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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
(2 versions)
 
Jul 1 2008 - Jul 31 2009Aug 1 2009 onwards

COB 6.12.3



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) If an Authorised FirmG holds or controls Client MoneyG which is not subject to the Client Money ProvisionsG pursuant to COB Rule 6.12.2 (2), it must disclose to that Market CounterpartyG in writing that:
(a) the protections conferred by the Client Money ProvisionsG do not apply to such Client MoneyG ;
(b) as a consequence of (a), such Client MoneyG may be mixed with MoneyG belonging to the Authorised FirmG , and may be used by the Authorised FirmG in the course of the Authorised Firm'sG business; and
(c) in the event of insolvency, winding up or other Distribution EventG stipulated by the DFSA:
(i) in the case of a Domestic FirmG , such Client MoneyG will be subject to and distributed in accordance with the DFSA Client Money Distribution RulesG ; and
(ii) in the case of a non-Domestic FirmG , such Client MoneyG will be subject to a regime which may differ from the regime applicable in the DIFC.
(2) The Authorised FirmG must obtain that Market Counterparty'sG written acknowledgement of the disclosures made in (1) prior to holding or controlling Client MoneyG for that Market CounterpartyG .
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
[Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]