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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Sourcebook Modules
Regulatory Policy and Process Sourcebook (RPP) February 2017 Edition
RPP 2 Authorisation — Becoming Regulated
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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RPP 2-2-16



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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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Notwithstanding that individuals performing Licensed FunctionsG are required to be Authorised IndividualsG and that an Authorised FirmG is required to appoint certain Authorised IndividualsG to certain functions as stated in chapter 7 of the GEN module, the DFSAG will also consider:

(a) the collective suitability of all of the Authorised Firm'sG staff taken together, and whether there is a sufficient range of individuals with appropriate knowledge, skills and experience to understand, operate and manage the Authorised Firm'sG affairs in a sound and prudent manner;
(b) the composition of the Governing BodyG of the Authorised FirmG . The factors that would be taken into account by the DFSAG in this context include, depending on the nature, scale and complexity of the firm's business and its organisational structure, whether:
(i) the Governing BodyG has a sufficient number of members with relevant knowledge, skills and expertise among them to provide effective leadership, direction and oversight of the Authorised Firm'sG business. For this purpose, the members of the Governing BodyG should be able to demonstrate that they have, and would continue to maintain, including through training, necessary skills, knowledge and understanding of the firm's business to be able to fulfil their roles;
(ii) the individual members of the Governing BodyG have the commitment necessary to fulfil their roles, demonstrated, for example, by a sufficient allocation of time to the affairs of the firm and reasonable limits on the number of memberships held by them in other Boards of DirectorsG or similar positions. In particular, the DFSAG will consider whether the membership in other Boards of DirectorsG or similar positions held by individual members of the Governing BodyG has the potential to conflict with the interests of the Authorised FirmG and its customers and stakeholders; and
(iii) there is a sufficient number of independent members on the Governing BodyG . The DFSAG will consider a member of the Governing BodyG to be "Independent" if he is found, on reasonable grounds by the Governing BodyG , to be independent in character and judgement and able to make decisions in a manner that is consistent with the best interests of the Authorised FirmG ;
(c) the position of the Authorised FirmG in any GroupG to which it belongs;
(d) the individual or collective suitability of any PersonG or PersonsG connected with the Authorised FirmG ;
(e) the extent to which the Authorised FirmG has robust human resources policies designed to ensure high standards of conduct and integrity in the conduct of its activities;
(f) whether the Authorised FirmG has appointed auditors, actuaries and advisers with sufficient experience and understanding in relation to the nature of the Authorised Firm'sG activities; and
(g) whether the remuneration structure and strategy adopted by the Authorised FirmG is consistent with the requirements in GEN Rule 5.3.31(1).
Derived from DFSA GM8/2011 (Made 28th April 2011). [VER 1/02-11]
Amended by Notice of Updates (Made 5th July 2012). July 2012 Edition
Amended by Notice of Updates (Made 11th February 2015). February 2015 Edition