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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Conduct of Business Module (COB) [VER33/07-19]
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Apr 1 2015 onwards

COB 2.3.4

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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) For the purposes of Rule 2.3.3(1)(a)(i), a PersonG is a 'deemed' Professional ClientG if that PersonG is:
(a) a supranational organisation whose members are either countries, central banks or national monetary authorities;
(b) a properly constituted government, government agency, central bank or other national monetary authority of any country or jurisdiction;
(c) a public authority or state investment body;
(d) an Authorised Market InstitutionG , Regulated ExchangeG or regulated clearing house;
(e) an Authorised FirmG , a Regulated Financial InstitutionG or the management company of a regulated pension fund;
(f) a Collective Investment FundG or a regulated pension fund;
(g) a Large Undertaking as specified in (2);
(h) a Body CorporateG whose shares are listed or admitted to trading on any exchange of an IOSCO member country;
(i) any other institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitisation of assets or other financial transactions;
(j) a trustee of a trust which has, or had during the previous 12 months, assets of at least $10 million; or
(k) a holder of a licence under the Single Family OfficeG Regulations with respect to its activities carried on exclusively for the purposes of, and only in so far as it is, carrying out its duties as a Single Family OfficeG .
(2) A PersonG is a Large Undertaking if it met, as at the date of its most recent financial statements, at least two of the following requirements:
(a) it has a balance sheet total of at least $20 million;
(b) it has a net annual turnover of at least $40 million; or
(c) it has own funds or called up capital of at least $2 million.
(3) In (2):
(a) a 'balance sheet total' means the aggregate of the amounts shown as assets in the balance sheet before deducting both current and long-term liabilities;
(b) 'own funds' mean cash and investments as shown in the balance sheet; and
(c) 'called up capital' means all the amounts paid-up on allotted shares, less any amounts owing on allotted shares.
Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]