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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
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  Versions
(1 version)
 
Dec 9 2012 onwards

PIB 3.7.4



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) For the purposes of PIB Rule 3.7.3, an Authorised FirmG must calculate its relevant Annual Audited ExpenditureG with reference to the Authorised Firm'sG most recent audited financial statements.
(2) If the Authorised Firm'sG most recent audited financial statements do not represent a twelve month accounting period, it must calculate its Annual Audited ExpenditureG on a pro rata basis so as to produce an equivalent annual amount.
(3) If an Authorised FirmG has not completed its first twelve months of business operations, it must calculate its Annual Audited ExpenditureG based on forecast expenditure as reflected in the budget for the first twelve months of business operations, as submitted with its application for authorisation.
(4)
(a) If an Authorised FirmG :
(i) has a material change in its expenditure (either up or down); or
(ii) has varied its authorised activities;
it must recalculate its Annual Audited ExpenditureG and Expenditure Based Capital MinimumG accordingly.
(b) Where an Authorised FirmG has recalculated its Annual Audited ExpenditureG and Expenditure Based Capital MinimumG in accordance with (a), it must submit this recalculation to the DFSAG within 7 days of its completion and seek agreement/approval from the DFSAG . The DFSAG may within 30 days of receiving the recalculation object to the recalculation and require the Authorised FirmG to revise its Expenditure Based Capital MinimumG .
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]