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Jul 14 2013 onwards

AMI 5.10.3 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.

1. An Authorised Market InstitutionG should undertake due diligence to ensure, in the case of any custodians or sub-custodians which are not regulated by the DFSAG , that they are appropriately licensed and supervised for the activity of deposit taking or custody and depository services by a Financial Services RegulatorG in their home jurisdiction.
2. In order to meet the requirements relating to sub-custody arrangements, an Authorised Market InstitutionG should include clear provisions in the contract with its appointed custodians whether or not sub-custodians may be appointed and if so, the procedures for appointing the sub-custodians, in accordance with the requirements in Rule 5.10.3(b). There should also be contractual requirements for advance notification to the Authorised Market InstitutionG of any changes to the sub-custodians.
3. If an Authorised Market InstitutionG proposes to make new custody arrangements or make any material changes to its existing custody arrangements, such changes trigger the prior DFSAG approval requirements in Rule 4.3.2. This requirement would be triggered, for example, if the appointed custodians at the time of the grant of the LicenceG had not used sub-custodians but subsequently propose to do so.
Derived from RM118/2013 [VER15/07-13]