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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Conduct of Business Module (COB) [VER33/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

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(1 version)
Jul 1 2008 onwards

COB A5.9.1

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.

Before, or as soon as reasonably practicable after, an Authorised FirmG receives Client MoneyG belonging to a Segregated ClientG , it must disclose to the ClientG on whose behalf the Client MoneyG is held:

(a) the basis and any terms governing the way in which the Client MoneyG will be held;
(b) that the ClientG is subject to the protection conferred by the DFSA's Client Money ProvisionsG and as a consequence:
(i) this MoneyG will be held separate from MoneyG belonging to the Authorised FirmG ; and
(ii) in the event of the Authorised Firm'sG insolvency, winding up or other Distribution EventG stipulated by the DFSA, the Client'sG MoneyG will be subject to the DFSA's Client Money Distribution RulesG ;
(c) whether interest is payable to the ClientG and, if so, on what terms;
(d) if applicable, that the Client MoneyG may be held in a jurisdiction outside the DIFC and the market practices, insolvency and legal regime applicable in that jurisdiction may differ from the regime applicable in the DIFC;
(e) if applicable, details about how any Client MoneyG arising out of Islamic Financial BusinessG are to be held;
(f) if applicable, that the Authorised FirmG holds or intends to hold the Client MoneyG in a Client AccountG with a Third Party AgentG which is in the same GroupG as the Authorised FirmG ; and
(g) details of any rights which the Authorised FirmG may have to realise Client MoneyG held on behalf of the ClientG in satisfaction of a default by the ClientG or otherwise, and of any rights which the Authorised FirmG may have to close out or liquidate contracts or positions in respect of any of the Client'sG InvestmentsG .
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]