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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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  Versions
(2 versions)
 
Apr 28 2011 - Dec 22 2012Dec 23 2012 onwards

GEN 11.8.2

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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) A ControllerG is a PersonG who, either alone or with any AssociateG :
(a) holds 10% or more of the shares in either the Authorised FirmG or a Holding CompanyG of that firm;
(b) is entitled to exercise, or controls the exercise of, 10% or more of the voting rights in either the Authorised FirmG or a Holding CompanyG of that firm; or
(c) is able to exercise significant influence over the management of the Authorised Firm as a result of holding shares or being able to exercise voting rights in the Authorised FirmG or a Holding CompanyG of that firm or having a current exercisable right to acquire such shares or voting rights.
(2) A reference in this chapter to the term:
(a) "share" means:
(i) in the case of an Authorised FirmG , or a Holding CompanyG of an Authorised FirmG , which has a share capital, its allotted shares;
(ii) in the case of an Authorised FirmG , or a Holding CompanyG of an Authorised FirmG , with capital but no share capital, rights to a share in its capital; and
(iii) in the case of an Authorised FirmG , or a Holding CompanyG of an Authorised FirmG , without capital, any interest conferring a right to share in its profits or losses or any obligation to contribute to a share of its debt or expenses in the event of its winding up; and
(b) "a holding" means, in respect of a PersonG , shares, voting rights or a right to acquire shares or voting rights in an Authorised FirmG or a Holding CompanyG of that firm held by that Person either alone or with any AssociateG .
Derived from Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RM105/2012 (Made 23rd December 2012). [VER32/12-12]