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3. Defined Terms



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Past version: effective from Apr 18 2006 - Jul 31 2006.
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In the Law, unless the context indicates otherwise, the defined terms listed below shall have the corresponding meanings:

Term Definition
Ancillary Service is an activity prescribed in the Rules made under Article 44(2).
Ancillary Services Prohibition has the meaning given in Article 44(3).
Ancillary Service Provider a person who is registered by the DFSA in relation to the carrying on of one or more Ancillary Services.
Authorised Firm a person who holds a Licence to carry on one or more Financial Services prescribed pursuant to Article 42(1).
Authorised Individual a natural person who has been authorised by the DFSA to perform one or more Licensed Functions.
Authorised Market Institution a person who is licensed by DFSA in relation to the carrying on of one or more Financial Services prescribed pursuant to Article 42(1).
Chairman of the DFSA the person appointed to the office of chairman of the DFSA, a Board Member and chairman of the DFSA Board of Directors, by the President.
Chief Executive the person appointed to the office of Chief Executive by the DFSA Board of Directors.
Collective Investment Prohibitions the operating and marketing prohibitions prescribed under Articles 17 and 18 of the Collective Investment Law 2006.
Companies Law DIFC law relating to the incorporation of Companies.
Companies Registrar the person appointed to the office of Registrar under the DIFC Companies Law 2004.
Board Member a person appointed to the office of Member of the DFSA Board of Directors.
Court the DIFC Court as established under Dubai Law.
director a director or equivalent member of an entity's governing body.
DFSA the Dubai Financial Services Authority.
DIFC the Dubai International Financial Centre.
DIFC Authority the executive body of the DIFC, established under Dubai Law.
Dubai Law has the meaning given in Article 2 of Schedule 1 to the Law.
Financial Markets Tribunal the Financial Markets Tribunal established pursuant to Article 31 of the Law.
Financial Services Prohibition the prohibition prescribed under Article 41 of this Law.
Financial Services Regulator a regulator of financial services activities established in a jurisdiction other than the DIFC.
Fund has the meaning given in Article 2 of Schedule 1 to the Collective Investment Law 2006.
Guidance has the meaning given in Article 2 of Schedule 1 to the Law.
Law the Regulatory Law 2004.
legislation includes rules or regulations made under legislation.
Licence a licence granted by the DFSA under Chapter 2 of Part 3.
Licensed Function a function prescribed pursuant to Article 43(1).
Operator has the meaning given in Article 2 of Schedule 1 to the Collective Investment Law 2006.
person has the meaning given in Article 1 of Schedule 1 to the Law.
President the president of the DIFC, appointed by a decree of the Ruler pursuant to Dubai Law.
Privileged Communication a communication attracting a privilege arising from the provision of professional legal advice and any other advice or from the relationship of lawyer and client or other similar relationship, but does not include a general duty of confidentiality.
Recognised Body a person who holds a Recognition Notice, issued to it pursuant to Article 61 of the Law, recognising it as a Recognised Body.
Recognised Member a person who holds a Recognition Notice, issued to that person pursuant to Article 61 of the Law, recognising it as a Recognised Member.
Recognition Notice a notice issued by the DFSA pursuant to Article 61 of the Law.
Regulatory Appeals Committee a standing committee of the DFSA Board of Directors, established under and governed by Chapter 4 of Part 2 of the Law and includes a sub-committee constituted under Article 29 of this Law.
Respondent a person who is the subject of a matter before a Financial Markets Tribunal or the Court.
Revocation Notice a notice issued by the DFSA pursuant to Article 61(8) of the Law.
Ruler the ruler of the Emirate of Dubai.
Rules has the meaning given in Article 2 of Schedule 1 to the Law.
Schedule a schedule to the Law.
Special Resolution has the meaning given in Article 2 of Schedule 1 to the Collective Investment Law 2006.
Unitholder has the meaning given in Article 2 of Schedule 1 to the Collective Investment Law 2006.