Home   Browse contents   View updates   Search  
     Quick search

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
General Module (GEN) [VER44/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

Whole SectionText only Print Print Manager Link

(1 version)
Feb 1 2016 onwards

GEN 12.1.5

View whole sectionWhole Section PDF

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 or transferee may apply in writing to the DFSAG seeking its consent to a transfer scheme.
(2) The DFSAG may consent in writing to the transfer scheme if it is reasonably satisfied that:
(a) the scheme is not a transfer scheme referred to in Rule 12.1.3;
(b) it is more appropriate and proportionate, and in the overall interests of ClientsG affected by the scheme, for the Authorised FirmG or transferee to seek the DFSA'sG consent rather than applying to the CourtG for an order sanctioning the scheme;
(c) the Authorised FirmG or transferee has taken all reasonable steps to pursue other options for giving effect to the scheme;
(d) the scheme is not likely to result in any material prejudice to the interests of ClientsG of the Authorised FirmG ; and
(e) implementation of the scheme will not result in the Authorised FirmG or transferee contravening any applicable law or Rule.
(3) The procedures in Schedule 3 to the Law apply to a decision of the DFSAG under (2) to refuse to give its consent to a transfer scheme.
(4) If the DFSAG decides to refuse to give its consent under this Rule, the Authorised FirmG may refer the matter to the FMTG for review.
Derived from DFSA RM155/2015 (Made 9th December 2015) [VER35/02-16]