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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Conduct of Business Module (COB) [VER32/02-19]
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  Versions
(1 version)
 
Aug 24 2014 onwards

COB 4.4.2



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) In the event of:
(a) the appointment of a provisional liquidator, liquidator, receiver or administrator, or trustee in bankruptcy, over a BankG which is a Domestic FirmG ; or
(b) a direction by the DFSAG to a Bank which is a Domestic FirmG under Article 76 of the Regulatory Law 2004 to deal with all or substantially all its DepositsG in a specified manner,
eligible depositors of the BankG have priority over, and shall be paid in priority to, all other unsecured creditors of the BankG .
(2) In (1), an “eligible depositor” means, subject to (3), a PersonG who, at the relevant time, is a creditor of a BankG referred to in (1) by virtue of being owed an amount of Money held by the BankG as a DepositG .
(3) In (2), eligible depositor excludes any creditor which is:
(i) a Market CounterpartyG ; or
(ii) a bank.
[Added] DFSA RM144/2014 (Made 24th August 2014). [VER23/08-14]