# Private capital and family offices: laws, standards and reference sources

> The laws, regimes, international standards and public data that frame family offices, family businesses, trusts, foundations and private investment funds, each with its date, its status and its primary source. 2026 edition, reviewed 9 October 2026. Canonical: https://reference.myneogroup.com/knowledge/private-capital/

This page lists the main texts and sources that frame private capital and family offices on 9 October 2026: family businesses, family offices, trusts, foundations, private investment funds and their managers. It covers the United Arab Emirates and its two financial free zones, the European Union, Luxembourg and Monaco, the Asian jurisdictions where My NEO Group is present and Singapore, the international standards and the public data. Each entry gives the name of the text or of the scheme, its date where one is known, its status and a link to an official source. Apart from the declaration of interest, this page names no fund and no manager. It gives no return and makes no recommendation.

## Declaration of interest

My NEO Group works in private capital through ARKAN CAPITAL, which is operated by NEO CAPITAL TRUST, and through the Mickael Mosse Family Office. This page is published by My NEO Group as a reference. It is not legal, tax, financial or investment advice. It promotes no fund, no product and no service, it is not an offer or an invitation to invest, and it gives no return and no performance figure.

## What the law calls a family office and a private fund

Family office. The Family Arrangements Regulations of the Dubai International Financial Centre call family office a person licensed as such by the Registrar of the Centre, for a family whose net assets reach at least USD 50 million. A family office that provides certain services to more than one family by way of business needs a licence from the Dubai Financial Services Authority.

Single family and several families. The law of Luxembourg on the family office activity covers the provision, on a professional basis, of wealth-related advice or services to natural persons, to families or to the wealth entities that belong to them, and does not apply to an arrangement that serves a single family. The law of Monaco on the multi family office activity draws the same line.

Private fund. The Dubai Financial Services Authority lists three types of fund. A public fund may be offered to retail clients. An exempt fund and a qualified investor fund are placed privately with professional clients only, with a minimum subscription of USD 50,000 for the first and of USD 500,000 for the second.

- [Family Arrangements Regulations of the DIFC](https://assets.difc.com/v1/media/edge/images/dubaiintern0078-difcexperie96c5-production-3253/media/project/difcexperiences/difc/difcwebsite/documents/laws--regulations/family-arrangements-regulations_updated_august23.pdf)
- [Law of Luxembourg on the Family Office activity](https://www.cssf.lu/en/Document/law-of-21-december-2012/)
- [Collective investment funds, Dubai Financial Services Authority](https://www.dfsa.ae/what-we-do/collective-investment-funds)

## United Arab Emirates

Family businesses, trusts, foundations and investment funds are framed at three levels in the United Arab Emirates: federal law, the law of the emirates, such as Dubai, and the laws of the two financial free zones, the Dubai International Financial Centre and the Abu Dhabi Global Market, which have their own regulators. My NEO Group has its headquarters in Dubai.

| Text or source | Type | Date | Status | Primary source |
|---|---|---|---|---|
| **Federal Decree by Law No. (37) of 2022 Concerning the Family Businesses** - Federal decree-law issued on 3 October 2022 and in force since 10 January 2023. It defines a family business as a company in which most of the shares are owned by persons of a single family. It provides for a register of family businesses, for a family charter on the governance of the family affairs related to the business, and for a committee in each emirate to settle disputes. A Cabinet resolution in force since 15 August 2026 sets the meaning of a single family. | Law | 3 October 2022 | In force | https://uaelegislation.gov.ae/en/legislations/1608 |
| **Unified Register of Family Businesses** - Register kept by the Ministry of Economy and Tourism under the federal decree-law on family businesses. The Ministry launched it on 26 December 2023 and stated on 22 May 2024 that it had started to accept applications. A request goes through the authority that issued the licence of the company, which forwards it to the Ministry. A family may also register its family charter with the Ministry. | Public register | 22 May 2024 | Live | https://www.moet.gov.ae/en/-/ministry-of-economy-starts-accepting-applications-for-registration-of-family-businesses-in-the-unified-registry |
| **Law No. (9) of 2020 Regulating Family Property in the Emirate of Dubai** - Law of the Emirate of Dubai issued on 13 August 2020. It governs the family property contract, an agreement between members of one family on the property that they own together and on how it is managed. The contract is notarised. Its term may not exceed 15 years, and it may be renewed by unanimous agreement. A special tribunal hears the disputes that arise from these contracts. | Law | 13 August 2020 | In force | https://dlp.dubai.gov.ae/Legislation%20Reference/2020/Law%20No.%20(9)%20of%202020%20Regulating%20Family%20Property%20in%20the%20Emirate%20of%20Dubai.html |
| **Dubai Centre for Family Businesses** - Centre that operates under Dubai Chambers, launched in May 2023. It states that it supports the lasting success of family businesses in Dubai. The services it lists include advisory services, training programmes, a tool to assess governance and a library of resources. On 28 July 2025 it published a first directory of family business advisers in Dubai, with 56 advisers. | Public body | May 2023 | Active | https://www.dubaichambercommerce.com/en/dubai-centre-for-family-businesses |
| **Federal Decree by Law No. (31) of 2023 Concerning Trust** - Federal decree-law issued on 25 September 2023 and in force since 30 September 2023. It repealed the federal decree-law of 2020 on trusts. A trust created under it has legal personality from the date of its initial registration and is represented by the trustee. The competent authority of each emirate keeps a register of trust instruments. The decree-law does not apply in the financial free zones that have their own legislation on trusts. | Law | 25 September 2023 | In force | https://uaelegislation.gov.ae/en/legislations/2120 |
| **Federal Decree by Law No. (47) of 2022 on the Taxation of Corporations and Businesses - qualifying investment funds** - Federal decree-law issued on 3 October 2022. The Ministry of Finance states that it applies to financial years that begin on or after 1 June 2023. It lists a qualifying investment fund among the persons that may be exempt, on application to the Federal Tax Authority and under conditions: among them, the fund or its manager is overseen by a competent authority. Cabinet Resolution No. (34) of 2025 sets further conditions and applies to tax periods that begin on or after 1 January 2025. | Law | 3 October 2022 | In force | https://uaelegislation.gov.ae/en/legislations/1582 |
| **Corporate tax treatment of family foundations - Ministerial Decision No. (261) of 2024** - Article 17 of the corporate tax decree-law lets a family foundation apply to the Federal Tax Authority to be treated as an unincorporated partnership, under conditions: among them, its main activity is to receive, hold, invest or manage assets linked to savings or investment, and its main purpose is not to avoid corporate tax. Ministerial Decision No. (261) of 2024, issued on 28 October 2024, adds conditions. A guide of the Federal Tax Authority dated May 2025 defines a family foundation as any foundation, trust or similar entity that meets the conditions of Article 17. | Regulation | 28 October 2024 | In force | https://mof.gov.ae/wp-content/uploads/2024/11/Ministerial-Decision-No-261-of-2024-on-Unincorporated-Partnership-Foreign-Partnership-and-Family-Foundation-for-the-Purposes-of-Federal-Decree.pdf |
| **Federal Decree by Law No. (33) of 2025 Regarding the Regulation of Capital Market, and Federal Decree by Law No. (32) of 2025 Regarding the Capital Market Authority** - Two federal decree-laws issued on 1 October 2025 and in force since 1 January 2026. The Capital Market Authority replaces the Securities and Commodities Authority and is its legal successor. The decree-law on the capital market defines an investment fund as a vehicle through which the funds of investors are pooled for investment, and gives investment funds a legal personality of their own. This decree-law does not apply to the financial free zones, and the Authority exercises its powers outside them. Under the decree-law on the capital market, the persons concerned have one year from the entry into force to adjust their status, a period that the Board of the Authority may extend. | Law | 1 October 2025 | In force | https://uaelegislation.gov.ae/en/legislations/4002 |
| **Fund passporting between the federal securities regulator, the Dubai Financial Services Authority and the Financial Services Regulatory Authority** - Arrangement under which a domestic fund licensed by one of the three regulators can be promoted across the United Arab Emirates, through a notification and registration facility. The three regulators announced their agreement on 27 November 2018, and the Dubai Financial Services Authority announced on 11 March 2019 that the facility was available. The Capital Market Authority publishes a list of the funds passported from the two financial free zones. | Scheme | 11 March 2019 | Live | https://www.dfsa.ae/news/esca-adgm-and-dfsa-launch-fund-passporting-legislation-enabling-uae-wide-promotion-investment-funds |
| **Cabinet Resolution No. (109) of 2023 Regulating the Real Beneficiary Procedures** - Resolution issued on 6 November 2023 and in force since 16 November 2023, also cited as the resolution on beneficial owner procedures. The beneficial owner is the natural person who ultimately owns or controls a legal person, through 25% or more of the capital or of the voting rights, or by other means. A legal person keeps a register of its beneficial owners and files it with its registrar. The resolution does not apply in the financial free zones. | Regulation | 6 November 2023 | In force | https://uaelegislation.gov.ae/en/legislations/2176 |
| **DIFC Family Arrangements Regulations 2023** - Regulations of the Dubai International Financial Centre in force since 31 January 2023. They replaced the Single Family Office Regulations of 2011. A family office is a person licensed as such by the Registrar, and the family must have net assets of at least USD 50 million. A family office that provides certain services to more than one family by way of business needs a licence from the Dubai Financial Services Authority. The regulations also provide for a register of family businesses and for the accreditation of advisers. | Regulation | 31 January 2023 | In force | https://assets.difc.com/v1/media/edge/images/dubaiintern0078-difcexperie96c5-production-3253/media/project/difcexperiences/difc/difcwebsite/documents/laws--regulations/family-arrangements-regulations_updated_august23.pdf |
| **DIFC Family Wealth Centre** - Centre of the Dubai International Financial Centre for family businesses and wealthy families. The Government of Dubai Media Office reported its launch on 1 March 2023. Its services are grouped in four categories: networking, education, thought leadership and business support. | Public body | 1 March 2023 | Active | https://www.difc.com/ecosystem/difc-family-wealth-centre |
| **Foundations Law - DIFC Law No. 3 of 2018** - Law enacted on 14 March 2018 and in force since 21 March 2018. A foundation is a body corporate with a legal personality separate from that of its founder. It may have exclusively charitable objects, other objects, or objects to benefit persons. It may carry out only the commercial activities that are necessary for its objects and ancillary or incidental to them. It has a council of at least two members. The consolidated version read is dated March 2024. | Law | 14 March 2018 | In force | https://assets.difc.com/v1/media/edge/images/dubaiintern0078-difcexperie96c5-production-3253/media/project/difcexperiences/difc/difcwebsite/documents/laws--regulations/foundations-law-difc-law-no-3-of-2018_updated.pdf |
| **Trust Law - DIFC Law No. 4 of 2018** - Law enacted on 14 March 2018 and in force since 21 March 2018. It replaced the Trust Law of 2005. A trust is governed by the law chosen in its terms, and a settlor may choose the law of the Centre whether or not the settlor resides there. A trust may continue without limit of time. The court of the Centre has jurisdiction over these trusts. The consolidated version read is dated March 2024. | Law | 14 March 2018 | In force | https://www.difc.com/business/laws-and-regulations/legal-database/difc-laws/trust-law-difc-law-no-4-2018 |
| **DIFC Prescribed Company Regulations 2026** - Regulations of the Dubai International Financial Centre, in a consolidated version in force since 24 July 2026. A prescribed company is a private company whose licence is restricted to the activity of a holding company. It may not have a workforce, and it may not be used to set up a fund in the Centre without the authorisation of the Dubai Financial Services Authority. Unless it is exempt, it appoints a corporate service provider. | Regulation | 24 July 2026 | In force | https://assets.difc.com/v1/media/edge/images/dubaiintern0078-difcexperie96c5-production-3253/media/project/difcexperiences/difc/difcwebsite/documents/laws--regulations/prescribed-company-regulations_revised_2026.pdf |
| **Collective investment funds regime of the Dubai Financial Services Authority - Collective Investment Law 2010** - Regime of the Dubai Financial Services Authority, which states that it introduced it in 2006. The Collective Investment Law, DIFC Law No. 2 of 2010, has been in force since 11 July 2010. The Authority lists three types of fund: the public fund, the exempt fund and the qualified investor fund. On 7 July 2026 it opened a consultation, Consultation Paper 173, on a review that it calls its most significant since 2010. The consultation closed on 7 September 2026. On the date of this edition, no final rules had been found on its website. | Regulation | 11 July 2010 | In force | https://www.dfsa.ae/what-we-do/collective-investment-funds |
| **ADGM Foundations Regulations 2017** - Regulations enacted on 14 August 2017 by the Board of Directors of the Abu Dhabi Global Market. On registration, a foundation is a legal entity with a legal personality of its own. It has a council of at least two members and a registered office in the Abu Dhabi Global Market. A foundation set up elsewhere may apply to continue there. The text read carries no version number and may be the text as enacted in 2017: later amendments were not read. | Regulation | 14 August 2017 | In force | https://assets.adgm.com/download/assets/foundations-regulations-2017.pdf/a9b58092643811efb33122e97052245a |
| **Trusts in the Abu Dhabi Global Market - Trusts (Special Provisions) Regulations 2016** - The Abu Dhabi Global Market states that its law of trusts is English common law and the principles of equity, supplemented by the Trusts (Special Provisions) Regulations 2016. It describes a trust as a private legal arrangement that needs no formal registration. A person who carries on trust business as a profession is subject to licensing under the framework of its financial regulator. An amendment to the Beneficial Ownership and Control Regulations, in force since 24 April 2026, sets again who is a beneficial owner through a trust. | Regulation | 2016 | In force | https://www.adgm.com/operating-in-adgm/trusts-in-adgm |
| **Funds and fund manager framework of the Financial Services Regulatory Authority** - Framework of the financial regulator of the Abu Dhabi Global Market, in which the Fund Rules are the main rulebook. On 16 September 2026 the regulator finalised changes after a consultation opened on 24 November 2025. They create simpler categories for the managers of smaller funds and for the managers of funds for institutional investors only, and they revise the framework for foreign fund managers. A transition period runs until 31 March 2027 for venture capital fund managers and for foreign fund managers. The announcement does not state the date from which the new rules apply. | Regulation | 16 September 2026 | In force | https://www.adgm.com/media/announcements/regulatory-update-adgm-fsra-finalises-enhancements-to-its-funds-framework |
| **Single family offices and special purpose vehicles in the Abu Dhabi Global Market** - The Abu Dhabi Global Market defines a single family office as a company set up only to manage the financial and personal affairs of one family, and states a minimum of USD 10 million of family net assets. It states that a single family office needs no financial services permission but is a controlled licence activity, and that a multi-family office needs a financial services permission from its financial regulator. It describes special purpose vehicles as passive holding companies that cannot run an operating business or hire staff. | Scheme |  | Live | https://www.adgm.com/setting-up/family-offices |

## European Union, Luxembourg and Monaco

The European Union regulates the managers of alternative investment funds through a directive that was revised in 2024. Luxembourg and Monaco, two of the locations listed by My NEO Group, have their own laws on fund vehicles and on the family office activity. Except for the law on the family wealth management company, the laws of Luxembourg are read in the consolidated versions published by its financial supervisor, the CSSF, which prepares them for information.

| Text or source | Type | Date | Status | Primary source |
|---|---|---|---|---|
| **Alternative Investment Fund Managers Directive (AIFMD) - Directive 2011/61/EU** - Directive of 8 June 2011 on the managers of alternative investment funds, published in the Official Journal on 1 July 2011. Member States were required to apply the national rules that transpose it from 22 July 2013. It was amended in 2024. A proposal of the European Commission of 4 December 2025, COM(2025) 942, would amend it again. On the date of this edition, this proposal was at committee stage in the European Parliament. | Law | 8 June 2011 | In force | https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32011L0061 |
| **Directive (EU) 2024/927 amending the AIFMD (AIFMD II)** - Directive of 13 March 2024, published in the Official Journal on 26 March 2024. It amends the rules on delegation, on liquidity risk management, on supervisory reporting, on depositary and custody services and on loan origination by alternative investment funds. The European Securities and Markets Authority states that its new rules take effect on 16 April 2026 and that managers select at least two liquidity management tools, from a list, for the open-ended funds they manage. The Authority has until 16 April 2027 to submit draft technical standards on supervisory reporting. | Law | 13 March 2024 | In force | https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32024L0927 |
| **European long-term investment funds (ELTIF) - Regulation (EU) 2015/760** - Regulation of 29 April 2015, applied since 9 December 2015. Regulation (EU) 2023/606 of 15 March 2023 amended its rules on investment policies, on eligible assets, on the composition of the portfolio and on the borrowing of cash, and has applied since 10 January 2024. Funds authorised under the earlier version, and that comply with it, are deemed compliant until 11 January 2029. The European Securities and Markets Authority publishes a register of the authorised funds. | Law | 29 April 2015 | In force | https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32015R0760 |
| **European venture capital funds (EuVECA) - Regulation (EU) No 345/2013** - Regulation of 17 April 2013 on European venture capital funds, applied since 22 July 2013. In its text of 2013, it applies to managers whose assets under management do not exceed a threshold set by the AIFMD: the later amendment of its scope was not read for this edition. The European Commission announced a review for the third quarter of 2026 and held consultations that closed on 12 March 2026. The page of the Commission read for this edition, last updated on 11 May 2026, lists no proposal. | Law | 17 April 2013 | In force | https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32013R0345 |
| **Sustainable Finance Disclosure Regulation (SFDR) - Regulation (EU) 2019/2088** - Regulation of 27 November 2019 on sustainability-related disclosures in the financial services sector, applied since 10 March 2021. The European Commission proposed its revision on 20 November 2025, COM(2025) 841. On 7 October 2026 the European Parliament confirmed the decision of its committee to open negotiations between the institutions. On the date of this edition, the revision was not adopted. | Law | 27 November 2019 | In force | https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32019R2088 |
| **Savings and Investments Union strategy - COM(2025) 124** - Communication of the European Commission of 19 March 2025. It describes venture and growth capital funding in the Union as scarce and fragmented, and announces measures on equity investment by institutional investors, on the distribution of funds and on exits from private companies. The Commission adopted a market integration and supervision package on 4 December 2025, and held a consultation on private equity exits that closed on 11 May 2026. | Strategy | 19 March 2025 | Policy document | https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52025DC0124 |
| **Law of 12 July 2013 on alternative investment fund managers** - Law that transposes the AIFMD in Luxembourg. The CSSF states that a law of 3 March 2026 transposes Directive (EU) 2024/927 and amends this law, and that the new requirements on liquidity management apply from 16 April 2026. The consolidated version on its website was updated on 16 April 2026. | Law | 12 July 2013 | In force | https://www.cssf.lu/en/Document/law-of-12-july-2013-2/ |
| **Law of 23 July 2016 on reserved alternative investment funds (RAIF)** - A reserved alternative investment fund is managed by an external manager authorised under the framework of the AIFMD. Its offering document states on its cover page that the fund is not subject to the supervision of a Luxembourg supervisory authority. The law defines well-informed investors: institutional investors, professional investors and other investors who meet set conditions. The net assets of the fund reach at least EUR 1,250,000 within twenty-four months. The consolidated version read was updated on 28 July 2023. | Law | 23 July 2016 | In force | https://www.cssf.lu/en/Document/law-of-23-july-2016/ |
| **Law of 13 February 2007 relating to specialised investment funds (SIF)** - A specialised investment fund is reserved to well-informed investors: institutional investors, professional investors, and other investors who confirm that status in writing and either invest at least EUR 100,000 or hold an assessment of their expertise. It is authorised by the CSSF before it starts its activities. Entry on the official list is not a positive assessment of the quality of the fund. The consolidated version read was updated on 28 July 2023. | Law | 13 February 2007 | In force | https://www.cssf.lu/en/Document/law-of-13-february-2007/ |
| **Law of 15 June 2004 relating to the investment company in risk capital (SICAR)** - A SICAR invests in risk capital: the contribution of funds to entities in view of their launch, of their development or of their listing on a stock exchange. Its securities are reserved to well-informed investors. It is authorised by the CSSF before it starts its activities. The consolidated version read was updated on 28 July 2023. | Law | 15 June 2004 | In force | https://www.cssf.lu/en/Document/law-of-15-june-2004/ |
| **Law of 11 May 2007 on the family wealth management company (SPF)** - Law, since amended, that created the family wealth management company, known by its French initials SPF. The tax administration concerned states that an SPF pays a subscription tax and files each year, by 31 July, a certification that confirms the eligibility of its investors. The text of the law itself was not read for this edition. | Law | 11 May 2007 | In force | https://pfi.public.lu/fr/professionnel/tabo/engl/spf.html |
| **Law of 21 December 2012 relating to the Family Office activity** - Law that defines the family office activity as the provision, on a professional basis, of wealth-related advice or services to natural persons, to families or to the wealth entities that belong to them. It does not apply to an arrangement that serves a single family. The activity and the title Family Office are reserved to members of listed regulated professions established in Luxembourg. Providers inform their clients in writing of the remuneration they charge or receive. | Law | 21 December 2012 | In force | https://www.cssf.lu/en/Document/law-of-21-december-2012/ |
| **Law No. 1.439 of 2 December 2016 establishing the multi family office activity** - Law of the Principality of Monaco published on 9 December 2016. The multi family office activity is the habitual provision of wealth-related and financial advice and services to natural persons, to families or to the legal entities linked to them. A family office run privately within a single family is outside its scope. The activity needs an administrative authorisation. When it includes the reception and transmission of orders or advice on financial instruments, the financial supervisor of Monaco approves it and supervises those activities. | Law | 2 December 2016 | In force | https://legimonaco.mc/tnc/loi/2016/12-02-1.439/ |

## Asia

Laws, regimes and official schemes of the Asian jurisdictions where My NEO Group is present, and of Singapore. For texts with no official English title, the English name is a translation.

| Text or source | Type | Date | Status | Primary source |
|---|---|---|---|---|
| **Limited Partnership Fund Ordinance (Cap. 637)** - Ordinance in operation since 31 August 2020. It lets private funds be registered as limited partnerships in Hong Kong, under a registration scheme run by the Companies Registry. A fund has one general partner with unlimited liability and at least one limited partner. A fund set up as a limited partnership elsewhere may be registered if it meets the eligibility requirements. | Law | 31 August 2020 | In force | https://www.cr.gov.hk/en/legislation/lpf.htm |
| **Open-ended fund company regime** - Regime in effect since 30 July 2018. An open-ended fund company is an investment fund in corporate form, with limited liability and variable share capital, for public or private funds. The Securities and Futures Commission registers and regulates these companies. A mechanism in effect since 1 November 2021 lets corporate funds set up elsewhere move to Hong Kong. A grant scheme accepts applications until 9 May 2027. | Regulation | 30 July 2018 | In force | https://www.sfc.hk/en/Regulatory-functions/Products/Open-ended-fund-companies |
| **Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Ordinance 2023** - Ordinance gazetted and in effect since 19 May 2023, for the years of assessment that begin on or after 1 April 2022. It sets a concessionary profits tax rate for the qualifying transactions of a family-owned investment holding vehicle managed by an eligible single family office. The conditions include net assets of at least HKD 240 million managed for the family, at least two full-time qualified employees in Hong Kong and at least HKD 2 million of operating expenditure there each year. | Law | 19 May 2023 | In force | https://www.ird.gov.hk/eng/tax/bus_fihv.htm |
| **Policy Statement on Developing Family Office Businesses in Hong Kong** - Statement issued by the Government on 24 March 2023. It sets out eight measures, among them a new capital investment entrant scheme, tax concessions for family-owned investment holding vehicles, an academy for wealth legacy and a network of family office service providers. | Strategy | 24 March 2023 | Policy document | https://www.info.gov.hk/gia/general/202303/24/P2023032300717.htm |
| **New Capital Investment Entrant Scheme** - Scheme launched on 1 March 2024. An applicant shows net assets of at least HKD 30 million over the six months before the application, and invests at least HKD 30 million in permissible assets. Since 1 March 2025, investments made through an eligible private company wholly owned by the applicant are counted. For the Net Asset Assessment applications made from 1 November 2026, investments in financial assets go through designated accounts. | Scheme | 1 March 2024 | Live | https://www.newcies.gov.hk/en/eligibility-criteria/ |
| **Quick reference guide to licensing requirements - Family Offices** - Guide of the Securities and Futures Commission, on a page last updated on 21 March 2023. A licence is needed only when the services are a regulated activity, the family office carries on a business and the business is carried on in Hong Kong. A single family office that does not carry on a business in a regulated activity generally needs no licence. A multi-family office that serves several families on a commercial basis is likely to need one. | Guideline | 21 March 2023 | Supervisory guidance | https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Quick-licensing-guide/Family-Offices |
| **Inland Revenue (Amendment) (Preferential Tax Regimes for Funds, Family-owned Investment Holding Vehicles and Carried Interest) Bill 2026** - Bill gazetted on 12 June 2026, with its first reading in the Legislative Council on 24 June 2026. It widens the definition of a fund and the scope of qualifying investments in the tax regime for funds, relaxes the treatment of the special purpose entities of family-owned investment holding vehicles, and changes the tax concession for carried interest. On 12 August 2026 the Government stated that it aimed to resume the second reading debate in the second half of 2026. On the date of this edition, no enactment had been found on the official pages read. | Law | 12 June 2026 | Proposal | https://www.info.gov.hk/gia/general/202606/12/P2026061200200.htm |
| **Variable Capital Companies Act 2018** - Act that provides for the incorporation, the operation and the regulation of variable capital companies, a corporate structure for investment funds. The corporate regulator of Singapore states that the structure has been available since 14 January 2020. The sub-funds of an umbrella company are registered, and the assets and the liabilities of each sub-fund are kept separate. | Law | 2018 | In force | https://sso.agc.gov.sg/Act/VCCA2018 |
| **Tax incentive schemes for funds managed by single family offices - sections 13O and 13U of the Income Tax Act 1947** - Schemes presented by the Monetary Authority of Singapore. For the applications made from 5 July 2023, the fund holds at least SGD 20 million of designated investments under section 13O and SGD 50 million under section 13U, and the family office employs at least two investment professionals under the first and three under the second. Both schemes set a minimum of local business spending and require that part of the assets be invested in eligible local investments. | Scheme | 5 July 2023 | Live | https://www.mas.gov.sg/schemes-and-initiatives/fund-tax-incentive-scheme-for-family-offices |
| **Proposed framework for single family offices - consultation of the Monetary Authority of Singapore** - The Monetary Authority of Singapore consulted from 31 July to 30 September 2023 on one class exemption from licensing for all single family offices: a single family office would be incorporated in Singapore, notify the Authority, report each year the total assets it manages and keep a relationship with a regulated financial institution. The Authority lists a later release titled 'Revised Framework for Single Family Offices to take effect on 15 June 2026'. Only this title was read for this edition: the final framework and its date of effect are not confirmed here, and the status shown is the one of the text that was read. | Regulation | 31 July 2023 | Proposal | https://www.mas.gov.sg/news/media-releases/2023/mas-to-strengthen-defence-against-money-laundering-risks-in-single-family-offices |
| **Specially Permitted Businesses for Qualified Institutional Investors - Article 63 of the Financial Instruments and Exchange Act** - Regime under which an operator files a notification instead of registering, where the investors are one or more qualified institutional investors and no more than 49 other specified investors. A revision of the notification rules took effect on 1 March 2016. An operator files a business report within three months of the end of each business year. | Law | 1 March 2016 | In force | https://www.fsa.go.jp/en/news/2016/20160203-1.html |
| **Limited Partnership Act for Investment (Act No. 90 of 1998)** - Act of 3 June 1998. It sets up limited partnership agreements for investment, to help the supply of funds to enterprises. The partners with unlimited liability are jointly and severally liable for the obligations of the partnership, and a partner with limited liability is liable up to the amount of its contribution. The English translation read reflects the Act as amended up to 2004. | Law | 3 June 1998 | In force | https://www.japaneselawtranslation.go.jp/en/laws/view/3822 |
| **Policy Plan for Promoting Japan as a Leading Asset Management Center** - Plan of the Government of Japan of December 2023, in five pillars: the reform of the asset management sector, the reform of asset ownership, financing for growth and more diverse investment opportunities, stewardship, and communication. A progress document of 12 February 2026 states that special zones for financial and asset management businesses were established in four areas. | Strategy | December 2023 | Policy document | https://www.fsa.go.jp/en/policy/pjlamc/20231214.html |
| **Financial Investment Services and Capital Markets Act - private fund regime** - Rules in effect since 21 October 2021, according to the Financial Services Commission. Private funds are classified by type of investor: general private funds, open to qualified retail investors who invest KRW 300 million or more, with stronger investor protection, and institution-only private funds, limited to professional institutional investors. An earlier release of the Commission on the amendment of the Act states that the maximum number of investors in a fund rises from 49 to 100, with retail investors still limited to 49. | Law | 21 October 2021 | In force | https://www.fsc.go.kr/eng/pr010101/76711 |
| **Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012** - Regulations dated 21 May 2012, in a consolidated text last amended on 14 July 2026. An alternative investment fund is a privately pooled investment vehicle established in India. The regulations set three categories: Category I, which includes venture capital and infrastructure funds; Category II, which includes private equity and debt funds; and Category III, for funds that use diverse or complex trading strategies. A scheme has no more than one thousand investors. | Regulation | 21 May 2012 | In force | https://www.sebi.gov.in/legal/regulations/jul-2026/securities-and-exchange-board-of-india-alternative-investment-funds-regulations-2012-last-amended-on-july-14-2026-_102975.html |
| **International Financial Services Centres Authority (Fund Management) Regulations, 2025** - Regulations in force since their publication in the Gazette of India on 13 February 2025. The Authority states that they replace the regulations of 2022. They define a family investment fund as a fund that pools money only from a single family. The consolidated text read is amended up to 10 September 2026. | Regulation | 13 February 2025 | In force | https://ifsca.gov.in/Common/PreviewPdf?id=b64bc220b28b988fb41d045999a2a508&fileName=IFSCA__Fund_Management__Regulations__2025__as_amended_up_to_September_10__2026_20260914_0701.pdf |
| **Regulation on the Supervision and Administration of Private Investment Funds** - Regulation of the State Council, Decree No. 762, in force since 1 September 2023. It has 62 articles in seven chapters. It sets obligations for the managers and the custodians of private funds, regulates fundraising and investment, and holds special provisions for venture capital funds. The official portal of the State Council presents it as the first national regulation on the supervision of private funds. | Regulation | 1 September 2023 | In force | https://english.www.gov.cn/news/202307/09/content_WS64aa7661c6d0868f4e8dd9e9.html |
| **Registration of private fund managers with the Asset Management Association of China** - The Asset Management Association of China states that the private fund managers established in mainland China register with it before they raise funds or manage investments. It released revised measures on registration and filing on 24 February 2023, in six chapters and 83 articles. The conditions it lists include paid-in capital of at least RMB 10 million and at least five full-time employees. | Public register | 24 February 2023 | Live | https://www.amac.org.cn/fwdt/wyb/jgdjhcpbeian/smjjglrdjhcpba/fwzn/202309/t20230901_19675.html |
| **Rules of the Securities and Exchange Commission on private fund management** - Private fund management is one of the securities businesses licensed under the Securities and Exchange Act B.E. 2535. The Securities and Exchange Commission amended its rules on information disclosure, on portfolio reporting and on conflicts of interest, in line with the rules for mutual funds, with effect from 16 July 2026. | Regulation | 16 July 2026 | In force | https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13114 |
| **Private equity trust, and notification of venture capital and private equity trust status** - Regulations of the Securities and Exchange Commission in effect since 1 November 2022. Under a release of 2 November 2022, a venture capital vehicle or a private equity trust that wishes to benefit from a tax exemption for investment in Thai start-ups notifies its status to the Commission. The Commission approved private equity in the form of a trust in 2014, with offers limited to institutional investors and high net worth investors. | Regulation | 1 November 2022 | In force | https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9701 |
| **Law on Securities No. 54/2019/QH14 - members funds** - Law dated 26 November 2019. In its text of 2019, it defines a members fund as a securities investment fund with 2 to 99 capital contributing members, all of whom are professional securities investors. The English text read is a translation published by the State Securities Commission. Later amendments were not read. | Law | 26 November 2019 | In force | https://ssc.gov.vn/webcenter/contentattachfile/idcplg?IdcService=GET_FILE&allowInterrupt=1&dID=103246&dDocName=APPSSCGOVVN162142990&Rendition=Law+on+securities&filename=FINAL_Securities+Law+54_2019.pdf&IsAttachment=1 |

## International standards and recommendations

Standards and recommendations of international bodies and of industry bodies on securities regulation, beneficial ownership, the exchange of tax information, valuation, reporting and responsible investment. Most of them are voluntary or addressed to states.

| Text or source | Type | Date | Status | Primary source |
|---|---|---|---|---|
| **IOSCO Objectives and Principles of Securities Regulation** - Principles adopted in 1998 by the International Organization of Securities Commissions, which presents them as the international benchmarks for securities markets. The edition linked is dated May 2017: 38 principles in ten categories, among them principles for collective investment schemes. On 1 June 2026 the organisation published a final report on the valuation of collective investment schemes, which addresses funds that invest in less liquid assets, including private assets. | Standard | May 2017 | Current edition | https://www.iosco.org/v2/about/?subsection=key_regulatory_standards |
| **Report on Vulnerabilities in Private Credit** - Report of the Financial Stability Board published on 6 May 2026. It estimates private credit at USD 1.5 to 2.0 trillion of assets at the end of 2024. Its next steps include closing data gaps with a core set of comparable metrics. The yearly monitoring report of the Board on non-bank financial intermediation, dated 16 December 2025, puts the non-bank financial sector at about USD 256.8 trillion at the end of 2024, 51.0% of global financial assets. | Report | 6 May 2026 | Published | https://www.fsb.org/2026/05/fsb-warns-on-private-credit-vulnerabilities/ |
| **FATF Recommendations 24 and 25 - beneficial ownership of legal persons and of legal arrangements** - Recommendations of the Financial Action Task Force on the transparency and the beneficial ownership of legal persons, Recommendation 24, and of legal arrangements such as trusts, Recommendation 25. The FATF Recommendations were adopted on 16 February 2012. Recommendation 24 was revised in March 2022 and Recommendation 25 in February 2023. Two guidance documents followed, on 10 March 2023 for legal persons and on 11 March 2024 for legal arrangements. | Recommendation | 16 February 2012 | Current edition | https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf-recommendations.html |
| **Common Reporting Standard (CRS)** - Standard of the OECD approved in 2014. It requires jurisdictions to obtain information from their financial institutions and to exchange it automatically with other jurisdictions each year. An update dated 8 June 2023 brings certain electronic money products and central bank digital currencies into its scope and strengthens the due diligence and reporting requirements. The OECD published an unofficial consolidated text in 2025. | Standard | 2014 | Current edition | https://www.oecd.org/en/publications/consolidated-text-of-the-common-reporting-standard-2025_055664b1-en.html |
| **Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition** - Convention of the Hague Conference on Private International Law, concluded on 1 July 1985 and in force since 1 January 1992. It defines a trust as the legal relationships created by a settlor when assets are placed under the control of a trustee, for the benefit of a beneficiary or for a specified purpose. A trust is governed by the law chosen by the settlor. The status table shows 14 contracting parties, among them Luxembourg and Monaco. | Treaty | 1 July 1985 | In force | https://www.hcch.net/en/instruments/conventions/status-table/?cid=59 |
| **Santiago Principles - Generally Accepted Principles and Practices for sovereign wealth funds** - 24 principles on the governance, the investment and the risk management of sovereign wealth funds. They date from October 2008 and were written by the 26 founding members of the International Forum of Sovereign Wealth Funds. The full members of the Forum apply them on a voluntary basis. | Standard | October 2008 | Voluntary | https://www.ifswf.org/santiago-principles |
| **ILPA Principles 3.0** - Third edition, published in June 2019, of the principles of the Institutional Limited Partners Association for the relations between the general partners and the limited partners of private funds. The first edition dates from September 2009. The principles rest on three ideas: alignment of interest, governance and transparency. | Guideline | June 2019 | Current edition | https://ilpa.org/ilpa-principles/ |
| **International Private Equity and Venture Capital Valuation Guidelines** - Guidelines of the IPEV Board on the valuation of private capital investments that are reported at fair value. The 2025 edition was published on 11 December 2025, after a consultation that closed on 29 October 2025. The Board states that the update brings targeted clarifications and enhancements within the existing framework. | Guideline | 11 December 2025 | Current edition | https://www.privateequityvaluation.com/Valuation-Guidelines |
| **Global Investment Performance Standards (GIPS)** - Standards created by CFA Institute for the calculation and the presentation of investment performance, based on fair representation and full disclosure. The 2020 edition has been effective since 1 January 2020. The standards address firms, asset owners, a category that includes family offices, and verifiers. | Standard | 1 January 2020 | Current edition | https://www.gipsstandards.org/standards/gips-standards-for-firms/ |
| **Principles for Responsible Investment** - Six voluntary principles for investors. The initiative began in 2006. Signatories commit, among other things, to incorporate environmental, social and governance issues into investment analysis and into ownership practices, and to report on their activities and progress. | Standard | 2006 | Voluntary | https://www.unpri.org/download?ac=10948 |
| **IFRS 13 Fair Value Measurement, and the investment entities exception of IFRS 10** - Two accounting standards issued in May 2011. IFRS 13 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Amendments to IFRS 10 issued in October 2012 define an investment entity, which measures the subsidiaries concerned at fair value through profit or loss instead of consolidating them. | Standard | May 2011 | In force | https://www.ifrs.org/issued-standards/list-of-standards/ifrs-13-fair-value-measurement/ |
| **Operating Principles for Impact Management** - Voluntary standard of nine principles for the management of impact through the life of an investment, from the strategic objectives to the exit. Signatories disclose each year how their systems align with the principles, and have that alignment verified by an independent party at regular intervals. The secretariat is hosted by the Global Impact Investing Network. | Standard |  | Voluntary | https://www.impactprinciples.org/9-principles |

## Public data and reference reports

Official figures of the two financial free zones of the United Arab Emirates, and reports of international bodies, of an industry association and of firms. Figures are those of the publisher named, for the period named. They are counts, market sizes and yearly amounts: no return and no performance is printed.

| Text or source | Type | Date | Status | Primary source |
|---|---|---|---|---|
| **Results of the Dubai International Financial Centre** - For the first half of 2026, in results released on 28 July 2026 and read on the website of the Government of Dubai Media Office, the Centre reports 10,018 active registered companies, 592 wealth and asset management firms, 1,408 family-related entities and 1,409 foundations. | Data source | 28 July 2026 | Published | https://mediaoffice.ae/en/news/2026/july/28-07/difc-records-industry-leading-achievements-in-h1-2026 |
| **Results of the Abu Dhabi Global Market** - For the first half of 2026, in results released on 8 September 2026, the Abu Dhabi Global Market reports 190 fund and asset managers, against 154 a year earlier, and 276 funds, against 209. It reports 13,974 active licences at the end of the half-year. The release gives no total amount of assets under management. | Data source | 8 September 2026 | Published | https://www.adgm.com/media/announcements/adgm-reinforces-abu-dhabis-standing-as-a-global-financial-hub-with-54-growth-in-aum-and-almost-14000-active-licences |
| **UBS Global Family Office Report 2026** - Yearly report of UBS, in its edition released on 28 May 2026. It rests on a survey of 307 family offices in more than 30 markets, run online from 22 January to 30 March 2026. | Report | 28 May 2026 | Current edition | https://www.ubs.com/global/en/media/display-page-ndp/en-20260528-global-family-office-report-2026.html |
| **Global Private Equity Report 2026** - Yearly report of Bain & Company, in its 2026 edition on the year 2025. It gives a global buyout deal value of USD 904 billion in 2025, across 3,018 transactions, and a global buyout exit value of USD 717 billion. | Report | 2026 | Current edition | https://www.bain.com/insights/outlook-gaining-traction-global-private-equity-report-2026/ |
| **Global Private Markets Report 2026** - Yearly report of McKinsey & Company, in its 2026 edition on the year 2025. Its chapter on private equity gives a global private equity deal value of about USD 2.6 trillion in 2025 and a global exit value of about USD 1.3 trillion. | Report | 2026 | Current edition | https://www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report/private-equity |
| **Investing in Europe: Private Equity Activity 2025** - Yearly activity data of Invest Europe, published on 7 May 2026 for the year 2025. European private equity and venture capital funds raised EUR 147 billion in 2025, and EUR 135 billion was invested into European companies. | Data source | 7 May 2026 | Current edition | https://www.investeurope.eu/news/newsroom/european-private-equity-activity-strengthens-in-2025-with-second-best-year-on-record-for-fundraising-and-investment/ |
| **Global Financial Stability Report, April 2024 - Chapter 2: The Rise and Risks of Private Credit** - Chapter of the report of the International Monetary Fund published on 16 April 2024. An article of the Fund that presents the chapter puts the private credit market at about USD 2.1 trillion of assets and committed capital in 2023. The Fund recommends closing data gaps and strengthening reporting requirements. | Report | 16 April 2024 | Published | https://www.imf.org/en/Publications/GFSR/Issues/2024/04/16/global-financial-stability-report-april-2024 |
| **BIS Quarterly Review, September 2026 - special feature on private credit** - Special feature of the Quarterly Review of the Bank for International Settlements published on 14 September 2026. It puts global direct loans outstanding at about USD 100 billion in 2010 and at almost USD 2.5 trillion in 2025. | Report | 14 September 2026 | Published | https://www.bis.org/publications/qr-202609/financing-digital-economy-role-private-credit |

## Dates after this edition

Dates announced by the sources above that fall after the date of this edition. They are the dates published on 9 October 2026 and may change.

- **1 November 2026** - Hong Kong: for the Net Asset Assessment applications to the New Capital Investment Entrant Scheme made from this date, investments in financial assets go through designated accounts.
- **31 March 2027** - Abu Dhabi Global Market: end of the transition period for venture capital fund managers and for foreign fund managers.
- **16 April 2027** - European Union: date by which the European Securities and Markets Authority is to submit draft technical standards on the supervisory reporting of fund managers.
- **9 May 2027** - Hong Kong: end of the current application period of the grant scheme for open-ended fund companies.
- **11 January 2029** - European Union: end of the period during which long-term investment funds authorised under the earlier rules, and that comply with them, are deemed compliant.

## My NEO Group, private capital and family offices

ARKAN CAPITAL is a financial group active in fintech, private equity and asset management, founded by Dr Mickael Mosse and operated by NEO CAPITAL TRUST. The Mickael Mosse Family Office is the private family office behind My NEO Group.

This page lists public texts and sources. It makes no statement on how any company, any fund or any structure relates to them, and it does not say that a company of the Group holds a licence or a status under a text listed here.

## How this page was made

- Each entry was read on the official page linked, on 8 and 9 October 2026. A fact that could only be confirmed on a secondary source is not printed.
- Each entry gives the official English name when one exists. For texts with no official English title, the English name is a translation.
- The status is the one shown by the primary source on the date of this edition. Laws and timelines change: check the primary source before relying on a date.
- Texts are summarised in the words of this site. The summaries do not replace the texts.
- Figures on private credit come from bodies that measure different things: assets, assets and committed capital, or direct loans outstanding. They are not to be compared with one another.
- This page is information. It is not legal, tax, financial or investment advice, and it gives no return and no performance figure.

Regulated services are provided only by licensed entities, in the jurisdictions where they are authorised. Nothing on this site is an offer of securities or investment advice.