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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

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(1 version)
Dec 9 2012 onwards

PIB 3.7.3

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) Subject to PIB Rule 3.7.4, Annual Audited ExpenditureG constitutes all expenses and losses that arise in the Authorised Firm'sG normal course of business in a twelve month accounting period (excluding exceptional items) which are recorded in the Authorised Firm'sG audited profit and loss account, less the following items (if they are included in the Authorised Firm'sG audited profit and loss account):
(a) staff bonuses, except to the extent that they are non-discretionary;
(b) employees' and directors' shares in profits, including share options, except to the extent that they are non-discretionary;
(c) other appropriations of profits, except to the extent that they are automatic;
(d) shared commissions and fees payable that are directly related to commissions and fees receivable, which are included with total revenue;
(e) fees, brokerage and other charges paid to clearing houses, exchanges and intermediate brokers for the purposes of executing, registering or clearing transactions;
(f) any expenses for which pre-payments or advances have already been made to the respective claimant (e.g. pre-paid rent, pre-paid communication charges etc.) and deducted from Capital ResourcesG as illiquid assets;
(g) foreign exchange losses; and
(h) contributions to charities.
(2) For the purposes of (1)(c), a management charge must not be treated as an appropriation of profits.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]