026.
Implications for capital — Advisory and marketing entities establishing in the Qatar Financial Centre face a clarified licensing perimeter, adjusting how cross-border advisory and distribution activity can be structured onshore in Qatar.
Source: QFC Regulatory Authority (QFCRA)