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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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General Module (GEN) [VER44/07-19]
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Up to Apr 27 2011Apr 28 2011 onwards

GEN 5.3.21

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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) An Authorised PersonG which outsources any of its functions or activities directly related to Financial ServicesG to service providers (including within its GroupG ) is not relieved of its regulatory obligations and remains responsible for compliance with legislation applicable in the DIFCG .
(2) The outsourced function under this RuleG shall be deemed as being carried out by the Authorised PersonG itself.
(3) An Authorised PersonG which uses such third party providers must ensure that it:
(a) has undertaken due diligence in choosing suitable service providers;
(b) effectively supervises the outsourced functions or activities; and
(c) deals effectively with any act or failure to act by the service provider that leads, or might lead, to a breach of any legislation applicable in the DIFCG .

Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]