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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Conduct of Business Module (COB) [VER33/07-19]
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  Versions
(1 version)
 
Jul 1 2008 onwards

COB 6.12.1 Guidance



Whole 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. Authorised FirmsG are reminded that the exemption in COB Rule 6.12.1(a) would not apply to MoneyG which is passed to a third party i.e. not held in an account with the Authorised FirmG itself.
2. Pursuant to COB Rule 6.12.1(b), examples of MoneyG which is immediately due and payable to an Authorised FirmG includes MoneyG which is:
a. paid by the way of brokerage, fees and other charges to the Authorised FirmG or where it is entitled to deduct such remuneration from the Client MoneyG held or controlled;
b. paid by the Authorised FirmG in relation to a ClientG purchase or in settlement of a margin payment in advance of receiving a payment from the ClientG ; or
c. owed by the ClientG to the Authorised FirmG in respect of unpaid purchases by or for the ClientG if delivery of InvestmentsG has been made to the ClientG or credited to his account.
3. The CIR module contains specific provisions relating to the handing of Fund PropertyG and also provisions relating to a Fund AdministratorG holding or controlling monies or assets belonging to third parties.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]