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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Part 3: Licences, Authorisation and Registration
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Up to Aug 20 2014Aug 21 2014 onwards

53. Applications for Authorised Individual or Key Individual status



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(1) In this Chapter:
(a) "Authorised Person" includes a person whose application for a Licence or application for extension of a Licence is being considered by the DFSA; and
(b) "director, officer, employee or agent" of a person includes a person who proposes to become a director, officer, employee or agent of a person.
(2) An application for Authorised Individual or Key Individual status of a director, officer, employee or agent of an Authorised Person shall be made by:
(a) such director, officer, employee or agent; and
(b) the Authorised Person for which the Licensed Function is to be performed under the terms of office, employment or agency between such Authorised Person and such director, officer, employee or agent.
(3) Where a person holds Authorised Individual or Key Individual status, that individual together with the relevant Authorised Person may apply to the DFSA to extend the scope of the Authorised Individual or Key Individual status to Licensed Functions other than those in respect of which the individual already holds such status.
(4) The DFSA shall make Rules prescribing the requirements which an application for Authorised Individual or Key Individual status must meet before authorisation is granted by the DFSA. Such Rules, without limiting the generality of the power, shall include requirements relating to the fitness and propriety of applicants.
(5) The DFSA may make Rules providing for such requirements to be varied in cases where:
(a) an application is made to extend the scope of Authorised Individual or Key Individual status to Licensed Functions other than those in respect of which he already holds such status; or
(b) an application is made for the grant of Authorised Individual or Key Individual status by and for an officer, employee or agent who is, at the time of application, regulated in a jurisdiction other than the DIFC to perform a role which is substantially similar to the Licensed Function in relation to which the application is made.
(6) The DFSA may make Rules:
(a) prescribing certain persons or categories of persons to be exempted from the requirements referred to in Article 53(4); and
(b) providing for any such exemptions to be:
(i) limited to certain Licensed Functions or specified circumstances; or
(ii) subject to certain conditions and restrictions.