Dubai Financial Services Authority (DFSA)
Laws
| Whole Section | Text only | Print Manager | Link |
 |
Versions (1 version) |
 |
Jul 14 2013 onwardsAMI 7.4.1
To view past versions of this module in PDF format, please visit the Archive.
(1) Where a Clearing HouseG operates a Central Securities DepositoryG (CSD), it must have rules and procedures, including robust accounting practices and controls to:
(a) ensure the integrity of securities issues; and
(b) minimise and manage risks associated with the safekeeping and transfer of securities.
(2) A CSDG must ensure that securities referred to in (1)(a) are recorded in book-entry form prior to the trade date.
(3) For the purposes of (1)(a), a CSD'sG systems and controls must ensure that:
(a) the unauthorised creation or deletion of securities is prevented;
(b) appropriate intra-day reconciliation is conducted to verify that the number of securities making up a securities issue or part of a securities issue submitted to the CSDG is equal to the sum of securities recorded on the securities accounts of the MembersG and other participants of the CSDG ;
(c) where entities other than the CSDG are involved in the reconciliation process for a securities issue, such as the issuer, registrars, issuance agents, transfer agents or other CSDsG , the CSDG has adequate arrangements for cooperation and information exchange between all involved parties so that the integrity of the issue is maintained; and
(d) there are no securities overdrafts or debit balances in securities accounts .
Derived from RM118/2013 [VER15/07-13]
