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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 2.3.7

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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)(iii), an individual is an 'assessed' Professional ClientG if:
(a) the individual has net assets of at least $1 million calculated in accordance with Rule 2.4.2; and
(b) either:
(i) the individual is, or has been, in the previous two years, an EmployeeG in a relevant professional position of an Authorised FirmG or a Regulated Financial InstitutionG ; or
(ii) the individual appears, on reasonable grounds, to have sufficient experience and understanding of relevant financial markets, products or transactions and any associated risks, following the analysis set out in Rule 2.4.3.
(2) An Authorised FirmG may classify any legal structure or vehicle, such as an UndertakingG , trust or foundation, which is set up solely for the purpose of facilitating the management of an investment portfolio of an individual assessed as meeting the requirements in (1) as a Professional ClientG .
(3) An Authorised FirmG may also classify as a Professional ClientG another individual (the "joint account holder") who has a joint account with an individual assessed as meeting the requirements in (1) (the "primary account holder") if:
(a) the joint account holder is a family member of the primary account holder;
(b) the account is used for the purposes of managing investments for the primary account holder and the joint account holder; and
(c) the joint account holder has confirmed in writing that investment decisions relating to the joint account are generally made for, or on behalf of, him by the primary account holder.
(4) In (3), a 'family member' of the primary account holder is:
(a) his spouse;
(b) his children and step-children, his parents and step-parents, his brothers and sisters and his step-brothers and step-sisters; and
(c) the spouse of any individual within (b).
Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]