Foreign participation in fund management activities is subject to local incorporation.
"1. General Provisions
1.1. This Regulation on investment funds (hereinafter referred to as the Regulation) defines the general procedure for the establishment and activities of all types of investment funds in the Republic of Tajikistan, including voucher investment funds accumulating personalized privatization checks of citizens of the Republic of Tajikistan.
1.2. Investment funds are created in the form of open joint stock companies that are engaged in investing, trading and owning securities. 
Other legal entities engaged in investment activities in accordance with the legislation of the Republic of Tajikistan, acquire the status of an investment fund after bringing their constituent documents in accordance with this Regulation. Combining with other activities is not allowed.[...]
2. Establishment and registration of an investment fund [...]
2.6. The manager of an investment fund may not be a limited organization or institution. A bank, an insurance organization or an enterprise in whose authorized capital the share of banks or insurance organizations is 60 percent or more, which are not the depository of this fund, may be its manager. [...]" (Regulation on Investment Funds of May 4, 1997 No. 180 [google translated])
Regulation on Investment Funds of May 4, 1997 No. 180 [google translated]
[<a href="http://portali-huquqi.tj/publicadliya/view_qonunhoview.php?showdetail=&asosi_id=8334">Reg</a>]