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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
(1 version)
 
Jul 1 2008 onwards

COB A6.7.1



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.

(1) Before an Authorised Firm Arranges CustodyG for a ClientG it must disclose to that ClientG , if applicable, that the Client'sG Safe Custody InvestmentsG 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.
(2) Before an Authorised Firm Provides CustodyG for a ClientG it must disclose to the ClientG on whose behalf the Safe Custody InvestmentsG will be held:
(a) a statement that the ClientG is subject to the protections conferred by the Safe Custody ProvisionsG ;
(b) the arrangements for recording and registering Safe Custody InvestmentsG , claiming and receiving dividends and other entitlements and interest and the giving and receiving instructions relating to those Safe Custody InvestmentsG ;
(c) the obligations the Authorised FirmG will have to the ClientG in relation to exercising rights on behalf of the ClientG ;
(d) the basis and any terms governing the way in which Safe Custody InvestmentsG will be held, including any rights which the Authorised FirmG may have to realise Safe Custody InvestmentsG held on behalf of the ClientG in satisfaction of a default by the ClientG ;
(e) the method and frequency upon which the Authorised FirmG will report to the ClientG in relation to his Safe Custody InvestmentsG ;
(f) if applicable, a statement that the Authorised FirmG intends to mix Safe Custody InvestmentsG with those of other ClientsG ;
(g) if applicable, a statement that the Client'sG Safe Custody InvestmentsG 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;
(h) if applicable, a statement that the Authorised FirmG holds or intends to hold Safe Custody InvestmentsG in a Client AccountG with a Third Party AgentG which is in the same GroupG as the Authorised FirmG ; and
(i) the extent of the Authorised Firm'sG liability in the event of default by a Third Party AgentG .
Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]