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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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May 24 2017 onwards

Creating a simplified regulatory framework



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.

15. The DFSA will work with the applicant to understand its business proposal and to establish, on a case-by-case basis, what RulesG should apply to that business.
16. While the DFSA will consider giving relief from various parts of the RulebookG , it is not likely to waive or modify certain key requirements, for example, RulesG relating to:
(a) fitness and propriety (see GEN Rule 7.2.5);
(b) acting with integrity and with due skill, care and diligence (see Rules GEN 4.2.1 and GEN 4.2.2);
(c) having due regard to customers' interests and communicating information in a way that is fair, clear and not misleading (see GEN Rule 4.2.6);
(d) being open and co-operative with the DFSA (e.g. GEN Rule 4.2.10 and section 11.1);
(e) Financial Promotions (see chapter 3); and
(f) holding and controlling Client Assets (COB sections 6.11 to 6.13).
17. The DFSA will also not waive or modify requirements based on Federal LawG requirements, for example, RulesG relating to:
(a) not accepting DepositsG from the State's markets or carrying on currency exchange involving the Dirham (see COB Rules 4.2.1 and 4.3.1);
(b) having an office in the DIFCG (see GEN Rule 6.5.1); and
(c) AML requirements.
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]