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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Conduct of Business Module (COB) [VER33/07-19]
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  Versions
(2 versions)
 
Jul 1 2008 - Jul 31 2009Aug 1 2009 onwards

COB A5.7.1



Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

(1) Subject to COB Rule A5.7.3, an Authorised FirmG may only pass, or permit to be passed, a Segregated Client'sG MoneyG to a Third Party AgentG if:
(a) the Client MoneyG is to be used in respect of a TransactionG or series or TransactionsG for that ClientG ;
(b) the Client MoneyG is to be used to meet an obligation of that ClientG ; or
(c) the Third Party AgentG is a BankG or a Regulated Financial InstitutionG which is authorised to accept or take DepositsG .
(2) In respect of (1)(a) and (b), an Authorised FirmG must not hold any excess Client MoneyG with the Third Party AgentG longer than necessary to effect a TransactionG or satisfy the Client'sG obligation.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
[Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]