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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
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  Versions
(1 version)
 
Dec 9 2012 onwards

PIB 3.5.3



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) An Authorised FirmG to which this section applies must, at all times, maintain an amount which exceeds its Expenditure Based Capital MinimumG in the form of liquid assets.
(2) For the purpose of this RuleG , and subject to (3), liquid assets comprise any of the following:
(a) cash in hand;
(b) money deposited with a regulated bank or deposit-taker which has a short-term credit rating of A1 or P1 (or equivalent) and above from an ECAIG ;
(c) demand deposits with a tenor of 1 year or less with a bank or deposit-taker in (b);
(d) time deposits with a tenor of 1 year or less which have an option to redeem the deposit at any time. In such cases, the deposit amount eligible to be included as liquid assets must be calculated as net of any costs associated with such early redemption;
(e) cash receivable from a regulated clearing house and cash deposits with such clearing houses, other than any fees or contributions to guarantee or reserve funds of such clearing houses; or
(f) any other asset which may be approved by the DFSAG as comprising a liquid asset for the purpose of this RuleG .
(3) For the purpose of this RuleG , liquid assets do not include:
(a) any investment, asset or deposit which has been pledged as security or CollateralG for any obligations or liabilities assumed by it or by any other third party; or
(b) cash held in Client MoneyG or Insurance MoneyG accounts.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]