Home   Browse contents   View updates   Search  
     Quick search
Go
   

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
General Module (GEN) [VER40/08-17]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

Whole SectionText only Print Print Manager Link


  Versions
(1 version)
 
May 24 2017 onwards

Completion of testing



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.

20. As the purpose of the DFSA's approach is to allow a Fintech Operator to test and develop its Fintech business, and not to carry on a fully operational business, the DFSA would expect the PersonG to use the simplified regulatory framework only for a limited period. It is, therefore, likely to grant waivers and modifications only for a finite period, normally six to twelve months. In exceptional cases, it may consider extending that period.
21. When the testing period ends, the Fintech Operator would be expected either:
(a) if the testing is successful, to carry on its Fintech business on a broader scale, in which case it will need to demonstrate to the DFSA's satisfaction that it is able to comply fully with relevant legal and regulatory requirements before the DFSA will remove the various restrictions and conditions; or
(b) to cease carrying on activities in the DIFCG , in which case it should implement its exit plan and ensure that all obligations to customers are fulfilled.
22. The DFSA will not permit a LicenseeG that has completed testing to continue to hold a restricted LicenceG (i.e. that only permits it to carry on testing). At this point the LicenseeG will be required either to apply to remove the restrictions or to apply to have the Licence withdrawn.
23. In appropriate cases, if testing is successful, the DFSA may consider granting further waivers or modifications to the Fintech Operator if the innovative nature of its business model, once fully operational, means that certain RulesG are either not appropriate or disproportionate.
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]