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Dubai Financial Services Authority (DFSA): Contents

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  Versions
(1 version)
 
Apr 1 2015 onwards

COB 2.6.2 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.

1. The introduction of the new client classification regime does not trigger the need to re-classify existing ClientsG . However, with regard to an existing ClientG who has been grandfathered under Rule 2.6.1, the need for a re-classification may subsequently arise in a number of circumstances such as those set out in paragraphs 2, 3 and 4.
2. Where a Professional ClientG grandfathered under Rule 2.6.1 subsequently requests to opt-in as a Retail ClientG under Rule 2.4.1(3), the Authorised FirmG will need to re-classify that ClientG in accordance with the requirements in that Rule.
3. Where a grandfathered ClientG wishes to obtain a new Financial ServiceG after the new regime came into force, an Authorised FirmG will not be able to rely on the existing client classification relating to that ClientG in respect of the new Financial ServiceG . This is because Rule 2.6.1 only applies in respect of the Financial ServicesG carried on with or for a ClientG before the new regime came into force. Therefore, the firm will need to make a new classification relating to such a ClientG in respect of the new Financial ServiceG and do so under the new client classification regime.
4. If an Authorised FirmG becomes aware that a grandfathered professional client no longer fulfils the requirements to remain classified as a Professional ClientG , it will need to comply with the requirements in Rule 2.3.3(2).
Derived from DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]