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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 A5.4.2

    (1) An Authorised FirmG must maintain a master list of all Client AccountsG .
    (2) The master list must detail:
    (a) the name of the account;
    (b) the account number;
    (c) the location of the account;
    (d) whether the account is currently open or closed; and
    (e) the date of opening or closure.
    (3) The details of the master list must be documented and maintained for at least six years following the closure of an account.
    Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 5.4.2 Guidance

      1. An Authorised FirmG may hold or control Client MoneyG belonging to a Segregated ClientG in a Client AccountG solely for that ClientG . Alternatively, an Authorised FirmG may choose to pool that Client MoneyG in a Client AccountG containing Client MoneyG of more than one Segregated ClientG .
      2. The purpose of controlling or holding Client MoneyG in a Client AccountG is to ensure that MoneyG belonging to Segregated ClientsG is readily identifiable from MoneyG belonging to the Authorised FirmG such that, following a Distribution EventG , Segregated ClientsG will rank highest in line in terms of any subsequent distribution of Client MoneyG in proportion to each Client'sG valid claim over that MoneyG .
      3. Following a Distribution EventG , a Segregated ClientG may not have a valid claim over Client MoneyG held or controlled in a Client AccountG if that Client AccountG was not established to hold or control Client MoneyG for that ClientG or a pool of ClientsG of which that ClientG was a part.
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
      [Amended] DFSA RM66/2009 (Made 1st August 2009). [VER16/08-09]