Home   Browse contents   View updates   Search  
     Quick search
Go
   

Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
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
Notices
Financial Markets Tribunal
Archive

BackText onlyPrint

You need the Flash plugin.

Download Macromedia Flash Player



  • COB 5.2 General

    • COB 5.2.1

      For the purposes of this chapter, a settlor, a trustee or a named beneficiary of a trust in respect of which the Trust Service ProviderG is engaged in Providing Trust ServicesG may be treated as a ClientG of the Authorised FirmG .

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 5.2.2

      A Trust Service ProviderG must maintain adequate knowledge of, and comply with, all applicable DIFC laws, Rules and RegulationsG relevant to Providing Trust ServicesG .

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 5.2.3

      A Trust Service ProviderG must be able to demonstrate that it is in compliance with appropriate standards of corporate governance.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 5.2.4

      A Trust Service ProviderG must transact its business (including the establishing, transferring or closing of business relationships with its ClientsG ) in an expeditious manner where appropriate unless there are reasonable grounds to do otherwise.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • Exercise of Discretion

      • COB 5.2.5

        Where a Trust Service ProviderG is responsible for exercising discretion for, or in relation to, its ClientsG , it must take all reasonable steps to obtain sufficient information in order to exercise, subject to COB Rule 5.2.6, its discretion or other powers in a proper manner.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB 5.2.6

        A Trust Service ProviderG must only exercise its power or discretion for a proper purpose.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB 5.2.7

        The Trust Service ProviderG must ensure that its understanding of a Client'sG business is refreshed by means of regular reviews.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB 5.2.8

        The Trust Service ProviderG must ensure that any trustee exercises his discretion in accordance with his fiduciary and other duties under the laws governing the trust of which he is a trustee.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • Delegation of Duties or Powers

      • COB 5.2.9

        Any delegation of duties or powers by a Trust Service ProviderG , whether by PowerG of AttorneyG or otherwise, must only be entered into for a proper purpose, permissible by law and limited and monitored as appropriate.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]