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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  Versions
(1 version)
 
Dec 9 2012 onwards

PIB 4.4.5

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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.

The prohibition in PIB Rule 4.4.4(b) does not apply to providing credit to a Related PersonG under a credit policy on terms (such as for credit assessment, tenor, interest rates, amortisation schedules and requirements for CollateralG ) that are more favourable than those on which it provides credit to PersonsG who are not Related PersonsG , provided the credit policy:

(a) is an EmployeeG credit policy that is widely available to EmployeesG of the Authorised FirmG ;
(b) is approved by the Authorised Firm'sG Governing BodyG or the Governing Body'sG delegate;
(c) clearly sets out the terms, conditions and limits (both at individual and aggregate levels) on which credit is to be provided to such EmployeesG ; and
(d) requires adequate mechanisms to ensure on-going compliance with the terms and conditions of that credit policy, including immediate reporting to the Governing BodyG or the Governing Body'sG delegate where there is a deviation from or a breach of the terms and conditions or procedures applicable to the provision of such credit for timely and appropriate action.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]