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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Apr 1 2015 - Jul 31 2016Aug 1 2016 onwards

COB 2.3.9

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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 FirmG may classify a PersonG as a Market CounterpartyG if:
(a) that PersonG is:
(i) a 'deemed' Professional ClientG pursuant to COB Rule 2.3.4;
(ii) an 'assessed' Professional ClientG pursuant to COB Rule 2.3.8(2)(b) which is wholly owned by a Holding CompanyG that is a 'deemed' Professional ClientG pursuant to COB Rule 2.3.4(1)(g) or (h); or
(iii) a 'deemed' Market CounterpartyG pursuant to Rule (1A); and
(b) in the case of PersonsG referred to in (a)(i) and (ii), the requirements in (2) have been met.
(1A) An InsurerG , Insurance IntermediaryG or Insurance ManagerG may 'deem' any one or more of the following PersonsG to be a Market CounterpartyG :
(a) a ceding insurer; and
(b) in respect of the services provided to that ceding insurer, any reinsurer, insurance agent or insurance broker that facilitates the provision of the services to the ceding insurer.
(2) For the purposes of (1)(b), an Authorised FirmG must, before classifying a PersonG as a Market CounterpartyG , ensure that:
(a) the PersonG has been given a prior written notification of the classification as a Market CounterpartyG ; and
(b) that PersonG has not requested to be classified otherwise within the period specified in the notice.
(3) The notification in (2)(a) may be given in respect of particular Financial ServicesG or TransactionsG or in respect of all Financial ServicesG and TransactionsG .
(4) The notification in (2)(a) need only be given:
(a) in the case of a FundG , either to the FundG or its Fund ManagerG ; and
(b) in the case of a pension fund, either to such fund or its management company.
Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]
[Amended] DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]