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Jul 14 2013 onwards

AMI 1.2 Guidance



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.

The regulatory framework

1. The Regulatory LawG 2004 ("the Regulatory Law") and the Markets LawG 2012 ("the Markets Law ") provide the framework for the licensing and supervision of Authorised Market InstitutionsG and for taking regulatory action against those licensed institutions.
2. In particular, while Article 41 of the Regulatory LawG prohibits a PersonG from carrying on Financial ServicesG in or from the DIFCG , Article 42 of that Law permits PersonsG duly authorised and Licensed to conduct Financial ServicesG in providing their services.
3. The Markets LawG establishes a framework in relation to how an Official List of SecuritiesG is maintained and administered by the Listing AuthorityG . Either the DFSAG , or an Authorised Market InstitutionG where it has been granted an endorsement on its LicenceG to do so, may maintain an Official List of SecuritiesG .
4. The GENG module prescribes the Financial ServicesG which may be carried on by an Authorised FirmG or Authorised Market InstitutionG and the detailed requirements that must be met by such firms. In addition, the GENG module also sets out the circumstances under which an Authorised Market InstitutionG may be authorised to carry out certain functions by way of an endorsement on its LicenceG .
5. The RPP SourcebookG contains, amongst other things, the detailed policies and procedures relating to how the DFSAG exercises its licensing and supervisory functions relating to Authorised Market InstitutionsG .

The AMI module

6. The AMI Module is comprised of four Parts containing 12 chapters and three Appendices.
7. Part 1 contains chapter 1, which sets out the application provisions and the overview of the AMI module.
8. Part 2 contains chapters 2 and 3. Chapter 2 sets out the requirements relating to application for a LicenceG to Operate an ExchangeG or Clearing HouseG (or both) and an endorsement to operate a Multilateral Trading FacilityG or to maintain an Official List of SecuritiesG . Chapter 3 sets out the assessment of application related requirements, including application to obtain Key IndividualG status of an Authorised Market InstitutionG .
9. Part 3 contains chapters 4, 5, 6 and 7. These chapters set out the substantive requirements (called the "Licensing RequirementsG ") that must be met by a PersonG at the point of grant of a LicenceG to be an Authorised Market InstitutionG and thereafter on an on-going basis. Chapter 4 contains the provisions which prescribe what the Licensing RequirementsG are, and the procedures an Authorised Market InstitutionG must follow in order to make any material changes to the arrangements it has in place to meet the Licensing RequirementsG . Chapter 5 contains the Licensing RequirementsG that are common to both ExchangesG and Clearing HousesG . Chapter 6 contains the additional Licensing RequirementsG that are specific to ExchangesG and chapter 7 contains the additional Licensing RequirementsG that are specific to Clearing HousesG .
10. Part 4 contains chapters 8, 9, 10, 11 and 12. These chapters set out a range of miscellaneous provisions covering the requirements relating to the approval of ControllersG of Authorised Market InstitutionsG (chapter 8), the provisions governing the supervision of Authorised Market InstitutionsG (chapter 9), the procedures for withdrawal of a LicenceG or endorsement (chapter 10), appeal procedures from the decisions of the DFSAG (chapter 11) and the transitional provisions (chapter 12).
11. There are three Appendices, Appendix 1 contains the requirements relevant to testing of technology systems, Appendix 2 contains the requirements relating to the use of price information providers and Appendix 3 contains the contract delivery specifications applicable to Derivative contracts which require physical delivery.G
Derived from RM118/2013 [VER15/07-13]