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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Regulatory Law
Part 3: Licences, Authorisation and Registration
Rulebook Modules
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
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Financial Markets Tribunal
Archive

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Up to Aug 20 2014Aug 21 2014 onwards

43. Licensed Functions of Authorised Persons



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(1) The DFSA shall make Rules prescribing functions ("Licensed Functions") of an Authorised Person that shall be carried out by individuals who have been authorised by the DFSA to carry out those functions.
(2) Licensed Functions prescribed under Article 43(1) may include the functions of senior officers or employees with material responsibility for both or either:
(a) managing an Authorised Person; or
(b) the carrying on by an Authorised Person of its Financial Services.
(3) An individual who is authorised by the DFSA to carry out a Licensed Function:
(a) for an Authorised Firm, shall be referred to as an Authorised Individual; and
(b) for an Authorised Market Institution, shall be referred to as a Key Individual.
(4) A person shall not carry out a Licensed Function for an Authorised Firm unless he is authorised by the DFSA as an Authorised Individual to carry out that Licensed Function for the Authorised Firm.
(5) A person shall not carry out a Licensed Function for an Authorised Market Institution unless he is authorised by the DFSA as a Key Individual to carry out that Licensed Function for the Authorised Market Institution.
(6) An Authorised Person shall take all reasonable steps to ensure that no officer, employee or agent performs a Licensed Function:
(a) without being authorised by the DFSA as an Authorised Individual or as a Key Individual in relation to the relevant Licensed Function;
(b) contrary to a restriction imposed by the DFSA under Article 58(1) or 59(1); or
(c) where Authorised Individual or Key Individual status of that individual has been suspended or withdrawn under Article 58(1), (2), (3) or (5).
(7) An Authorised Individual or Key Individual shall:
(a) act within the scope of his authority granted under his Authorised Individual or Key Individual status; and
(b) comply with any condition or restriction applicable to such status.
(8) A person who is not:
(a) an Authorised Individual; or
(b) a Key Individual,
shall not represent that he is such a person.