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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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Jul 1 2008 onwards

COB A5.11.1

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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) An Authorised FirmG must maintain a system to ensure that accurate reconciliations of the Client AccountsG are carried out at least every 25 days.
(2) The reconciliation must include:
(a) a full list of individual Segregated ClientG credit ledger balances, as recorded by the Authorised FirmG ;
(b) a full list of individual Segregated ClientG debit ledger balances, as recorded by the Authorised FirmG ;
(c) a full list of unpresented cheques and outstanding lodgements;
(d) a full list of Client AccountG cash book balances; and
(e) formal statements from Third Party AgentsG showing account balances as at the date of reconciliation.
(3) An Authorised FirmG must:
(a) reconcile the individual credit ledger balances, Client AccountG cash book balances, and the Third Party Agent Client AccountG balances;
(b) check that the balance in the Client AccountsG as at the close of business on the previous day was at least equal to the aggregate balance of individual credit ledger balances as at the close of business on the previous day; and
(c) ensure that all shortfalls, excess balances and unresolved differences, other than differences arising solely as a result of timing differences between the accounting systems of the Third Party AgentG and the Authorised FirmG , are investigated and, where applicable, corrective action taken as soon as possible.
(4) An Authorised FirmG must perform the reconciliations in (3) within 10 days of the date to which the reconciliation relates.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]