Dubai Financial Services Authority (DFSA)
Laws
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COB 9.3.1
(1) An
ATS Operator may, subject to (2) and (3), only accept as a member aPerson if thatPerson :(a) is anAuthorised Firm ;(b) is aRecognised Member ;(c) meets the criteria in GEN Rule 2.3.2(2); or(d) is classified as aProfessional Client pursuant to COB Rule 2.3.4(1)(g), (h) and (i).(2) An
ATS Operator must not admit aPerson referred to in (1)(c) or (d), unless suchPerson :(a) agrees in writing to submit unconditionally to the jurisdiction of theDFSA in relation to any matters which arise out of or which relate to its use of the facility;(b) agrees in writing to submit unconditionally to the jurisdiction of theDIFC Courts in relation to any proceedings in theDIFC , which arise out of or relate to its use of the facility;(c) agrees in writing to subject itself to theDIFC laws and the jurisdiction of theDIFC Courts in relation to its use of the facility; and(d) appoints and maintains at all times an agent for service of process in theDIFC and requires such agent to accept its appointment for service of process.(3) Prior to admitting a
Person referred to in (1) (c) or (d) as a member, anATS Operator must undertake due diligence to ensure that such aPerson :(a) is of sufficiently good repute;(b) has a sufficient level of competence and experience; and(c) has adequate organisational arrangements, including financial and technological resources, which are no less than those required of anAuthorised Firm appropriate to the nature of its operations.[Added] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]
[Amended] DFSA RM149/2015 (Made 11th February 2015) [VER24/04-15]
