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GEN 1.2 Guidance



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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.

1.  GEN Chapter 2 prescribes, pursuant to Article 41(2) of the Regulatory LawG , the activities which constitute a Financial ServiceG and, pursuant to Article 42(1) of the Regulatory LawG , the kind of Financial ServicesG that may be carried on by Authorised FirmsG and Authorised Market InstitutionsG . It also specifies various exclusions in relation to the 'by way of business' requirement and, where applicable, in relation to each Financial ServiceG . Further, the appendices contain detailed definitions of what constitutes a DepositG , InvestmentG , Collective Investment FundG and Contract of InsuranceG .
1A. GEN Chapter 2A defines a Financial ProductG for the purposes of the general prohibition against misconduct in Article 41B of the Regulatory LawG .
2.  GEN Chapter 3 sets out the requirements for a PersonG making or intending to make a Financial PromotionG in or from the DIFCG .
3.  GEN Chapter 4 sets out the Principles for Authorised FirmsG and Authorised IndividualsG .
4.  GEN Chapter 5 specifies the requirements upon senior management to implement effective systems and controls. There are also requirements upon the Authorised FirmG to apportion material responsibility among its senior management.
5.  GEN Chapter 6 contains mainly guidance in respect of: interpretation of the RulebookG , emergency procedures, disclosure, the location of offices, close links, complaints against the DFSAG and the public register.
6.  GEN Chapter 7 specifies the DFSA'sG authorisation requirements for any applicant intending to become an Authorised FirmG or Authorised IndividualG .
7.  GEN Chapter 8 specifies, in relation to Authorised PersonsG , the auditing and accounting requirements which deal with such matters as the appointment and termination of auditors, accounts and regulatory returns and the functions of an auditor. There are also requirements for auditors to register with the DFSAG .
8.  GEN Chapter 9 prescribes the manner in which an Authorised FirmG must handle ComplaintsG made against it by Retail ClientsG or Professional ClientsG .
9.  GEN Chapter 10 contains three sets of transitional rules:
a. Section 10.1 contains transitional rules relating to endorsements to hold Client AssetsG and Insurance MoniesG .
b. Section 10.2 contains transitional rules relating to a Safe Custody Auditor's ReportG .
c. Section 10.3 contains transitional rules relating to the reclassification of the Financial ServicesG of 'Arranging Credit or Deals in InvestmentsG ' and 'Advising on Financial Products or CreditG '.
10. Chapter 11 specifies the DFSA'sG supervisory requirements for any Authorised PersonG being regulated by the DFSAG .
11. Chapter 12 sets out Rules relating to business transfer schemes under Part 9 of the Regulatory LawG .
12. Chapter 13 contains guidance on the DFSA's approach to facilitating the testing and development of innovative financial technology (Fintech) in the DIFCG ..
Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
[Amended][VER4/08-05]
[Amended] DFSA RM56/2008 (Made 1st July 2008). [VER19/07-08]
[Amended] DFSA RM58/2008 (Made 1st July 2008). [VER19/07-08]
[Amended] DFSA RM62/2008 (Made 4th January 2009). [VER22/01-09]
[Amended] DFSA RM66/2009 (Made 1st August 2009). [VER23/08-09]
Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]