Dubai Financial Services Authority

Location: Dubai Financial Services Authority (DFSA) > Rulebook Modules > Conduct of Business Module (COB) [VER33/07-19] > COB App 2 Key Information and Client Agreement > COB A2.1 Key Information and Content of the Client Agreement > Additional terms for Crowdfunding Platforms > COB A2.1.6

COB A2.1.5

COB App 3 Confirmation of Transactions

Versions
(2 versions)

Aug 1 2017 - Jun 30 2019

Jul 1 2019 onwards

COB A2.1.6

Whole Section PDF

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The following terms must be included in a Client Agreement^G between a Crowdfunding Operator^G and a Client^G that is a borrower, Issuer^G or seller:

(a) a restriction on the borrower, Issuer^G , or seller using any other crowdfunding service to raise funds during the commitment period;

(b) a restriction on the borrower, Issuer^G , or seller any Person^G that is Connected^G to the borrower, Issuer^G , or seller lending or financing, or arranging lending or finance for a lender or an investor using the service;

(c) a restriction on the borrower, Issuer^G , or seller advertising its proposal, or soliciting potential lenders or investors, outside the platform during the commitment period;

(d) a requirement on the borrower or Issuer^G to give reasonable advance notice to the operator of any material change affecting the borrower or Issuer^G , its business or the carrying out of its proposal;

(e) the obligations of the borrower or Issuer^G if there is any material change after funds have been provided; and

(f) an obligation on the borrower or Issuer^G to produce financial statements at least annually.

[Added] DFSA RMI202/2017 (Made 14th June 2017). [VER29/08-17]
[Amended] DFSA RMI254/2019 (Made 26th June 2019). [VER33/07-19]

COB A2.1.5

COB App 3 Confirmation of Transactions