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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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  • COB A5.3 Payment of Client Money into Client Accounts

    • COB A5.3.1

      Where an Authorised FirmG holds or controls Client MoneyG it must ensure, except where otherwise provided in COB section A5.5 that the Client MoneyG is paid into one or more Client AccountsG within one day of receipt.

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

    • COB A5.3.2

      Subject to COB Rule A5.3.3, an Authorised FirmG must not deposit its own MoneyG into a Client AccountG .

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

    • COB A5.3.3

      (1) An Authorised FirmG may deposit its own MoneyG in a Client AccountG where:
      (a) it is a minimum sum required to open the account, or to keep it open;
      (b) the MoneyG is received by way of mixed remittance provided the Authorised FirmG transfers out that part of the payment which is not Client MoneyG within one day of the day on which the Authorised FirmG would normally expect the remittance to be cleared;
      (c) interest credited to the account exceeds the amount payable to Segregated ClientsG , provided that the MoneyG is removed within twenty five days; or
      (d) it is to meet a shortfall in Client MoneyG .
      (2) Where an Authorised FirmG deposits any MoneyG into a Client AccountG such MoneyG is Client MoneyG until such time as the MoneyG is withdrawn from the Client AccountG in accordance with the Client Money ProvisionsG .
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
      [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]

    • COB A5.3.4

      An Authorised FirmG must maintain systems and controls for identifying MoneyG which must not be in a Client AccountG and for transferring it without delay.

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

    • COB A5.3.5

      Where an Authorised FirmG is aware that a PersonG may make a payment of Client MoneyG to the Authorised FirmG , it must take reasonable steps:

      (a) to ensure that such payment of Client MoneyG is directed to a Client AccountG ; and
      (b) to ensure that the Authorised FirmG is notified by that PersonG of such payment as soon as reasonably practicable.
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB A5.3.5 Guidance

        An Authorised FirmG should have procedures for identifying Client MoneyG received by the Authorised FirmG , and for promptly recording the receipt of the MoneyG either in the books of account or a register for later posting to the ClientG cash book and ledger accounts. The procedures should cover Client MoneyG received by the Authorised FirmG through the mail, electronically or via agents of the Authorised FirmG or through any other means.

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