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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Authorised Market Institutions (AMI) [VER18/02-17]
Part 3 Licensing Requirements
AMI 5 General Licensing Requirements Applicable to all Authorised Market Institutions
Sourcebook Modules
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DFSA Codes of Practice
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Jul 14 2013 - Aug 20 2014Aug 21 2014 onwards

AMI 5.3.2

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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) An Authorised Market InstitutionG must not permit a Key IndividualG to carry on any Licensed FunctionG for or on behalf of the Authorised Market InstitutionG unless the particular individual has been assessed by the Authorised Market InstitutionG to be competent to perform the relevant Licensed FunctionG .
(2) The Licensed FunctionsG specified in Rule 5.3.1 do not include a function performed by a registered insolvency practitioner (subject to the restrictions in Article 88 of the Insolvency Law 2009) if the practitioner is:
(a) acting as a nominee in relation to a company voluntary arrangement within the meaning of Article 8 of the Insolvency Law 2009;
(b) appointed as a receiver or administrative receiver within the meaning of Article 14 of the Insolvency Law 2009;
(c) appointed as a liquidator in relation to a members' voluntary winding up within the meaning of Article 32 of the Insolvency Law 2009;
(d) appointed as a liquidator in relation to a creditors' voluntary winding up within the meaning of Article 32 of the Insolvency Law 2009; or
(e) appointed as a liquidator or provisional liquidator in relation to a compulsory winding up within the meanings of Articles 58 and 59 of the Insolvency Law 2009.
(3) The Licensed FunctionsG specified in Rule 5.3.1 do not include a function performed by an insolvency practitioner in accordance with the applicable requirements equivalent to those specified in (2)(a)–(e) in another jurisdiction.
(4) The Licensed FunctionsG specified in Rule 5.3.1 do not include a function of an individual appointed to act as a manager of the business of an Authorised Market InstitutionG as directed by the DFSAG under Article 88 of the Regulatory LawG .
Derived from RM118/2013 [VER15/07-13]
[Amended] DFSA RM133/2014 (Made 21st August 2014). [VER16/06-14]