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Dubai Financial Services Authority (DFSA): Contents

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MKT 4.3.2



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.

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(1) For the purposes of Article 42(2) of the Law, a PersonG is hereby prescribed as a Connected PersonG of a Reporting EntityG if that PersonG :
(a) is a DirectorG or an individual involved in the senior management of either:
(i) the Reporting EntityG ; or
(ii) a controller of the Reporting EntityG ; or
(b) owns, whether legally or beneficially, or controls, whether directly or indirectly, voting SecuritiesG carrying more than 5% of the voting rights attaching to all the voting SecuritiesG of either:
(i) the Reporting EntityG ; or
(ii) a controller of the Reporting EntityG .
(2) In (1), a PersonG is a controller of a Reporting EntityG if that PersonG (the first PersonG ), either alone or with his AssociatesG , controls the majority of the voting rights in, or the right to appoint or remove the majority of the BoardG of, the Reporting EntityG or any PersonG who has similar control over the first PersonG , including an ultimate controller of the first PersonG .
(3) For the purposes of determining whether a PersonG :
(a) owns or controls voting SecuritiesG in (1)(b); or
(b) controls the voting rights in or the right to appoint or remove the majority of the BoardG of a Reporting EntityG or a controller of a Reporting EntityG in (2),
any SecuritiesG held by that PersonG and his AssociatesG , including those in which that PersonG or an AssociateG of that PersonG has a beneficial interest, are deemed as his SecuritiesG except as specified in (4).
(4) For the purposes of (3), SecuritiesG are not deemed as his SecuritiesG where:
(a) any such SecuritiesG are held by that PersonG on behalf of another PersonG who is not an Associate of that PersonG ; and
(b) the PersonG does not have control over the voting rights attaching to the SecuritiesG because some other PersonG exercises those rights or manages those SecuritiesG on a discretionary basis.
(5) A PersonG is not a Connected PersonG of a Reporting EntityG merely by reason that:
(a) its Structured ProductsG are admitted to trading on an Authorised Market InstitutionG ; or
(b) such PersonG :
(i) owns or holds voting SecuritiesG solely in its capacity as trustee, nominee or custodian under an agreement to hold such SecuritiesG ; and
(ii) does not exercise any voting or other rights associated with the SecuritiesG except in accordance with the express instructions of the owner of the SecuritiesG or in accordance with the agreement in (i).
Derived from RM81/2011 (Made 30th November 2011). [VER1/11-11]
[Amended] DFSA RM101/2012 (Made 24th July 2012) [VER2/07-12]
[Amended] DFSA RM120/2013 (Made 14th July 2013). [VER4/07-13]