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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Conduct of Business Module (COB) [VER33/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Financial Markets Tribunal

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  • COB A5.7.1

    (1) Subject to COB Rule A5.7.3, an Authorised Firm may only pass, or permit to be passed, a Segregated Client's Money to a Third Party Agent if:
    (a) the Client Money is to be used in respect of a Transaction or series or Transactions for that Client;
    (b) the Client Money is to be used to meet an obligation of that Client; or
    (c) the Third Party Agent is a Bank or a Regulated Financial Institution which is authorised to accept or take Deposits.
    (2) In respect of (1)(a) and (b), an Authorised Firm must not hold any excess Client Money with the Third Party Agent longer than necessary to effect a Transaction or satisfy the Client's obligation.
    Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
    [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]