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Dubai Financial Services Authority (DFSA): Contents

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COB 6.11.4 Guidance



1 ForG the purposes of COB Rule 6.11.4, the DFSA would consider a PersonG to be controlled by an Authorised FirmG if that PersonG is inclined to act in accordance with the instructions of the Authorised FirmG .
2. The DFSA would consider an account to be controlled by an Authorised FirmG if that account is operated in accordance with the instructions of the Authorised FirmG .
3. If an Authorised FirmG has a discretionary portfolio mandate from a ClientG , even though the assets are to be held in the name of the ClientG (for example, under a power of attorney arrangement), the firm controls those assets as it can execute transactions relating to those assets, within the parameters set out in the mandate.
4. In relation to assets referred to in Guidance item 3 that are held in the Client'sG name, only specific RulesG in App 5 (Client Money Provisions) and App 6 (Safe Custody Provisions) are likely to be relevant, as the assets are already held in the Client'sG own name and the firm will control rather than hold the assets. A firm with such a discretionary mandate will also need to comply with other relevant requirements in the RulebookG , such as GEN Rule 2.2.10A requiring an endorsement to hold or control Client AssetsG , and GEN 8.6 section requiring an audit report relating to Client AssetsG .
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
[Amended] DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]
[Amended] DFSA RM226/2018 (Made 6th June 2018). [VER30/08-18]