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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Rulebook Modules
Conduct of Business Module (COB) [VER34/01-20]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases

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Apr 1 2015 onwards

COB 2.3.8

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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) For the purposes of Rule 2.3.3(1)(a)(iii), an UndertakingG is an 'assessed' Professional ClientG if the UndertakingG :
(a) has own funds or called up capital of at least $1 million; and
(b) 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 also classify an UndertakingG as a Professional ClientG if the UndertakingG has:
(a) a controller;
(b) a Holding CompanyG ;
(c) a SubsidiaryG ; or
(d) a joint venture partner,
who meets the requirements to be classified as an 'assessed' Professional ClientG pursuant to either Rule 2.3.7(1)(a) and (b)(ii) or Rule 2.3.8(1) as applicable, or a 'deemed' Professional ClientG pursuant to Rule 2.3.4(1).
(3) In this Rule:
(a) the terms 'own funds' and 'called up capital' in (1)(a) have the meaning given under Rule 2.3.4(3)(b) or (c) as the case may be; and
(b) the term 'controller' in (2)(a) means an individual who meets the criteria in Rule 2.3.5(2).
Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]