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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
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • 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]