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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 - Jan 31 2017Feb 1 2017 onwards

COB A5.13.2

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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.

Following a Distribution EventG , the Authorised FirmG must distribute MoneyG in the following order of priorities:

(a) firstly, in relation to Client MoneyG held in a Client AccountG on behalf of Segregated ClientsG , claims relating to that MoneyG must be paid to each Segregated ClientG in full or, where insufficient funds are held in a Client AccountG , proportionately, in accordance with each Segregated Client'sG valid claim over that MoneyG ;
(b) secondly, where the amount of Client MoneyG in a Client AccountG is insufficient to satisfy the claims of Segregated ClientsG in respect of that MoneyG , or not being immediately available to satisfy such claims, all other MoneyG held by the Authorised FirmG must be used to satisfy any outstanding amounts remaining payable to Segregated ClientsG but not satisfied from the application of (a) above;
(c) thirdly, upon resolution of claims in relation to Segregated ClientsG , any MoneyG remaining with the Authorised FirmG must be paid to each ClientG in full or, where insufficient funds are held by the Authorised FirmG , proportionately, in accordance with each Client'sG valid claim over that MoneyG ; and
(d) fourthly, upon satisfaction of all claims in (a), (b) and (c) above, in the event of:
(i) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy over the Authorised FirmG , payment must be made accordance with the Insolvency Law 2009; or
(ii) all other Distribution EventsG , payment must be made in accordance with the direction of the DFSA.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
[Amended] DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]