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Dubai Financial Services Authority (DFSA): Contents

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GEN 2.3.2

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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.

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(1) Subject to GEN Rule 2.3.5, a PersonG does not carry on an activity specified under paragraphs (a), (b), (c), (d), (e), (f), (g), (h), (j), (k), (p), (q), (r) and (y) of GEN Rule 2.2.2 by way of business if:
(a) the PersonG enters into transactions solely as a nominee for another PersonG and is bound to and does act on that other Person'sG instructions;
(b) the PersonG is a Body CorporateG and carries on that activity solely as principal with or for other Bodies CorporateG :
(i) which are within the same GroupG as that PersonG ; or
(ii) which are or propose to become participators in a joint enterprise and the transaction is entered into for the purposes of or in connection with that enterprise;
provided:
(iii) for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of GEN Rule 2.2.2 the assets in question belong to a Body CorporateG falling within (i) or (ii); and
(iv) for the purposes of the activities specified in paragraphs (f), (h), (p), (q) and (y) of GEN Rule 2.2.2, the activity does not involve an insurance PolicyholderG who is not a GroupG member; or
(c) the PersonG carries on the activity solely for the purposes of or in connection with the sale of goods or the supply of services to a customer of that PersonG or a customer of a member of the same GroupG , provided that:
(i) the supplier's main business is to sell goods or supply services and not to carry on any Financial ServiceG ; and
(ii) the customer is not an individual;
and for the purposes of the activities specified in paragraphs (g), (j), (k) and (r) of GEN Rule 2.2.2 the assets in question belong to that customer or member.
(2) A PersonG who is a Body CorporateG does not carry on the activity specified under paragraph (d) or (e) of GEN Rule 2.2.2 by way of business, if:
(a) the PersonG carries on such activities as a member of an Authorised Market InstitutionG or Recognised BodyG ;
(b) the PersonG carries on such activities for its own account or for another Body CorporateG which is in the same GroupG as the PersonG , provided that any such member of the GroupG for which the PersonG acts is a wholly-owned SubsidiaryG of a Holding CompanyG within the GroupG or is the Holding CompanyG itself;
(c) the PersonG restricts such activities to transactions involving or relating only to Commodity DerivativesG on that Authorised Market InstitutionG or Recognised BodyG ;
(d) the main business of the PersonG is dealing in relation to Commodity DerivativesG ; and
(e) the PersonG is not part of a GroupG whose main business is the provision of financial services.
Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
[Amended][VER6/12-05]
Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]
[Amended] DFSA RM155/2015 (Made 9th December 2015) [VER35/02-16]
[Amended] DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]
[Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]
[Amended] DFSA RM211/2018 (Made 22nd February 2018). [VER41/04-18]