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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 A6.6.1



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 an Authorised FirmG passes, or permits to be passed, Safe Custody InvestmentsG to a Third Party AgentG it must have procured a written acknowledgement from the Third Party AgentG stating:

(a) that the title of the account sufficiently distinguishes that account from any account containing InvestmentsG belonging to the Authorised FirmG , and is in the form requested by the Authorised FirmG ;
(b) that the Client InvestmentG will only be credited and withdrawn in accordance with the instructions of the Authorised FirmG ;
(c) that the Third Party AgentG will hold Client InvestmentsG separately from assets belonging to the Third Party AgentG ;
(d) the arrangements for recording and registering Client InvestmentsG , claiming and receiving dividends and other entitlements and interest and the giving and receiving of instructions;
(e) that the Third Party AgentG will deliver a statement to the Authorised FirmG (including the frequency of such statement), which details the Client InvestmentsG deposited to the account;
(f) that all InvestmentsG standing to the credit of the account are held by the Authorised FirmG as agent and that the Third Party AgentG is not entitled to combine the account with any other account or to exercise any charge, mortgage, lien, right of set-off or counterclaim against InvestmentsG in that account in respect of any sum owed to it on any other account of the Authorised FirmG ; and
(g) the extent of liability of the Third Party AgentG in the event of default.
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
[Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]