Home   Browse contents   View updates   Search  
     Quick search

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Regulatory Law
Part 3: Licences, Authorisation and Registration
Rulebook Modules
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

Whole SectionText only Print Print Manager Link

(2 versions)
Up to Aug 20 2014Aug 21 2014 onwards

45. Application for a Licence, Extension to a Licence or an Endorsement

Whole Section PDF

To view past versions of this module in PDF format, please visit the Archive.

(1) An application for a Licence authorising an Authorised Person to carry on one or more Financial Services or for a Licence Endorsement may be made to the DFSA by any:
(a) body corporate;
(b) partnership; or
(c) unincorporated association.
(2) An Authorised Person may apply to the DFSA:
(a) to extend its Licence to Financial Services other than those in respect of which it already has a Licence; or
(b) to obtain an additional Licence Endorsement.
(3) The DFSA may make Rules providing that certain persons or types of person may not be granted a Licence in relation to particular Financial Services or a particular Licence Endorsement.
(4) The DFSA shall make Rules prescribing requirements which an applicant for a Licence, or for extension of a Licence to other Financial Services, or for a Licence Endorsement, must meet before a Licence or extension or Licence Endorsement will be granted by the DFSA. Such Rules may, without limiting the generality of that power, include requirements relating to an applicant's:
(a) fitness and propriety;
(b) resources (including financial resources);
(c) compliance arrangements;
(d) systems and controls;
(e) legal form; and
(f) name (including terms that shall not be used in the name).
(5) The DFSA may make Rules providing for such requirements referred to in Article 45(4) to be varied in cases where an application is made by a person which is, at the time of application, regulated in a jurisdiction other than the DIFC.
(6) The DFSA may make Rules:
(a) prescribing certain persons or categories of person to be exempted from the requirements referred to in Article 45(4); and
(b) providing for any such exemptions to be:
(i) limited to certain Financial Services or specified circumstances; or
(ii) subject to certain conditions and restrictions.
(a) If an Authorised Person is:
(i) a partnership; or
(ii) an unincorporated association;
it does not need to reapply for a Licence by reason only of a change to its membership.
(b) Article 45(7)(a) applies subject to the effect of Article 64.