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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Conduct of Business Module (COB) [VER33/07-19]
Sourcebook Modules
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DFSA Codes of Practice
Amendments to Legislation
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Financial Markets Tribunal
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  • COB 6 Additional Rules — Investment Business

    • COB 6.1 Application

      • COB 6.1.1

        (1) The Rules in this chapter apply to an Authorised FirmG when conducting Investment BusinessG .
        (2) COB Sections 6.11, 6.12, 6.13 and 6.14 also apply to an Authorised FirmG in respect of Client AssetsG that it holds or controls (within the meaning of Rule 6.11.4) in the course of, or in connection with, Operating a Crowdfunding PlatformG .
        (3) The requirements in this chapter apply to an Authorised FirmG regardless of the classification of the ClientG , unless expressly provided otherwise.
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
        [Amended] DFSA RMI202/2017 (Made 14th June 2017). [VER29/08-17]

        • COB 6.1.1 Guidance

          The requirements in COB chapter 3 also apply to the conduct of Investment BusinessG .

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

    • COB 6.2 Personal Account Transactions

      • Conditions for Personal Account Transactions

        • COB 6.2.1

          An Authorised FirmG must establish and maintain adequate policies and procedures so as to ensure that:

          (a) an EmployeeG does not undertake a Personal Account TransactionG unless:
          (i) the Authorised FirmG has, in a written notice, drawn to the attention of the EmployeeG the conditions upon which the EmployeeG may undertake Personal Account TransactionsG and that the contents of such a notice are made a term of his contract of employment or services;
          (ii) the Authorised FirmG has given its written permission to that EmployeeG for that transaction or to transactions generally in InvestmentsG of that kind; and
          (iii) the transaction will not conflict with the Authorised Firm'sG duties to its ClientsG ;
          (b) it receives prompt notification or is otherwise aware of each Employee's Personal Account TransactionsG ; and
          (c) if an Employee'sG Personal Account TransactionsG are conducted with the Authorised FirmG , each Employee'sG account must be clearly identified and distinguishable from other Clients' accounts.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

        • COB 6.2.2

          The written notice in COB Rule 6.2.1(a)(i) must make it explicit that, if an EmployeeG is prohibited from undertaking a Personal Account TransactionG , he must not, except in the proper course of his employment:

          (a) procure another PersonG to enter into such a TransactionG ; or
          (b) communicate any information or opinion to another PersonG if he knows, or ought to know, that the PersonG will as a result, enter into such a TransactionG or procure some other PersonG to do so.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

        • COB 6.2.3

          Where an Authorised FirmG has taken reasonable steps to ensure that an EmployeeG will not be involved to any material extent in, or have access to information about, the Authorised Firm'sG Investment BusinessG , then the Authorised FirmG need not comply with the requirements in COB Rule 6.2.1 in respect of that EmployeeG .

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

        • COB 6.2.4

          An Authorised FirmG must establish and maintain procedures and controls so as to ensure that an Investment AnalystG does not undertake a Personal Account TransactionG in an InvestmentG if the Investment AnalystG is preparing Investment ResearchG :

          (a) on that InvestmentG or its IssuerG ; or
          (b) on a related investment, or its IssuerG ;

          until the Investment ResearchG is published or made available to the Authorised Firm'sG ClientsG .

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

      • Record Keeping

        • COB 6.2.5

          (1) An Authorised FirmG must maintain and keep a record of:
          (a) the written notice setting out the conditions for Personal Account TransactionsG under COB Rule 6.2.1(a)(i);
          (b) each permission given or denied by the Authorised FirmG under COB Rule 6.2.1(a)(ii);
          (c) each notification made to it under COB Rule 6.2.1(b); and
          (d) the basis upon which the Authorised FirmG has ascertained that an EmployeeG will not be involved in to any material extent, or have access to information about, the Authorised Firm'sG Investment BusinessG for the purposes of COB Rule 6.2.3.
          (2) The records in (1) must be retained for a minimum of six years from the date of:
          (a) in (1)(a) and (1)(d), termination of the employment contract of each EmployeeG ;
          (b) in (1)(b), each permission given or denied by the Authorised FirmG ; and
          (c) in (1)(c), each notification made to the Authorised FirmG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 6.3 Investment Research and Offers of Securities

      • Application

        • COB 6.3.1

          This section applies to an Authorised FirmG preparing or publishing Investment ResearchG .

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

          • COB 6.3.1 Guidance

            Investment ResearchG is seen as a significant potential source of conflicts of interest within an Authorised FirmG and therefore an Authorised FirmG preparing or publishing investment research is expected to have adequate procedures, systems and controls to manage effectively any conflicts that arise.

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

        • COB 6.3.2

          An Authorised FirmG that prepares and publishes Investment ResearchG must have adequate procedures and controls to ensure:

          (a) the effective supervision and management of Investment AnalystsG ;
          (b) that the actual or potential conflicts of interest are proactively managed in accordance with COB section 3.5 ;
          (c) that the Investment ResearchG issued to ClientsG is impartial; and
          (d) that the Investment ResearchG contains the disclosures described under Rules COB 6.3.3 and COB 6.3.4.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

          • COB 6.3.2 Guidance

            An Authorised Firm'sG procedures, controls and internal arrangements, which may include Chinese WallsG , should limit the extent of Investment AnalystsG participation in corporate finance business and sales and trading activities, and ensure remuneration structures do not affect their independence.

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

      • Disclosures in Investment Research

        • COB 6.3.3

          When an Authorised FirmG publishes Investment ResearchG , it must take reasonable steps to ensure that the Investment ResearchG :

          (a) clearly identifies the types of ClientsG for whom it is principally intended;
          (b) distinguishes fact from opinion or estimates, and includes references to sources of data and any assumptions used;
          (c) specifies the date when it was first published;
          (d) specifies the period the ratings or recommendations are intended to cover;
          (e) contains a clear and unambiguous explanation of the rating or recommendation system used;
          (f) includes a distribution of the different ratings or recommendations, in percentage terms:
          (i) for all InvestmentsG ;
          (ii) for InvestmentsG in each sector covered; and
          (iii) for InvestmentsG , if any, where the Authorised FirmG has undertaken corporate finance business with or for the IssuerG over the past 12 months; and
          (g) if intended for use only by a Professional ClientG or Market CounterpartyG , contains a clear warning that it should not be relied upon by or distributed to Retail ClientsG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

          • COB 6.3.3 Guidance

            An Authorised FirmG may consider including a price chart or line graph depicting the performance of the InvestmentG for the period that the Authorised FirmG has assigned a rating or recommendation for that investment, including the dates on which the ratings were revised for the purposes of the requirements such as in (d) and (e) of COB Rule 6.3.3.

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

        • COB 6.3.4

          For the purposes of this section, an Authorised FirmG must take reasonable steps to ensure that when it publishes Investment ResearchG , and in the case where a representative of the Authorised FirmG makes a Public AppearanceG , disclosure is made of the following matters:

          (a) any financial interest or material interest that the Investment AnalystG or a Close RelativeG of the analyst has, which relates to the InvestmentG ;
          (b) the reporting lines for Investment AnalystsG and their remuneration arrangements where such matters give rise to any conflicts of interest which may reasonably be likely to impair the impartiality of the Investment ResearchG ;
          (c) any shareholding by the Authorised FirmG or its AssociateG of 1% or more of the total issued share capital of the Issuer;
          (d) if the Authorised FirmG or its AssociateG acts as corporate broker for the IssuerG ;
          (e) any material shareholding by the IssuerG in the Authorised FirmG ;
          (f) any corporate finance business undertaken by the Authorised FirmG with or for the IssuerG over the past 12 months, and any future relevant corporate finance business initiatives; and
          (g) that the Authorised FirmG is a Market MakerG in the InvestmentG , if that is the case.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]

          • COB 6.3.4 Guidance

            The requirements in COB Rule 6.3.4(a) and (b) apply to an Authorised FirmG in addition to other requirements in the DFSA Rulebook. For example, an Authorised FirmG is required to take reasonable steps to identify actual or potential conflicts of interest and then prevent or manage them under GEN Rule 4.2.7 (Principle 7 – Conflicts of Interest). Further, COB Rule 6.3.2 requires an Authorised FirmG to have adequate procedures and controls when it prepares or publishes Investment ResearchG .

            [Added] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]

      • Restrictions on Publication

        • COB 6.3.5

          If an Authorised FirmG acts as a manager or co-manager of an initial public offering or a secondary offering, it must take reasonable steps to ensure that:

          (a) it does not publish Investment ResearchG relating to the InvestmentG during a Quiet PeriodG ; and
          (b) an Investment AnalystG from the Authorised FirmG does not make a Public AppearanceG relating to that InvestmentG during a Quiet PeriodG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

          • COB 6.3.5 Guidance

            The DFSA does not consider the same conflicts of interest mentioned in this section arise if an Investment AnalystG prepares Investment ResearchG solely for an Authorised Firm'sG own use and not for publication. For example, if the research material is prepared solely for the purposes of the Authorised Firm'sG proprietary trading then the use of this information would fall outside the restrictions placed on publications.

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

      • Restriction on Own Account Transactions

        • COB 6.3.6

          (1) Unless COB Rule 6.2.2 applies, an Authorised FirmG or its AssociateG must not knowingly execute an Own Account TransactionG in an InvestmentG or related InvestmentsG , which is the subject of Investment ResearchG , prepared either by the Authorised FirmG or its AssociateG , until the ClientsG for whom the Investment ResearchG was principally intended have had a reasonable opportunity to act upon it.
          (2) The restriction in (1) does not apply if:
          (a) the Authorised FirmG or its AssociateG is a Market MakerG in the relevant InvestmentG ;
          (b) the Authorised FirmG or its AssociateG undertakes an Execution-Only TransactionG for a ClientG ; or
          (c) it is not expected to materially affect the price of the InvestmentG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

          • COB 6.3.6 Guidance

            The exceptions in COB Rule 6.3.6(2) allow an Authorised FirmG to continue to provide key services to the market and to its ClientsG even if the Authorised FirmG would be considered to have knowledge of the timing and content of the Investment ResearchG which is intended for publication to ClientsG , for example when it is impractical for an Authorised FirmG to put in place a Chinese WallG because the Authorised FirmG has few EmployeesG or cannot otherwise separate its functions.

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

      • Offers of Securities

        • COB 6.3.7

          When an Authorised FirmG carries out a mandate to manage an OfferG of SecuritiesG , it must implement adequate internal arrangements, in accordance with COB section 3.5, to manage any conflicts of interest that may arise as a result of the Authorised Firm'sG duty to two distinct sets of ClientsG namely the corporate finance ClientG and the investment ClientG .

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

      • Disclosure

        • COB 6.3.8

          For the purposes of COB Rule 6.3.7, when an Authorised FirmG accepts a mandate to manage an OfferG , it must take reasonable steps to disclose to its corporate finance ClientG :

          (a) the process the Authorised FirmG proposes to adopt in order to determine what recommendations it will make about allocations for the OfferG ;
          (b) details of how the target investor group, to whom it is planned to OfferG the SecuritiesG , will be identified;
          (c) the process through which recommendations are prepared and by whom; and
          (d) (if relevant) that it may recommend placing SecuritiesG with a ClientG of the Authorised FirmG for whom the Authorised FirmG provides other services, with the Authorised Firm'sG own proprietary book, or with an AssociateG , and that this represents a potential conflict of interest.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

          • COB 6.3.8 Guidance

            It is the DFSA's expectation that an Authorised Firm'sG procedures to identify and manage conflicts of interest should extend to the allocation process for an offering of SecuritiesG .

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

    • COB 6.4 Best Execution

      • Application

        • COB 6.4.1

          (1) The Rules in this section do not apply to an Authorised FirmG with respect to any TransactionG which:

          (a) it undertakes with a Market CounterpartyG ;
          (b) it carries out for the purposes of managing a FundG of which it is the Fund ManagerG ; or
          (c) is an Execution-Only TransactionG ; or.
          (d) it undertakes on an MTFG which it operates.

          (2) Where an Authorised FirmG undertakes an Execution-Only TransactionG with or for a ClientG , the Authorised FirmG is not relieved from providing best execution in respect of any aspect of that TransactionG which lies outside the Client'sG specific instructions.

          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER19/07-10]
          [Amended] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

      • Providing Best Execution

        • COB 6.4.2

          (1) When an Authorised FirmG agrees, or decides in the exercise of its discretion, to ExecuteG any TransactionG with or for a ClientG in an InvestmentG , it must provide best execution.
          (2) An Authorised FirmG provides best execution if it takes reasonable care to determine the best overall price available for that InvestmentG under the prevailing market conditions and deals at a price which is no less advantageous to that ClientG .
          (3) An Authorised FirmG which is an ATS OperatorG is not required to provide best execution for PersonsG who are its ClientsG in circumstances where such PersonsG are dealing with each other on the Authorised Firm'sG ATSG and the Authorised FirmG is not acting for or on behalf of any such PersonsG in relation to a deal on that ATS.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Requirements

        • COB 6.4.3

          In determining whether an Authorised FirmG has taken reasonable care to provide the best overall price for a ClientG in accordance with COB Rule 6.4.2, the DFSA will have regard to whether an Authorised FirmG has:

          (a) discounted any fees and charges previously disclosed to the ClientG ;
          (b) not taken a Mark-up or Mark-down from the price at which it ExecutedG the TransactionG , unless this is disclosed to the ClientG ; and
          (c) had regard to price competition or the availability of a range of price sources for the execution of its Clients' TransactionsG . In the case where the Authorised FirmG has access to prices of different Authorised Market InstitutionsG , other regulated financial markets or alternative trading systems, it must ExecuteG the TransactionG at the best overall price available having considered other relevant factors.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

        • COB 6.4.4

          If another PersonG is responsible for the execution of a TransactionG an Authorised FirmG may rely on that PersonG to provide best execution where that PersonG has undertaken to provide best execution in accordance with this section.

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

          • COB 6.4.4 Guidance

            When determining best execution, an Authorised FirmG should consider the direct costs and indirect costs and the relevant order type and size, settlement arrangements and timing of a Client'sG order that could affect decisions on when, where and how to trade.

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

    • COB 6.5 Non-market Price Transactions

      • Application

        • COB 6.5.1

          (1) Subject to (2), this section applies to an Authorised FirmG conducting Investment BusinessG regardless of the classification of the ClientG .

          (2) This section does not apply to a ClientG to whom a PersonG operating an MTFG provides its MTFG services.

          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

      • General Prohibition

        • COB 6.5.2

          (1) An Authorised FirmG must not enter into a non-market price TransactionG in any capacity, with or for a ClientG , unless it has taken reasonable steps to ensure that the TransactionG is not being entered into by the ClientG for an improper purpose.
          (2) The requirement in (1) does not apply in relation to a non-market price TransactionG subject to the Rules of an Authorised Market InstitutionG or regulated exchange.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Record Keeping

        • COB 6.5.3

          An Authorised FirmG must make and retain, for a minimum of six years, a record of the steps it has taken in relation to each TransactionG under this section.

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

          • COB 6.5.3 Guidance

            1. A non-market price TransactionG is a TransactionG where the dealing rate or price paid by the Authorised FirmG or its ClientG differs from the prevailing market rate or price to a material extent or the Authorised FirmG or its ClientG gives materially more or less in value than it receives in return.
            2. In general, Authorised FirmsG should undertake transactions at the prevailing market price. Failure to do this may result in an Authorised FirmG participating, whether deliberately or unknowingly, in the concealment of a profit or loss, or in the perpetration of a fraud.
            Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 6.6 Aggregation and Allocation

      • Application

        • COB 6.6.1

          The Rules in this section do not apply to an Authorised FirmG with respect to any TransactionG which:

          (a) it undertakes with a Market CounterpartyG ;
          (b) it carries out for the purposes of managing a FundG of which it is the Fund ManagerG , or
          (c) is undertaken on an MTFG which it operates.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER19/07-10]
          [Amended] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

      • Aggregation of Orders

        • COB 6.6.2

          An Authorised FirmG may aggregate an order for a ClientG with an order for other ClientsG or with an order for its own account only where:

          (a) it is unlikely that the aggregation will operate to the disadvantage of any of the ClientsG whose TransactionsG have been aggregated;
          (b) the Authorised FirmG has disclosed in writing to the ClientG that his order may be aggregated and that the effect of the aggregation may operate on some occasions to his disadvantage;
          (c) the Authorised FirmG has made a record of the intended basis of allocation and the identity of each ClientG before the order is effected; and
          (d) the Authorised FirmG has in place written standards and policies on aggregation and allocation which are consistently applied and should include the policy that will be adopted when only part of the aggregated order has been filled.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Allocation of Investments

        • COB 6.6.3

          Where an Authorised FirmG has aggregated a ClientG order with an order for other ClientsG or with an order for its own account, and part or all of the aggregated order has been filled, it must:

          (a) promptly allocate the InvestmentsG concerned;
          (b) allocate the InvestmentsG in accordance with the stated intention;
          (c) ensure the allocation is done fairly and uniformly by not giving undue preference to itself or to any of those for whom it dealt; and
          (d) make and maintain a record of:
          (i) the date and time of the allocation;
          (ii) the relevant InvestmentsG ;
          (iii) the identify of each ClientG concerned; and
          (iv) the amount allocated to each ClientG and to the Authorised FirmG recorded against the intended allocation as required in (b).
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Record Keeping

        • COB 6.6.4

          An Authorised FirmG must retain the records required in Rules COB 6.6.2 (d) and COB 6.6.3 for six years from the date on which the order is allocated.

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

    • COB 6.7 Record Keeping — Voice and Electronic Communications

      • COB 6.7.1

        (1) An Authorised FirmG must, subject to (2), take reasonable steps to ensure that it makes and retains recordings of its voice and electronic communications when such communications are with a ClientG or with another PersonG in relation to a TransactionG , including the receiving or passing of related instructions.
        (2) The obligation in (1) does not apply in relation to voice and electronic communications which are not intended to lead to the conclusion of a specific TransactionG and are general conversations or communications about market conditions.
        [Amended] DFSA RM61/2008 (Made 4th January 2009) [VER15/01-09]
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

        • COB 6.7.1 Guidance

          The effect of COB Rule 6.7.1 is that an Authorised FirmG may conduct the kind of business contemplated in (1) over a mobile phone or other handheld electronic communication device but only if the Authorised FirmG is able to record such communications. Further, mere transmission of instructions by front office personnel to back office personnel within an Authorised FirmG would not ordinarily be subject to this Rule.

          [Added] DFSA RM61/2008 (Made 4th January 2009) [VER15/01-09]

      • COB 6.7.2

        (1) An Authorised FirmG must be able to demonstrate prompt accessibility of all records.
        (2) Records must be maintained in comprehensible form or must be capable of being promptly so reproduced.
        (3) The Authorised FirmG must make and implement appropriate procedures to prevent unauthorised alteration of its records.
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB 6.7.3

        Voice and electronic communication recordings must be retained for a minimum of six months.

        [Amended] DFSA RM61/2008 (Made 4th January 2009) [VER15/01-09]
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Records of Orders and Transactions

        • COB 6.7.4

          (1) When an Authorised FirmG receives a ClientG order or in the exercise of its discretion decides upon a TransactionG , it must promptly make a record of the information set out in App1 under COB Rule A1.1.1.
          (2) When an Authorised Firm Executes a TransactionG , it must promptly make a record of the information set out in App1 under COB Rule A1.1.2.
          (3) When an Authorised FirmG passes a ClientG order to another PersonG for ExecutionG , it must promptly make a record of the information set out in AppG 1 under COB Rule A1.1.3.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

        • COB 6.7.5

          The records referred to in COB Rule 6.7.4 must be retained by an Authorised FirmG for a minimum of six years.

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

    • COB 6.8 Other Dealing Rules

      • Application

        • COB 6.8.1

          (1) Subject to (2), the Rules in this section, other than , do not apply to an Authorised FirmG with respect to any TransactionG which it:

          (a) undertakes with a Market CounterpartyG ; or
          (b) carries out for the purposes of managing a FundG of which it is the Fund ManagerG .

          (2) The RulesG in this section do not apply to an Authorised FirmG in respect of any TransactionsG which it undertakes on an MTFG which it operates.

          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER19/07-10]
          [Amended] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]
          [Amended] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

      • Churning

        • COB 6.8.2

          (1) An Authorised FirmG must not Execute a TransactionG for a ClientG in its discretion or advise any ClientG to transact with a frequency or in amounts to the extent that those TransactionsG might be deemed to be excessive.
          (2) The onus will be on the Authorised FirmG to ensure that such TransactionsG were fair and reasonable at the time they were entered into.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Timely Execution

        • COB 6.8.3

          (1) Once an Authorised FirmG has agreed or decided to enter into a TransactionG for a ClientG , it must do so as soon as reasonably practical.
          (2) An Authorised FirmG may postpone the execution of a TransactionG in (1) if it has taken reasonable steps to ensure that it is in the best interests of the ClientG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Fairly and in Due Turn

        • COB 6.8.4

          An Authorised FirmG must deal with Own Account TransactionsG and Client TransactionsG fairly and in due turn.

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

      • Averaging of Prices

        • COB 6.8.5

          (1) An Authorised FirmG may execute a series of TransactionsG on behalf of a ClientG within the same trading day or within such other period as may be agreed in writing by the ClientG , to achieve one investment decision or objective, or to meet TransactionsG which it has aggregated.
          (2) If the Authorised FirmG does so, it may determine a uniform price for the TransactionsG executed during the period, calculated as the weighted average of the various prices of the TransactionsG in the series.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Timely Allocation

        • COB 6.8.6

          (1) An Authorised FirmG must ensure that a TransactionG it ExecutesG is promptly allocated.
          (2) The allocation must be:
          (a) to the account of the ClientG on whose instructions the TransactionG was executed;
          (b) in respect of a discretionary TransactionG , to the account of the ClientG or ClientsG with or for whom the Authorised FirmG has made and recorded, prior to the TransactionG , a decision in principle to execute that TransactionG ; or
          (c) in all other cases, to the account of the Authorised FirmG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Direct Electronic Access

        • COB 6.8.7

          Where an Authorised FirmG provides a ClientG (including a Market CounterpartyG ) with direct electronic access to an Authorised Market InstitutionG , Alternative Trading SystemG , Regulated ExchangeG or regulated multilateral trading facility, the Authorised FirmG must:

          (a) establish and maintain policies, procedures, systems and controls to limit or prevent a Client from placing an order that would result in the Authorised Firm exceeding its existing position limits or credit limits; and
          (b) ensure that such policies, procedures, systems and controls remain appropriate and effective on an on-going basis.
          [Added] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]

          • COB 6.8.7 Guidance

            An Authorised FirmG should undertake on-going monitoring of its systems and controls to ensure that they are operating effectively and as intended and remain appropriate.

            [Added] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]

    • COB 6.9 Confirmation Notes

      • Application

        • COB 6.9.1

          The Rules in this section do not apply to an Authorised FirmG with respect to any TransactionG which it:

          (a) undertakes with a Market CounterpartyG ; or
          (b) carries out for the purposes of managing a FundG of which it is the Fund ManagerG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER19/07-10]

      • Sending Confirmation Notes

        • COB 6.9.2

          (1) When an Authorised Firm Executes a TransactionG in an InvestmentG for a ClientG , it must ensure a confirmation note is sent to the ClientG as soon as possible and in any case no later than 2 business days following the date of ExecutionG of the TransactionG .
          (2) Where an Authorised FirmG has executed a TransactionG or series of TransactionsG in accordance with COB Rule 6.8.5, the Authorised FirmG must send a confirmation note relating to those TransactionsG as soon as possible, but no later than 2 business days following the last TransactionG .
          (3) The confirmation note must include the details of the TransactionG in accordance with App3 COB section A3.1.
          (4) An Authorised FirmG is not required to issue a confirmation note where a Professional ClientG has advised in writing that he does not wish to receive such confirmation notes.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Record Keeping

        • COB 6.9.3

          An Authorised FirmG must retain a copy of each confirmation note sent to a ClientG and retain it for a minimum of six years from the date of despatch.

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

    • COB 6.10 Periodic Statements

      • Application

        • COB 6.10.1

          The Rules in this section do not apply to an Authorised FirmG with respect to any TransactionG which it:

          (a) undertakes with a Market CounterpartyG ; or
          (b) carries out for the purposes of managing a Collective Investment FundG of which it is the Fund ManagerG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM72/2010 (Made 11th July 2010) [VER19/07-10]

      • Investment Management and Contingent Liability Investments

        • COB 6.10.2

          (1) When an Authorised FirmG :
          (a) acts as an Investment ManagerG for a ClientG ; or
          (b) operates a Client'sG account containing uncovered open positions in a Contingent Liability InvestmentG ;
          it must promptly and at suitable intervals in accordance with (2) provide the Client with a written statement ("a periodic statement") containing the matters referred to in App4 COB section A4.1.
          (2) For the purposes of (1), a "suitable interval" is:
          (a) six-monthly;
          (b) monthly, if the Client'sG portfolio includes an uncovered open position in Contingent Liability InvestmentsG ; or
          (c) at any alternative interval that a ClientG has on his own initiative agreed with the Authorised FirmG but in any case at least annually.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Record Keeping

        • COB 6.10.4

          An Authorised FirmG must make a copy of any periodic statement provided to a ClientG and retain it for a minimum of six years from the date on which it was provided.

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

    • COB 6.11 Client Assets

      • Application

        • COB 6.11.1

          (1) This section applies to an Authorised FirmG which:
          (a) holds or controls Client AssetsG ; or
          (b) Provides CustodyG .
          (2) This section applies to an Authorised FirmG Arranging CustodyG only to the extent specified in COB Rule 6.11.2(3).
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]

          • COB 6.11.1 Guidance

            1. Client AssetsG is defined in the GLO Module as "Client Money and Client Investments".
            2. Principle 9 of the Principles for Authorised Firms (Customer assets and money) requires an Authorised FirmG to arrange proper protection for Clients' AssetsG when the firm is responsible for them. An essential part of that protection is that an Authorised FirmG must properly safeguard Client MoneyG and Client InvestmentsG held or controlled on behalf of a ClientG in the course of, or in connection with, the carrying on of Investment BusinessG in or from the DIFCG .
            3. COB Rule 6.11.3 requires an Authorised FirmG to introduce adequate organisational arrangements to minimise the risk of the loss or diminution of Client AssetsG , or of rights in connection with Client AssetsG , as a result of, for example, the Authorised Firm'sG or a third party's insolvency, fraud, poor administration, inadequate recordkeeping or negligence.
            4. For information about the difference between Providing CustodyG and Arranging CustodyG , see Guidance under GEN Rule 2.13.1.
            5. The Client Asset provisions apply only to a limited extent to an Authorised FirmG that Arranges CustodyG , as such a firm does not hold or control Client AssetsG (see COB Rule 6.11.2(3)).
            [Added] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]
            [Amended] DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]

      • General Requirements

        • COB 6.11.2

          (1) An Authorised FirmG which holds or controls Client MoneyG must comply with sections 6.12 and 6.14.
          (2) An Authorised FirmG which holds or controls Client InvestmentsG or Provides CustodyG must comply with sections 6.13 and 6.14.
          (3) An Authorised Firm which Arranges Custody must comply with the requirements in COB Rule A6.5.1A (on suitability of non-DIFC custodians) and A6.7.1(1) (on disclosure) in APP 6 and in section 6.14 (Record keeping).
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]
          [Amended] DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]

        • COB 6.11.3

          (1) An Authorised FirmG must have systems and controls to ensure that Client AssetsG are identifiable and secure at all times.
          (2) Where the Authorised FirmG holds a mandate, or similar authority over an account with a third party, in the Client'sG own name, its systems and controls must:
          (a) include a current list of all such mandates and any conditions placed by the ClientG or by the Authorised FirmG on the use of the mandate;
          (b) include the details of the procedures and authorities for the giving and receiving of instructions under the mandate; and
          (c) ensure that all TransactionsG entered into using such a mandate are recorded and are within the scope of the authority of the EmployeeG and the Authorised FirmG entering into such TransactionsG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

          • COB 6.11.3 Guidance

            Authorised FirmsG are reminded that they must ensure that their auditor produces a Client Money Auditor's ReportG and a Safe Custody Auditor's ReportG as applicable, in accordance with GEN 8.6.

            [Added] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]

      • Holding or Controlling Client Assets

        • COB 6.11.4

          Client AssetsG are held or controlled by an Authorised FirmG if they are:

          (a) directly held by the Authorised FirmG ;
          (b) held in an account in the name of the Authorised FirmG ;
          (c) held by a PersonG , or in an account in the name of a PersonG , controlled by the Authorised FirmG ; or
          (d) held in the Client's own name, but the Authorised FirmG has a mandate from the ClientG to manage those assets on a discretionary basis.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]

          • COB 6.11.4 Guidance

            1 ForG the purposes of COB Rule 6.11.4, the DFSA would consider a PersonG to be controlled by an Authorised FirmG if that PersonG is inclined to act in accordance with the instructions of the Authorised FirmG .
            2. The DFSA would consider an account to be controlled by an Authorised FirmG if that account is operated in accordance with the instructions of the Authorised FirmG .
            3. If an Authorised FirmG has a discretionary portfolio mandate from a ClientG , even though the assets are to be held in the name of the ClientG (for example, under a power of attorney arrangement), the firm controls those assets as it can execute transactions relating to those assets, within the parameters set out in the mandate.
            4. In relation to assets referred to in Guidance item 3 that are held in the Client'sG name, only specific RulesG in App 5 (Client Money Provisions) and App 6 (Safe Custody Provisions) are likely to be relevant, as the assets are already held in the Client'sG own name and the firm will control rather than hold the assets. A firm with such a discretionary mandate will also need to comply with other relevant requirements in the RulebookG , such as GEN Rule 2.2.10A requiring an endorsement to hold or control Client AssetsG , and GEN 8.6 section requiring an audit report relating to Client AssetsG .
            Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
            [Amended] DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]
            [Amended] DFSA RM226/2018 (Made 6th June 2018). [VER30/08-18]

    • COB 6.12 Client Money

      • COB 6.12.1

        All MoneyG held or controlled on behalf of a ClientG in the course of, or in connection with, the carrying on of Investment BusinessG or the Operation of a Crowdfunding PlatformG in or from the DIFC is Client MoneyG , except MoneyG which is:

        (a) held by the Authorised FirmG as a BankG in an account with itself, provided the Authorised FirmG notifies the ClientG in writing that the Client MoneyG is held by it as a BankG and not in accordance with this chapter;
        (b) immediately due and payable by the ClientG to the Authorised FirmG ;
        (c) belonging to another PersonG within the Authorised Firm'sG GroupG unless that PersonG is an Authorised FirmG or Regulated Financial InstitutionG and that PersonG has confirmed to the Authorised FirmG , in writing, that the beneficial owner of the MoneyG is a PersonG who is not part of the Authorised Firm'sG GroupG ;
        (d) in an account in the Client'sG name over which the Authorised FirmG has a mandate or similar authority and where the Authorised FirmG is in compliance with COB Rule 6.11.3 (2), provided it is not a mandate to manage the MoneyG on a discretionary basis;
        (e) received in the form of a cheque, or other payable order, made payable to a third party other than a PersonG or account controlled by the Authorised FirmG , provided the cheque or other payable order is intended to be forwarded to the third party within 1 business day of receipt; or
        (f) Fund PropertyG of a FundG .
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
        [Amended] DFSA RM202/2017 (Made 14th June 2017). [VER29/08-17]
        [Amended] DFSA RM226/2018 (Made 6th June 2018). [VER30/08-18]

        • COB 6.12.1 Guidance

          1. Authorised FirmsG are reminded that the exemption in COB Rule 6.12.1(a) would not apply to MoneyG which is passed to a third party i.e. not held in an account with the Authorised FirmG itself.
          2. Pursuant to COB Rule 6.12.1(b), examples of MoneyG which is immediately due and payable to an Authorised FirmG includes MoneyG which is:
          a. paid by the way of brokerage, fees and other charges to the Authorised FirmG or where it is entitled to deduct such remuneration from the Client MoneyG held or controlled;
          b. paid by the Authorised FirmG in relation to a ClientG purchase or in settlement of a margin payment in advance of receiving a payment from the ClientG ; or
          c. owed by the ClientG to the Authorised FirmG in respect of unpaid purchases by or for the ClientG if delivery of InvestmentsG has been made to the ClientG or credited to his account.
          3. The CIR module contains specific provisions relating to the handing of Fund PropertyG and also provisions relating to a Fund AdministratorG holding or controlling monies or assets belonging to third parties.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • Client Money Provisions

        • COB 6.12.2

          (1) An Authorised FirmG in Category 4G must not hold Client MoneyG , except if it does so in connection with it Operating a Crowdfunding PlatformG .
          (2) An Authorised FirmG which holds or controls Client MoneyG for a ClientG must, subject to (3), comply with the Client Money ProvisionsG in App5.
          (3) Where the ClientG is a Market CounterpartyG , an Authorised FirmG may exclude the application of the Client Money ProvisionsG but only where it has obtained the prior written consent of the Market CounterpartyG to do so.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]
          [Amended] DFSA RM113/2012 (Made 15th October 2012). [VER21/12-12]
          [Amended] DFSA RMI202/2017 (Made 14th June 2017). [VER29/08-17]

          • COB 6.12.2 Guidance

            In accordance with GEN chapter 8, an Authorised FirmG which holds or controls Client MoneyG must arrange for a Client Money Auditor's ReportG to be submitted to the DFSA on an annual basis.

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

      • Client Disclosure

        • COB 6.12.3

          (1) If an Authorised FirmG holds or controls Client MoneyG which is not subject to the Client Money ProvisionsG pursuant to COB Rule 6.12.2 (2), it must disclose to that Market CounterpartyG in writing that:
          (a) the protections conferred by the Client Money ProvisionsG do not apply to such Client MoneyG ;
          (b) as a consequence of (a), such Client MoneyG may be mixed with MoneyG belonging to the Authorised FirmG , and may be used by the Authorised FirmG in the course of the Authorised Firm'sG business; and
          (c) in the event of insolvency, winding up or other Distribution EventG stipulated by the DFSA:
          (i) in the case of a Domestic FirmG , such Client MoneyG will be subject to and distributed in accordance with the DFSA Client Money Distribution RulesG ; and
          (ii) in the case of a non-Domestic FirmG , such Client MoneyG will be subject to a regime which may differ from the regime applicable in the DIFC.
          (2) The Authorised FirmG must obtain that Market Counterparty'sG written acknowledgement of the disclosures made in (1) prior to holding or controlling Client MoneyG for that Market CounterpartyG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]

      • Distribution Event

        • COB 6.12.4

          Following a Distribution EventG , an Authorised FirmG must comply with the Client Money Distribution RulesG and all Client MoneyG will be subject to such Rules.

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

      • Record Keeping

        • COB 6.12.5

          (1) An Authorised FirmG must maintain records:
          (a) which enable the Authorised FirmG to demonstrate compliance with COB Rule 6.11.2;
          (b) which enable the Authorised FirmG to demonstrate and explain all entries of MoneyG held or controlled in accordance with this chapter; and
          (c) of all cheques received and forwarded in accordance with COB Rule 6.12.1(e).
          (2) Records must be kept for a minimum of six years.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

          • COB 6.12.5 Guidance

            The DFSA expects an Authorised FirmG to maintain proper books and accounts based on the double-entry booking principle. They should be legible, up to date and contain narratives with the entries which identify and provide adequate information about each transaction. Entries should be made in chronological order and the current balance should be shown on each of the Authorised Firm'sG ledgers.

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

    • COB 6.13 Client Investments

      • COB 6.13.1

        An Authorised FirmG must treat all InvestmentsG held or controlled on behalf of a ClientG in the course of, or in connection with, the carrying on of Investment BusinessG as Client InvestmentsG .

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

      • COB 6.13.2

        An Authorised FirmG which holds or controls Client InvestmentsG must have systems and controls in place to ensure the proper safeguarding of Client InvestmentsG .

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

        • COB 6.13.2 Guidance

          Instead of safeguarding Client InvestmentsG , an Authorised FirmG may choose to safeguard Client MoneyG equal to the value of the Client InvestmentsG .

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

      • COB 6.13.3

        (1) Subject to (2), an Authorised FirmG :
        (a) holding or controlling Client InvestmentsG ; or
        (b) Providing CustodyG ,
        in or from the DIFC must do so in accordance with the Safe Custody ProvisionsG in App6.
        (2) The Safe Custody ProvisionsG in App6 do not apply to Client InvestmentsG held as CollateralG unless stated otherwise.
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
        [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]
        [Amended] DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]

        • COB 6.13.3 Guidance

          An Authorised FirmG Arranging CustodyG must comply with the requirements specified in Rule 6.11.2(3).

          Derived from DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]

      • Holding Collateral

        • COB 6.13.4

          Before an Authorised FirmG holds CollateralG from a ClientG it must disclose to that ClientG :

          (a) the basis and any terms governing the way in which the CollateralG will be held, including any rights which the Authorised FirmG may have to realise the CollateralG ;
          (b) if applicable, that the CollateralG will not be registered in that Client'sG own name;
          (c) if applicable, that the Authorised FirmG proposes to return to the Client CollateralG other than the original CollateralG , or original type of CollateralG ; and
          (d) that in the event of the insolvency, winding up or other Distribution EventG stipulated by the DFSA:
          (i) of a Domestic FirmG , any excess CollateralG will be sold and the resulting Client MoneyG shall be distributed in accordance with the DFSA Client Money Distribution RulesG ; or
          (ii) of a non-Domestic FirmG , that CollateralG will be subject to a regime which may differ from the regime applicable in the DIFC.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

        • COB 6.13.5

          Before an Authorised FirmG deposits Client'sG CollateralG with a third party it must notify the third party that:

          (a) the CollateralG does not belong to the Authorised FirmG and must therefore be held by the third party in a segregated Client AccountG in a name that clearly identifies it as belonging to the Authorised Firm'sG ClientsG ; and
          (b) the third party is not entitled to claim any lien or right of retention or sale over the CollateralG except to cover the obligations owed to the third party which gave rise to that deposit, pledge, charge or security arrangement or any charges relating to the administration or safekeeping of the CollateralG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
          [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]

        • COB 6.13.6

          (1) An Authorised FirmG may only permit Client'sG CollateralG to be held by a third party where it has reasonable grounds to believe that the third party is, and remains, suitable to hold that CollateralG .
          (2) An Authorised FirmG must be able to demonstrate to the DFSA's satisfaction the grounds upon which it considers the third party to be suitable to hold Client'sG CollateralG .
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

        • COB 6.13.7

          (1) An Authorised FirmG must take reasonable steps to ensure that the CollateralG is properly safeguarded.
          (2) An Authorised FirmG must withdraw the CollateralG from the third party where the CollateralG is not being properly safeguarded unless the ClientG has indicated otherwise in writing.
          Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

        • COB 6.13.8

          An Authorised FirmG holding Client'sG CollateralG must send a statement every six months to the ClientG in accordance with COB section A6.8.

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

        • COB 6.13.9

          An Authorised FirmG must reconcile the Client'sG CollateralG in accordance with COB section A6.9.

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

    • COB 6.14 Record Keeping

      • COB 6.14.1

        (1) An Authorised FirmG must maintain records:
        (a) which enable the Authorised FirmG to demonstrate compliance with COB Rule 6.11.2; and
        (b) which enable the Authorised FirmG to demonstrate and explain all entries of Client InvestmentsG and CollateralG held or controlled in accordance with this chapter.
        (2) Records must be kept for a minimum of six years.
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 6.15 Advising on or Arranging Direct Long-Term Insurance

      • COB 6.15.1

        If an Authorised FirmG advises on or arranges Direct Long-Term InsuranceG for a Retail ClientG , it must disclose to the ClientG :

        (a) the method of calculation of any bonuses;
        (b) an indication of surrender values and paid-up values, and the extent to which any such values are guaranteed;
        (c) for unit-linked insurance contracts, definition of the units to which they are linked, and a description of the underlying assets;
        (d) the basis of any projections included in the information; and
        (e) any facts that are material to the decision to invest, including any risks associated with the investment and factors that may adversely affect the performance of the investments.
        Derived from DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]

        • COB 6.15.1 Guidance

          An Authorised FirmG can only advise on Long-Term InsuranceG , or arrange Long-Term InsuranceG , if it has an authorisation for the Financial ServicesG in GEN Rule 2.9.1 or GEN Rule 2.11.1, as is relevant.

          Derived from DSFA RM185/2016 (Made 7th December 2016). [VER28/02-17]

    • COB 6.15 Advising on or Arranging Direct Long-Term Insurance

      • [Deleted]

        • The content selected is no longer in force and cannot be presented in Whole Section view.

      • [Deleted]

        • COB 6.15.2 [Deleted]

          [Deleted] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

      • [Deleted]

      • [Deleted]

        • COB 6.15.4 [Deleted]

          [Deleted] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

      • [Deleted]

        • COB 6.15.5 [Deleted]

          [Deleted] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

        • COB 6.15.6 [Deleted]

          [Deleted] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

      • [Deleted]

        • COB 6.15.7 [Deleted]

          [Deleted] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

        • COB 6.15.8 [Deleted]

          [Deleted] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]

      • [Deleted]

        • COB 6.15.9 [Deleted]

          [Deleted] DFSA RM123/2013 (Made 13th June 2013) [VER22/07-13]